NeNe Is an Accountant and U

question 77

Multiple Choice

NeNe is an accountant and U.S.citizen who has accepted a permanent position in Madrid, Spain, for a Spanish financial services company.This year, NeNe spent the entire year working in Madrid.NeNe's employer paid $40,000 of her Madrid housing expenses this year.What amount of the $40,000 housing payments may NeNe exclude?

• A)NeNe can exclude all of the housing payment because she worked more than 330 days overseas
• B)$16,944
• C)$23,056
• D)$14,826
• E)None of her salary can be excluded from gross income.

Learn the basic formats for informational reports and how to choose the right one for specific situations.

Understand how to describe incidents and the importance of accurate and objective reporting.

Comprehend the use and advantages of templates, particularly for meeting minutes.

Differentiate between progress reports and status reports and their respective purposes and audiences.

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Definitions:

Budgeted Overhead

An estimate of all costs associated with production that are not direct labor or direct materials costs, projected for a specific period.

Cash Disbursements

A financial record of money being paid out or disbursed by a company, usually part of the cash outflow in its cash flow statement.

Manufacturing Overhead Budget

An estimate of all manufacturing costs excluding direct materials and direct labor, planned for a specific period.

Direct Labor-Hour

A measure of the amount of time spent by direct labor workers on a specific job or task, often used to allocate labor costs in job-order costing.