Donald Takes a New Job and Moves to a New

question 148

Multiple Choice

Donald takes a new job and moves to a new residence. The distances are as follows: $\begin{array}{|l|r|}\hline \text { Old residence to new job } & 70 \text { miles } \\\hline \text { Old residence to old job } & 8 \text { miles } \\\hline\end{array}$ By how many miles does the move exceed the minimum distance requirement for the moving expense deduction?

• A) 12 miles
• B) 20 miles
• C) 62 miles
• D) none of the above

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Definitions:

Bank Reconciliation

The procedure of aligning the balances found in an organization's financial records for a cash account with the similar data on a bank statement.

Recorded Incorrectly

Refers to transactions or entries that have been documented in an erroneous manner within the financial records.

Cash Equivalents

Short-term, highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less.

Commercial Paper

An unsecured, short-term debt instrument issued by corporations, typically for the financing of accounts receivable, inventories, and meeting short-term liabilities.