Generally, Economic Performance Must Occur Before an Expense May Be

question 1203

Essay

Generally, economic performance must occur before an expense may be deducted. In some cases, this requirement of economic performance may be waived. Discuss the conditions under which economic performance may be waived and an earlier deduction may be allowed.

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Definitions:

Compensation

refers to the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed.

External Locus

An individual's belief that their success or failure results from external forces or the actions of others, rather than their own efforts.

Self-Esteem

An individual's overall subjective emotional evaluation of their own worth.

Conscientiousness

A personality trait characterized by diligence, carefulness, and a desire to do a task well, often associated with high levels of responsibility and organization.