In Order to Qualify to File as Surviving Spouse,all of the Following

question 87

Multiple Choice

In order to qualify to file as surviving spouse,all of the following criteria must be met by the widow or widower except

• A)he or she and the decedent must have shared the same household as of date of death.
• B)he or she must be a U.S.citizen or resident.
• C)he or she must be qualified to file a joint return in the year of death.
• D)he or she must have at least one dependent child living at home the entire year and pay over half of the expenses of the home.

Identify the correct procedures for entering sales related transactions in QBO.

Comprehend the differences between Sales Receipts and Invoices and their appropriate use cases in QBO.

Grasp the concept and accounting treatments of accounts receivable within QBO.

Recognize the methods for estimating uncollectible accounts expense using the Allowance method.

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Definitions:

Direct Write-off

A method for accounting for bad debts whereby debts deemed uncollectable are written off directly against income at the time they are determined to be uncollectable.

Allowance Method

An accounting technique used to estimate and account for doubtful accounts, reducing accounts receivable to their net realizable value.

Direct Write-off Method

A method used in accounting to write off bad debt expenses when a company decides an account is uncollectible, directly affecting the income statement.

Bad Debts Recovered

Income received from previously written-off accounts receivable that were unexpectedly paid by the debtor.