Poole Services,a Calendar Year Taxpayer,billed a Client for $1,675 of Services

question 77

True/False

Poole Services,a calendar year taxpayer,billed a client for $1,675 of services on November 30,2019,and received a check in full payment from the client on January 12,2020.If Poole is a cash basis taxpayer,it reports $1,675 taxable income in 2019.

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Definitions:

Prenatal Development

Relates to the process of growth and development within the womb from conception to birth.

Heterogeneity

Variability in the levels of development of different parts of an organism at a given time.

Organism

A living entity characterized by the capacity for metabolism, growth, reaction to stimuli, and reproduction.

Differentiation

The process of identifying and emphasizing the unique characteristics or features of something or someone.