The Standard Deduction Is a Set Amount on Which No

question 37

Multiple Choice

The standard deduction is a set amount on which no taxes are paid. For 2018,single people receive a standard deduction of:

• A)$24,000
• B)$22,000
• C)$15,000
• D)$12,000
• E)$0

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Definitions:

Unearned Revenue

Money received by a company for goods or services yet to be delivered or performed.

Adjusting Entries

Entries documented in financial records at the end of each accounting period for the purpose of allotting earnings and expenditures to the timeframe in which they occurred.

Unearned Revenues

Liabilities representing payments received for goods or services that have not yet been delivered or performed.

Liability

Obligations or debts that an entity owes to others, which must be settled through the transfer of assets or services.