INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 24

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-The gift tax law allows a person to give gifts up to [$10,000 | $13,000] tax free.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Contra-Asset

An asset account where the balance is expected to be a debit balance but is instead a credit balance, such as accumulated depreciation.

Worksheet

A spreadsheet used by accountants to prepare adjusting entries, financial statements, and to ensure the accounts balance before closing.

Accountant

A professional who performs accounting functions such as audits or financial statement analysis and is proficient in financial reporting and regulation.

Depreciation Expense

The method of distributing the expense of a physical asset across its serviceable duration, accounting for depreciation or becoming outdated.