MATCHING: -The Application for Automatic Extension of Time to File a a United

question 2

Multiple Choice

MATCHING:
-The Application for Automatic Extension of Time to File a United States Individual Income Tax
Return

• A)estate tax
• B)income tax
• C)gift tax
• D)1997 Taxpayer Relief Act
• E)Uniform Transfers to Minors Act
• F)Form 1040
• G)Form 4868
• H)Form 709
• I)Form 706
• J)Form 4768

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Definitions:

Expense Recognition Principle

An accounting guideline that dictates expenses to be recorded in the period they are incurred to generate revenue, ensuring accurate financial statements.

Historical Cost Principle

An accounting principle that states all assets should be recorded and accounted for based on their original purchase cost.

Discount on Bonds Payable

An amount by which a bond is sold below its face value, reflecting the difference between the market rate of interest and the bond's coupon rate.

Market Volatile

A description of how significantly and frequently the price of assets, securities, or commodities can change in a market.