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Murphy uses the accrual method and reports on a calendar year. This year, Murphy signed a binding contract to provide consulting services to Kirby beginning next year. Murphy incurred $15,000 to train his staff for this particular project. In addition, Murphy estimates that he will incur another $60,000 to complete the Kirby contract. What amount, if any, can Murphy deduct this year for the services expected to be rendered next year?
Subjective
Based on or influenced by personal feelings, tastes, or opinions rather than external facts.
Schachter-Singer
Two psychologists who proposed a theory of emotion, suggesting that physiological arousal is interpreted in the context of environmental cues to produce emotional experience.
Two-Factor Theory
A theory proposed by Herzberg that explains job satisfaction and motivation by categorizing workplace factors into hygiene factors and motivators.
Cognitive
Relating to mental processes such as perception, memory, thinking, and problem-solving.
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