Joe Is a Self-Employed Electrician Who Operates His Business on the Accrual

question 59

Multiple Choice

Joe is a self-employed electrician who operates his business on the accrual method. This year Joe purchased a shop for his business, and for the first time at year end he received a bill for $4,500 of property taxes on his shop. Joe didn't pay the taxes until after year end but prior to filing his tax return. Which of the following is a true statement?

• A) The taxes are a payment liability.
• B) Unless Joe makes an election, the taxes are not deductible this year.
• C) If he elects to treat the taxes as a recurring item, Joe can accrue and deduct $4,500 of taxes on the shop this year.
• D) The taxes would not be deductible if Joe's business was on the cash method.
• E) All of the choices are true.

Recognizing the evolving nature and importance of customer relationship management (CRM).

Comprehending the consequences of stockouts and back orders on supply chain management.

Identifying the traditional components of order processing.

Understanding the steps involved in implementing a CRM process.

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Definitions:

Ethical

Relating to moral principles or the branch of knowledge concerned with right and wrong behavior, often guiding professional conduct.

Criticize

To express disapproval or find fault with something or someone, often by evaluating merits and shortcomings.

NASW Code of Ethics

A set of guiding principles and standards established by the National Association of Social Workers to guide social workers' conduct and ensure ethical and professional behavior.

Professional Responsibility

The duty to act in a morally correct, ethical, and professional manner while upholding the standards of one's profession.