Which One of the Following Would Not Be Considered an Expense

question 28

Multiple Choice

Which one of the following would not be considered an expense of a partnership in determining income for the period?

• A) Expired insurance
• B) Salary allowance to partners
• C) Supplies used
• D) Freight-out

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Definitions:

Testamentary Capacity

The legal and mental ability of an individual to make or alter a valid will.

Holographic Will

A will entirely handwritten, dated, and signed by the testator, sometimes acceptable without witnesses in some jurisdictions.

Testator

A person who writes a will.

Forgery

The fraudulent making or altering of a writing in a way that changes the legal rights and liabilities of another and with the intent to deceive or defraud.