Isabel Is a Self-Employed Electrician

question 148

Multiple Choice

Isabel is a self-employed electrician. All cash payments she receives from customers are deposited into a bank account held in the name of her son. Isabel does not have use of the funds. Therefore, she does not think she needs to include the cash receipts in her gross income. What concept or doctrine applies to this situation?

• A)Pay As You Go Concept.
• B)Assignment of Income Doctrine.
• C)Annual Accounting Period Concept.
• D)Substance Over Form Doctrine
• E)Arms-length Transaction Concept.

---

Definitions:

Dry

Lacking moisture, not wet or lubricated; often relating to conditions, substances, or operation modes.

Silicone Lube

A lubricant made from silicone, offering excellent moisture resistance and a wide temperature range compatibility, used in various applications.

Leaking Oil

The unintentional escape of oil from a system or container, usually due to a breach in containment like a seal or gasket failure.

Front And Rear Seals

Components in an engine or transmission that prevent oil or fluid leakage at either end.