Which of the Following Deductions Is Not Part of Accounting

question 21

Multiple Choice

Which of the following deductions is not part of accounting income for a trust?

• A) Charitable contributions
• B) Rental expenses
• C) Trustee fees allocated to income
• D) None of the above

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Definitions:

Inventory Accounting

The process of valuing and managing inventories, focusing on the cost of goods sold, inventory valuation, and inventory management practices.

Physical Quantities

The measurable amount of a stock or resource, expressed in units of weight, volume, or count.

Ending Inventory

The aggregate sum of products ready for purchase at the closure of a financial period.

Perpetual Inventory System

A bookkeeping approach that immediately logs the buying or selling of inventory via computerized point-of-sale systems and enterprise asset management software.