This Year Kevin Provided Services to Several Clients, Each of Whom

question 98

Multiple Choice

This year Kevin provided services to several clients, each of whom paid with different types of property. Which of the following payments is not included in Kevin's gross income?

• A)Cash
• B)Shares of stock listed on the New York Stock Exchange.
• C)A used car
• D)Gold coins
• E)All of these are included in gross income

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Definitions:

Trial Balance

A bookkeeping report that lists the balances of all ledgers accounts in order to verify that total debits equal total credits.

Financial Statements

Formal records of an entity's financial activities and conditions, including the balance sheet, income statement, and cash flow statement.

Loan Requests

Applications submitted by individuals or entities to a lender, requesting the borrowing of a certain amount of money.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, providing an overview of a financial situation in a standardized format.