Examlex
The Internal Revenue Code authorizes deductions for trade or business activities if the expenditure is "ordinary and necessary."
Indirect Method
A method used in cash flow statements to calculate net cash flow from operating activities by adjusting net income for non-cash transactions.
Comparative Balance Sheet
A financial statement that presents the financial position of a company at different points in time, side-by-side, to enable comparison.
Accounts Receivable
Debts owed by clients to a business for provided services or products yet to be paid.
Statement of Cash Flows
A financial document detailing the inflow and outflow of cash within a company, showing how changes in the balance sheet and income affect cash and cash equivalents.
Q25: Depreciation is currently computed under the Modified
Q46: Rachel is an accountant who practices as
Q47: Asteria earned a $25,500 salary as an
Q50: Suzanne, an individual, began business four years
Q54: Which depreciation convention is the general rule
Q75: Lydia and John Wickham filed jointly in
Q90: Toshiomi works as a sales representative and
Q96: For alternative minimum tax purposes, taxpayers are
Q115: The Dashwoods have calculated their taxable income
Q118: Bobby and Sissy got married 2.5 years