The Date That Is the End of the Accounting Period

question 6

Multiple Choice

The date that is the end of the accounting period is referred to as the:

• A)Fiscal date
• B)Change off
• C)Accounting cut
• D)Cutoff

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Definitions:

Deductible Contributions

Contributions made to certain types of retirement accounts or health savings accounts that can be subtracted from taxable income.

Fully Taxable

Relates to income or transactions that are subject to tax at the full applicable rate without any exemptions or deductions.

IRA Distribution

An IRA distribution is a withdrawal from an Individual Retirement Account, which can be subject to taxes and, in some cases, early withdrawal penalties.

Nondeductible Contributions

Contributions made to certain retirement accounts that do not qualify for a tax deduction at the time of deposit.