The ____________________ Field Size Property of a Number Field Stores

question 62

Short Answer

The ____________________ Field Size property of a Number field stores positive and negative numbers to precisely seven decimal places in four bytes.

Recognize the conditions under which rental losses can be reported against other income.

Understand the tax implications of receiving services in lieu of rent.

Know how travel expenses related to rental property maintenance are treated for tax purposes.

Identify deductible expenses for rental properties.

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Definitions:

Accrue Interest Expense

The recording of interest expense that has been incurred but not yet paid, typically on borrowed funds.

Financial Statements

These are formal records that outline the financial activities and condition of a business, entity, or individual.

Net Income

The final profit figure for a company, calculated by subtracting all expenditures and taxes from revenues.

Total Liabilities

The combined debts and obligations that a company owes to outside parties at any given time.