Most Accounting Software Packages Offer the Same Basic Features Necessary

question 22

True/False

Most accounting software packages offer the same basic features necessary for managing finances: A/R,A/P,general ledger,billing and invoicing,purchase and sales orders,and reporting.

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Definitions:

Personal/Rental Property

Real estate that is used by the owner or rented out to others, can be subject to different tax treatments based on its use.

Personal Use

The use of property or resources for individual needs or activities not related to business or profit-making.

Schedule C

Schedule C is a tax form used by sole proprietors to report their business income and expenses to the IRS.

Schedule E

Used by taxpayers to report income and losses from rental property, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs.