Poole Services, a Calendar Year Taxpayer, Billed a Client for $1,675

question 74

True/False

Poole Services, a calendar year taxpayer, billed a client for $1,675 of services on November 30, 2018, and received a check in full payment from the client on January 12, 2019. If Poole is a cash basis taxpayer, it reports $1,675 taxable income in 2018. 

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Definitions:

Group Effort

The combined endeavors of individuals working collectively towards a common goal, leveraging teamwork and collaboration.

Sustainable Organization

An entity that operates in a way that is environmentally responsible, socially beneficial, and economically viable over the long term.

Effective Teamwork

The collaborative effort of a group to achieve a common goal or task efficiently and creatively.

Organizational Behaviour

The study of human behavior in organizational settings, the interface between human behavior and the organization, and the organization itself.