A Simplified Version of Form 1040 for Individual Income Tax

question 2

Multiple Choice

A simplified version of Form 1040 for individual income tax if you have a taxable income of less than $100,000 from wages only and you do not claim any itemized deductions or any tax credit is:

• A)Schedule a.
• B)Schedule b.
• C)Form 1040S.
• D)Form 1040A.
• E)Form 1040EZ.

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Definitions:

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all items available for sale.

Weighted-Average Method

An inventory costing method in which the cost of goods available for sale is divided by the total units available for sale, resulting in a weighted average cost per unit.

Process Costing System

An accounting system used to accumulate costs in industries where production is continuous and units are indistinguishable from one another.

Conversion Costs

Costs required to convert raw material into finished goods, primarily comprising labor and overhead expenses.