The Phase "Ordinary and Necessary" Has Been Defined to Mean

question 98

True/False

The phase "ordinary and necessary" has been defined to mean that an expense must be essential and indispensable to the conduct of a business.

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Definitions:

Complicity

Involvement as a partner or accomplice, especially in a crime or other wrongful act.

Bio-Hazardous Waste

Waste that is potentially infectious or contains biological materials that pose a risk to human health or the environment.

Sarbanes-Oxley Act

U.S. law enacted in 2002 aimed at enhancing corporate governance and strengthening regulations on accounting and auditing to protect investors from fraudulent financial reporting.

Values

Positive abstractions that capture our sense of what is good and desirable.