Which of the Following Is Unnecessary to Allow an Accrual-Method Calendar

question 81

Multiple Choice

Which of the following is unnecessary to allow an accrual-method calendar year corporation to deduct charitable contributions before actually paying the contribution to charity?

• A)Approval of the payment from the board of directors.
• B)Approval from the IRS prior to making the contribution.
• C)Payment made within three and one-half months of the tax year end.
• D)All of the choices are necessary.

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Definitions:

Controlling Inventory Levels

A strategy used in operations management that aims at maintaining optimal levels of inventory to meet demand while minimizing carrying costs and stockouts.

Variable Costing

An accounting method that only allocates variable costs to inventory, treating fixed costs as period expenses.

Contribution Margin

The amount by which the selling price of an item exceeds its variable costs, contributing towards covering fixed costs and generating profit.

Sales Personnel

Individuals in an organization responsible for selling products or services to customers, often including roles such as sales representatives, sales managers, and sales directors.