INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 115

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-You can withdraw [your contribution | the total balance] of your Roth IRA at any time without penalty.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Gain

An increase in equity from incidental transactions and other events affecting the entity during a period, except those that result from revenues or investments by owners.

Loss

Refers to when a company's expenditures exceed its revenues during a specific period of time, resulting in a negative profit.

Revenue Expenditures

Operating expenses that are fully expensed in the accounting period when incurred and primarily related to the maintenance and repair of assets.

Balance Sheet Expenditures

Expenses that are reflected in the balance sheet, usually through an adjustment of assets or liabilities.