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Match the statements that relate to each other. (Note: Choice L may be used more than once.)
a.Must involve the same trade or business
b.Must be for the convenience of the employer
c.Meals while in route
d.Lodging while in route
e.Out-of-town job assignment lasts for more than one year
f.Can include actual cost of parking
g.Payment for services rendered based on tasks performed
h.Excludes use of MACRS depreciation
i.Taxpayer has tools and helper provided for him
j.Transportation must be allocated if taxpayer spends two weeks on business and one week sightseeing
k.Paralegal obtains a law degree
l.Correct match not provided
-Actual cost method of determining auto expense
Profitable
A financial condition where income exceeds expenses resulting in a net gain.
Accounting Equation
The fundamental formula in accounting that states that assets equal liabilities plus equity.
Stockholders' Equity
The residual interest in the assets of a corporation after deducting liabilities, representing owners' claims on the business.
Assets
Resources owned by a business or individual that have economic value and can provide future benefits.
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