Which of the Following Is True About H

question 18

Multiple Choice

Which of the following is true about H.R.10 (Keogh) plans?

• A)The plan must be established before the end of the tax year,and contributions must be made before the due date of the tax return,plus extensions.
• B)The plan must be established and contributions must be made before the end of the tax year.
• C)The plan must be established and contributions must be made before April 1.
• D)The plan must be established and contributions must be made before the due date of the tax return,plus extensions.

---

Definitions:

Financial Statement

A documented account detailing the commercial operations and fiscal outcomes of an enterprise.

Normal Balance

The usual balance of an account based on its classification in the accounting system, typically debit for assets and expenses, and credit for liabilities, equity, and revenue.

Financial Statement

Formal records of the financial activities and position of a business, person, or other entity.

Direct Write-off Method

An accounting approach where bad debts are recognized and recorded as an expense directly when they are deemed uncollectible.