"No Additional Cost" Benefits Are Excluded from an Employee's Gross

question 96

True/False

"No additional cost" benefits are excluded from an employee's gross income if the services are the same type that are sold to customers and in the line of business in which the employee works.

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Definitions:

Credits

In accounting, credits are entries that decrease assets or increase liabilities and equity on a company's balance sheet.

Bank Balance

The amount of money held in a bank account at a given moment.

Cash Account

An account that records all transactions involving cash, including receipts and payments.

Debit Balances

Balances in accounts that represent amounts spent or assets, as opposed to credits, which signify income or liabilities.