Describe How Audit Evidence Can Be Collected

question 42

Essay

Describe how audit evidence can be collected.

---

Definitions:

Education Credits

Financial incentives in the form of tax credits for taxpayers who have incurred education expenses, aimed at reducing the cost of education.

Qualified Expenses

Expenses deemed deductible or eligible for tax-advantaged treatment under various IRS rules.

Gross Income

The total amount of income earned by an individual or entity before any deductions or taxes are applied.

Earned Income Credit

A refundable tax credit for low to moderate-income working individuals and families, particularly those with children.