Choose the Word or Phrase in [ ] Which Will

question 99

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-You will itemize your deductions.You [could | could not] use the 1040A.

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Definitions:

Expense Accounts

Accounts in the general ledger that are used to record various costs and expenses incurred by a business.

Revenue Accounts

Accounts that track the income a business receives from its various activities, such as sales of products or services.

Loss Accounts

Accounts used to record the loss in value of assets or to represent expenses that reduce net income.

Revenue Recognition

The accounting principle that determines the specific conditions under which revenue is recognized or accounted for.