A Non-Inventory Item Is

question 16

Multiple Choice

A non-inventory item is:

• A)Goods purchased for resale to customers
• B)An item purchased for a specific customer job
• C)A service purchased from a vendor
• D)A service sold to a vendor

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Definitions:

CCA

Capital Cost Allowance, a tax deduction in Canada that represents a yearly depreciation charge for the cost of assets of a business over a period of time.

Marginal Tax Rate

The rate at which the last dollar of a taxpayer's income is taxed, indicating the rate applied to their highest tier of income.

Income

The money received, especially on a regular basis, for work, through investments, or from business activities.

Taxes

Obligatory fiscal dues or alternate kinds of assessments enforced on a taxpayer by a state authority to support government expenditures and a variety of communal costs.