Nick Negotiates a $4

question 96

Multiple Choice

Nick negotiates a $4.5 million contract per year with a major college football program to become its head coach.What amount is deductible by the program in 2014 his first full year of employment.

• A)None
• B)$1,000,000
• C)$3,000,000
• D)$4,500,000
• E)None of these

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Definitions:

Internal Control Procedures

Measures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Treasurer Authorized

Refers to financial decisions or transactions that have been approved by the treasurer of an organization.

Principles Of Internal Control

Guidelines and procedures put in place by a company to safeguard its assets, ensure the accuracy and reliability of its accounting records, and promote operational efficiency.

Cash Receipts

The collection of money, including currency, checks, and electronic transfers, by a business during a given period.