Allowing Individuals to Deduct a Standard Deduction Amount in Lieu

question 127

Multiple Choice

Allowing individuals to deduct a standard deduction amount in lieu of itemizing their allowable personal deductions is an application of the

• A)Administrative Convenience Concept.
• B)Wherewithal-to-Pay Concept.
• C)Annual Accounting Period Concept
• D)Capital Recovery Concept.
• E)Business Purpose Concept.

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Definitions:

Creativity

The ability to produce original and unusual ideas, or to make something new or imaginative.

Manufacturers

Entities engaged in the conversion of raw materials or components into finished goods through the use of tools, human labor, machinery, and chemical processing.