An Increase in a Taxpayer's AGI Could Decrease the Amount

question 35

True/False

An increase in a taxpayer's AGI could decrease the amount of charitable contribution that can be claimed.

---

Definitions:

Month-end Postings

The journal entries made at the end of the month to record all transactions and adjustments for that month.

Financial Year

A period of twelve months used for accounting purposes and the preparation of financial statements, not necessarily aligning with the calendar year.

Cash Receipts Journal

A specialized accounting journal used to record all money that is received by a business.

Cash Sale

A transaction where payment for a good or service is made at the time of the sale, usually in the form of cash or equivalent.