Sally Is a Corporate Sales Representative for Computer City

question 107

Multiple Choice

Sally is a corporate sales representative for Computer City. Sally receives a monthly travel allowance from Computer City to cover her travel costs (transportation, food, lodging, etc.) . If Sally is not required to account to Computer City for the use of the travel advance
I.Sally will not have to show any aspect of the travel reimbursement or expenses incurred if she spends all of the reimbursement on valid travel expenses.
II.Sally will only have gross income to the extent her travel allowance exceeds her actual costs.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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A comprehensive record of all economic transactions between residents of a country and the rest of the world during a specific period.

Balance-of-Economic Transactions

A record of all economic transactions between residents of a country and the rest of the world during a particular period, including trade, investments, and financial transfers.

Bretton Woods Agreement

The Bretton Woods Agreement was established in 1944 to set up a new international monetary system, creating exchange rate stability and promoting international economic cooperation.