National Corporation Allows an Employee, Phyllis, to Use a Company

question 7

Multiple Choice

National Corporation allows an employee, Phyllis, to use a company car for her vacation to San Diego.
I.The employer/employee relationship indicates that the receipt of the use of the car is a type of compensation for services rendered.
II.Income recognition is not necessary in this case.
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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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