Amounts Earned from Delivering Goods or Services to Customers Are

question 116

Multiple Choice

Amounts earned from delivering goods or services to customers are called ________.

• A) notes receivable
• B) unearned revenues
• C) withdrawals
• D) revenues

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Definitions:

Cash Distribution

The payment of cash to shareholders or partners as part of the profits or surplus.

Self-employment Income

Income derived from running a business as a sole proprietor, independent contractor, or freelancer, as opposed to earning a salary or wages from an employer.

Section 179 Expense

A section of the IRS tax code allowing businesses to deduct the full purchase price of qualifying equipment and/or software within a tax year.

Separately Stated

Items on a tax return or financial statement that are listed individually to ensure proper treatment under tax laws or accounting rules.