If the Cost of a Building Constructed and Placed into Service

question 100

True/False

If the cost of a building constructed and placed into service by an eligible small business in the current year includes the cost of a wheelchair ramp, the cost of the ramp qualifies for the disabled access credit.

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Definitions:

Supplies Expense

An account that tracks the cost of consumable items used during an accounting period.

Physical Count

The process of manually counting actual inventory items to verify the quantities on hand and adjust the account balances accordingly.

Accounting Period

A specific period of time for which financial statements are prepared to report the financial performance and position of a company; often quarterly or annually.

Adjusting Entries

Journal entries made at the end of an accounting period to adjust the income and expenditure records for accuracies in financial reporting.