Match the Definition with the Correct Term

question 113

Multiple Choice

Match the definition with the correct term.
-Income of foreign person taxed through filing of a U.S. tax return with deductions allowed against gross income.

• A)Expatriate
• B)Resident
• C)Nonresident alien
• D)U.S. trade or business
• E)Effectively connected income

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Definitions:

Outstanding Check

A check that has been written by a company but has not yet been cashed or cleared by the bank.

Accounting Records

Documents and books that capture a company's financial transactions, including journals, ledgers, and financial statements.

Cash Account

An account where all transactions are made in cash, including receipts and payments.

Bank Reconciliation

Bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement, to ensure accuracy.