Which of the Following Is a True Statement

question 47

Multiple Choice

Which of the following is a true statement?

• A) the deduction of cash contributions to public charities is limited to 30 percent of AGI.
• B) the deduction of capital gain property to private nonoperating foundations is limited to 50 percent of AGI.
• C) the deduction of capital gain property to public charities is limited to 20 percent of AGI.
• D) the deduction of cash contributions to private nonoperating foundations is limited to 30 percent of AGI.
• E) None of the above is true.

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Definitions:

Direct Labor Variances

The differences between the actual costs of direct labor and the standard or expected costs, used for budgeting and cost control.

Direct Labor Workers

Employees who are directly involved in the production of goods or services.

Property, Plant, and Equipment

Long-term tangible assets held for business use and not expected to be converted to cash in the short term.

Variable Overhead Rate

Variable overhead rate is the cost per unit of indirect or overhead activities that vary with production volume, such as electricity for machinery.