Which of the Following Elements of Financial Statements Is Not

question 23

Multiple Choice

Which of the following elements of financial statements is not a component of comprehensive income?

• A) Revenues
• B) Expenses
• C) Losses
• D) Distributions to owners

Understand the limitations and specifications of §179 expense.

Recognize the tax treatment of losses from the destruction or theft of business property.

Comprehend the filing requirements and forms related to self-employment and the tax implications thereof.

Analyze business use of the home and automobile for tax purposes, including deductions and limitations.