Accounting all-in-one for dummies Study guides, Class notes & Summaries
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Chapter 1 (13).docx
- Answers • 31 pages • 2020
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What is an “ordinary and necessary” business expenditure? Explain how cost of goods sold is treated whena business sells inventory. Tom is an attorney who often represents individuals injured on the job (workers’ compensation claims). This year, Tom spent $50 on a book entitled Plumbing For Dummies and paid $500 to take a course on plumbing residences and rental housing. Can you imagine circumstances in which these expenditures would be deductible as “ordinary and necessary” for an a...
