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NEW QUESTION: 1
Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the year, accounts receivable were $15,000. What was Mosh's gross taxable income for the current year?
A. $90,000
B. $110,000
C. $75,000
D. $100,000
Answer: D
Explanation:
Explanation
Choice "c" is correct. The facts state that cash collections from customers were $100,000 and as a cash basis taxpayer this is the amount of Mosh's gross taxable income for the year. Note that according to the formula BASE - we can determine the amount of sales = $90,000, but that would give us accrual, not cash basis, income.
Choice "a" is incorrect. See explanation above.
Choice "b" is incorrect. $90,000 is the amount of sales that would be Mosh's taxable income if Mosh were an accrual basis taxpayer.
Choice "d" is incorrect. See explanation above.
NEW QUESTION: 2
What are three of the regulatory requirements that are common across multiple regulations? (Choose three.)
A. performance
B. redundancy
C. audit trails
D. replication
E. retention
F. archiving
Answer: C,E,F
NEW QUESTION: 3
Which one of the following command will rewrite Terraform configuration files to a canonical format and style.
A. terraform graph
B. terraform fmt
C. terraform graph -h
D. terraform init
Answer: B
Explanation:
The terraform fmt command is used to rewrite Terraform configuration files to a canonical format and style. This command applies a subset of the Terrra Terraform language style conventions, along with other minor adjustments for readability.
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