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Advanced Tax Accounting Deductions and Expenditures Quiz

Enhance your understanding of tax accounting principles with this focused quiz. Master key terms and functions essential for navigating the complexities of tax accounting, tailored for both learning and revision purposes. Ideal...

Questions: 12 | Attempts: 10 | Last updated: Aug 4, 2025

Sample Question 1
Which of the following are limitations on business deductions - expenses against public policy?

C- rent for office space

B- legitimate advertising expenses

-fines, penalties, illegal bribes, illegal kickbacks, any payment for illegal services or goods

D- fees paid for professional services

A- employee salaries and benefits

Sample Question 2
Are political contributions and most lobbying costs deductible?

Are

Are not

Depend on the amount

Only for certain individuals

Sample Question 3
Expenses relating to tax-exempt income: Interest expenses on loan where proceeds invested in municipal bonds (are, are not) deductible. Life Ins. premiums paid for officers or other key employees that compensate business due to a key employee's death (are, are not) deductible.

Are not are not

Are are

Are notare not

Are not are

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