Chapter8SpilkerACCT620(1)

Chapter8SpilkerACCT620(1) - Accounting Periods & Methods...

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Chapter 8 Accounting Periods, pp 8-15 to 8-16 Accounting Methods, pp. 8-16 to 8-34 Accrual Income Inventory Accrual Deductions Business Bad Debts Related Parties Adopting an Accounting Method
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The Authority Subchapter E—Accounting Periods and Methods of Accounting PART I—ACCOUNTING PERIODS (§§ 441— 444) PART II—METHODS OF ACCOUNTING (§§ 446—475) PART III—ADJUSTMENTS (§§ 481—483)
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Accounting Periods calendar year end sole proprietorships virtually all individuals are calendar year end flow-through entities fiscal year end 52/53 week year end short tax year first year
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Accounting Methods IRC Section 446 http://www.law.cornell.edu/uscode/html/uscode26/us Cash 12 month rule for prepaid business expenses can deduct immediately if contract period not > 1 year and contract period does not extend past end of next tax year do have capitalized assets such equipment & furniture
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Accrual Income All-Events Test all events have occurred that determine or fix
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This note was uploaded on 02/08/2012 for the course ECON 101 taught by Professor Byron during the Spring '11 term at Amity University.

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Chapter8SpilkerACCT620(1) - Accounting Periods & Methods...

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