LO 8-1 | Describe the general requirements for deducting business
expenses and identify common business deductions.
|
LO 8-2 | Apply the limitations on business deductions to distinguish
between deductible and nondeductible business expenses.
|
LO 8-3 | Identify and explain special business deductions specifically
permitted under the tax laws.
|
LO 8-4 | Explain the concept of an accounting period and describe
accounting periods available to businesses.
|
LO 8-5 | Identify and describe accounting methods available to
businesses and apply cash and accrual methods to determine
business income and expense deductions.
|