Module 10B: Introduction to Woodlot - Income Tax and Estate Planning

Question Results

Score 1 of 1

Question:

Persons carrying on a business have no obligation to keep records.

Response:

	True
	False

Score 1 of 1

Question:

A cashbook has separate columns for cash receipts and cash disbursements.

Response:

	True
	False

Score 1 of 1

Question:

A well maintained cashbook eliminates the need to keep original source documents.

Response:

	True
	False

Score 0 of 1

Question:

If you generate records using electronic methods, you can destroy the electronic records as long as a paper copy is kept.

Response:

	True
	False

Score 0 of 1

Question:

On woodlots where operations are carried out in such a way that the woodlot is not a farming business, income must be reported using the accrual method.

Response:

	True
	False

Score 1 of 1

Question:

When timber is removed from a woodlot, a deduction against income may be claimed.

Response:

	True
	False

Score 1 of 1

Question:

The timing of claiming costs such as seedlings and planting, depends on the method of income accounting.

Response:

	True
	False

Score 1 of 1

Question:

If money is borrowed to earn income from a business or property, the interest paid may be claimed as a deductible expense.

Response:

	True
	False

Score 1 of 1

Question:

Examples of capital assets include (check all that apply)

Response:

	light bulb,
	a woodlot,
	machine oil,
	new barn,
	air filters,
	tractor chains

Score 1 of 1

Question:

If money is borrowed to earn income from a business or property, the interest paid may be claimed as a deductible expense.

Response:

	True
	False