Eric is the accountant for a trading firm. While posting entries in the books of accounts, he entered $2,500 into the salary account. However, the total salaries for the firm amount to $3,700. What type of error did Eric make?

A. error of omission or B. error of originality entry

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.

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What steps did jim moon take to build a relationship between his business and bank rhode island? 2. what collateral, if any, do you think moonworks can use as security for a future loan? explain your answer. 3. put yourself into the shoes of the banker handling the moonworks' account. what questions would you ask if the company asks for additional debt financing?