Prepare a two- to three-page paper (approximately 350 words per page) explaining the following to the Erbs:
What constitutes a business expense?
The difference between a business and a hobby.
The difference between the cash and accrual methods.
Grading Rubric:
CategoryPointsDescriptionComprehension10Demonstrate a strong grasp of the problem at hand. Demonstrate understanding of how the course concepts apply to the problem.Analysis15Apply original thought to solving the business problem. Correctly apply concepts from the course material toward solving the business problem.Execution5Write your answer clearly and succinctly, using strong organization and proper grammar. Use citations correctly.Total30A quality paper will meet or exceed all of the above requirements.