Beacon 9 White Co Prop Tax Test - Standard (New) Block Advisors Small Business Certificatic Tax in Small Business: Spotlight on Schedule C Question 1 of 35. The simplified accounting for small business taxpayers, introduced by the Tax Cuts and Jobs Act, allows qualifying small business taxpayers to do all of the following, EXCEPT Be eligible for simplified methods of determining their cost of goods sold. O Not be subject to the UNICAP rules. O Use the cash method of accounting O Use estimated amounts for their recurring expenses U Mark for follow up Question 2 of 35. On Schedule C (Form 1040), gross receipts minus returns and allowances minus cost of goods sold is: Gross profit Gross income Net profit O Net income Mark for follow up Question 3 of 35. The most common system of depreciation currently in use is: O Accelerated Cost Recovery System (ACRS). Beacon 9 White Co Prop Tax Test - Standard (New) Block Advisors Small Business Certificatic Tax in Small Business: Spotlight on Schedule C Question 1 of 35. The simplified accounting for small business taxpayers, introduced by the Tax Cuts and Jobs Act, allows qualifying small business taxpayers to do all of the following, EXCEPT Be eligible for simplified methods of determining their cost of goods sold. O Not be subject to the UNICAP rules. O Use the cash method of accounting O Use estimated amounts for their recurring expenses U Mark for follow up Question 2 of 35. On Schedule C (Form 1040), gross receipts minus returns and allowances minus cost of goods sold is: Gross profit Gross income Net profit O Net income Mark for follow up Question 3 of 35. The most common system of depreciation currently in use is: O Accelerated Cost Recovery System (ACRS)