1. A company\'s Pretax Financial Income amount is determined based on which of t

Question

1. A company's Pretax Financial Income amount is determined based on which of the following?

a. Financial Accounting Standards Board (FASB) Pronouncements

b. Securities and Exchange Commission (SEC) Regulations

c. Generally Accepted Accounting Principles (GAAP)

d. None of these answers are correct

e. Internal Revenue Code (IRS) Regulations

2. All of the following are acceptable approaches for reporting accounting changes, except:

a. Retrospectively

b. Prospectively

c. Currently

d. Amortized

3. Which of the following statements is not true about a deferred tax liability?

a. It is a present obligation

b. It results from a past transaction

c. It causes taxable income in future periods to be less than financial income

d. It represents a future sacrifice

e. None of these answers are correct

Explanation / Answer

1) Generally accepted accounting principles

2) Amortised

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