Which of the Following Correctly Describes the Effects of Accruing

question 105

Multiple Choice

Which of the following correctly describes the effects of accruing income tax expense at year-end?

• A)A cash payment is made to pay the taxes due.
• B)Liabilities are not affected.
• C)Retained earnings decreases.
• D)Net income increases.

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Definitions:

Sweat Gland

Specialized glands in the skin that produce sweat, playing a key role in regulating body temperature and excreting certain waste products.

Inferior

Positioned below or lower in rank, quality, or importance.

Ions

Positively or negatively charged particles.

Water

A transparent, odorless, tasteless liquid that forms the world's streams, lakes, oceans, and rain, and is the basis for the fluids of living organisms.