Identify Which of the Following Statements Is True

question 75

Multiple Choice

Identify which of the following statements is true.

• A)RIA United States Tax Reporter and CCH Standard Federal Tax Reporter are topical tax services.
• B)An annotated tax service is organized by broad subject areas.
• C)Annotations are summaries of IRS pronouncements and court opinions.
• D)All of the above are false.

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Definitions:

IFRS

International Financial Reporting Standards, a set of global accounting standards developed by the International Accounting Standards Board.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a common set of accounting rules and standards for financial reporting.

Provision

A financial accounting term referring to setting aside an amount in the books to cover a presumed future liability or loss.

Adjustment Needed

A modification required to correct an accounting record or financial statement to accurately reflect the financial position of an entity.