Clayton Corporation Receives $100,000 to Provide Garbage Service for the Next

question 45

Multiple Choice

Clayton Corporation receives $100,000 to provide garbage service for the next four years:

• A)Clayton must recognize income over the four years for both tax and accounting purposes.
• B)Clayton can include the entire $100,000 in income currently for both tax and accounting purposes.
• C)The $100,000 creates a permanent difference between tax and accounting income.
• D)The $100,000 creates a timing difference between tax and accounting income.

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Definitions:

Repetition

In programming, refers to the action of repeating a set of instructions a specified number of times or until a certain condition is met, often achieved through loops.

Condition

An expression that can be evaluated as true or false, typically used in decision-making structures within programming.

Selection

A process or statement in programming that chooses between two or more paths of execution based on certain conditions.

Loop

A programming construct that repeats a block of code multiple times based on a specified condition or until a certain condition is met.