Which One of These Terms Is Defined as the Use

question 44

Multiple Choice

Which one of these terms is defined as the use of legitimate methods to reduce one's taxes?

• A)Tax evasion
• B)Tax avoidance
• C)Tax exemption
• D)Tax deferral
• E)Tax deduction

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Definitions:

AASB 15

An Australian Accounting Standards Board standard on revenue from contracts with customers, specifying how and when to recognize revenue and the related costs.

IFRS 15

The International Financial Reporting Standard that specifies how and when to recognize revenue from contracts with customers, setting requirements for the disclosure of revenue information.

Contracts

Legally binding agreements between two or more parties that outline terms, conditions, and obligations of each party.

Conceptual Framework

A theoretical structure that outlines the objectives and fundamentals of financial reporting to guide the development of accounting standards.