All of the Following Are Executive (Administrative) Sources of Tax

question 950

Multiple Choice

All of the following are executive (administrative) sources of tax law except

• A) Internal Revenue Code.
• B) Revenue Procedures.
• C) Income Tax Regulations.
• D) Revenue Rulings.

---

Definitions:

Comprehensive Income

The total change in equity for a reporting period other than from transactions with owners, including all unrealized gains and losses.

Operating Loss

A negative financial result that occurs when a company's operating expenses exceed its gross profits.

Financial Statement Components

The main parts of financial statements, including the balance sheet, income statement, statement of cash flows, and statement of changes in equity.

FASB

The Financial Accounting Standards Board, a private, non-profit organization that establishes financial accounting and reporting standards in the U.S.