Which of the Following Statements with Respect to the Required

question 11

Multiple Choice

Which of the following statements with respect to the required disclosures relating to tax loss carry forwards and carry backs is/are correct?

• A)Disclosure of the expiry date of unrecognized tax losses.
• B)There should be disclosure of the amount of unrecognized tax losses.
• C)Current tax benefit from tax loss carry backs and carry forwards need not be segregated between continuing operations, discontinued operations.
• D)All of these statements are correct.

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Definitions:

Financing Statement

A document filed to give public notice to third parties of a secured party's interest in the collateral offered by a debtor.

Perfect

To complete or make flawless; in legal terms, it often refers to making a claim or security interest legally valid or enforceable.

Insuring

The act of providing or arranging insurance as protection against a possible eventuality.

Collateral

An asset that a borrower offers to a lender as security for a loan, which can be seized if the borrower fails to repay the loan.