In General, the Purpose of ASC 740 Is to Compute

question 75

True/False

In general, the purpose of ASC 740 is to compute and disclose the taxes payable by a business entity to state, local, Federal, and foreign governments for the current year and all future years.

---

Definitions:

Social Change

Refers to significant alterations over time in behavior patterns and cultural values and norms of society.

Charitable Nonprofits

Organizations dedicated to furthering a social cause or advocating for a shared point of view without seeking profit margins.

Largest Subsector

The biggest segment within a sector, often characterized by having the most organizations, employees, or revenue.

Nonprofit Sector

The segment of the economy consisting of organizations established for purposes other than making a profit, such as charities, educational foundations, and cultural institutions.