Which of the Following Statements About Uncertain Tax Position Disclosures

question 74

Multiple Choice

Which of the following statements about uncertain tax position disclosures is false?

• A)ASC 740 requires a company to disclose the amount of unrecognized tax benefits for each country in which it files a tax return.
• B)ASC 740 requires a company to disclose the aggregate amount of unrecognized tax benefits, separated between U.S., state and local, and international tax positions.
• C)ASC 740 requires a company to disclose the aggregate amount of unrecognized tax benefits without separation between U.S., state and local, and international tax positions.
• D)None of the choices are correct.

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Definitions:

Post-closing Trial Balance

A financial statement that lists all accounts and their balances after closing entries have been made, usually the final step in the accounting cycle.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries from the end of the previous period.

Adjusting Entries

These are journal entries made in an accounting period to allocate income and expenditures to the period in which they actually occurred.

Journalize Transactions

The process of recording financial transactions in the journal as part of the accounting cycle.