Using a Minimum Amount of Code, Loops Facilitate the Development

question 29

True/False

Using a minimum amount of code, loops facilitate the development of scripts that can process huge amounts of data. However, the cost of this processing efficiency comes at a price in terms of additional code statements.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for international use.

Deferred Taxes

Taxes that are incurred in one period but are not paid until a future period, often due to timing differences between accounting and tax reporting.

Taxable Entity

A business or individual that is required to pay taxes to a federal, state, or local government.

Permanent Difference

These are differences between taxable income and accounting income that originate in one period and do not reverse over time, affecting taxable income and tax liability.