Which of the Following Terms Refers to the Forced Transfer

question 65

Multiple Choice

Which of the following terms refers to the forced transfer of assets from a company to the government without compensation?

• A)expropriation
• B)nationalism
• C)nationalization
• D)confiscation

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Definitions:

Current Tax Liability

The amount of income taxes a company is obligated to pay within the next year.

Accounting Standards

Authoritative standards and principles that guide financial accounting and reporting practices for businesses and organizations.

Deferred Tax Item

An accounting concept representing a future tax liability or asset, resulting from temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base.