Which of the Following Statements Is Incorrect

question 71

Multiple Choice

Which of the following statements is incorrect?

• A)Schedule M-1 is a reconciliation from book income to taxable income.
• B)Schedule L is prepared in accordance with the accounting method used to keep financial accounting records.
• C)Schedule M-3 is only prepared by corporations with total receipts and total assets of less than $250,000.
• D)Schedule M-1 shows all book/tax differences,regardless of whether they are permanent or temporary differences.

---

Definitions:

Note Taking

A method of creating order and arranging thoughts and materials to help a person retain information.

Monotone Voice

A manner of speaking in which the pitch does not vary, often leading to a dull or unvaried delivery.

Attentive

Paying close attention or being careful about the tasks or people one is dealing with.

Note-Taking Systems

Methods or strategies used to record key information from lectures, books, or discussions for later review and study.