Some Revenue and Expense Items Never Go on the Tax

question 23

True/False

Some revenue and expense items never go on the tax return,but do go on the income statement.

---

Definitions:

Registered Design

A legal protection for the visual design of objects that are not purely utilitarian.

Piece of Furniture

An object in a room or establishment that is used for sitting, working, storing items, or as decoration, such as chairs, tables, or cabinets.

Legislation

The process of making or enacting laws.

Industrial Design Act

Legislation that governs the protection of original visual design elements in manufactured goods.