Which of the Following Statements Is Not Correct

question 93

Multiple Choice

Which of the following statements is not correct?

• A)Corporations must estimate and prepay their income taxes through quarterly tax deposits.
• B)At the end of the year, when the worksheet is prepared, the Income Tax Expense account is adjusted only if the corporation owes additional taxes.
• C)Income Tax Expense may be shown as an operating expense on a corporation's income statement.
• D)On a corporate income statement, the tax effect of each extraordinary item is offset against each gain or loss to show the effect 'net of taxes'.

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Definitions:

Nominal Scale

A measurement scale used for categorization without a natural order or rank.

Numeric

Relating to, measurable in, or expressed as numbers or numerical data.

Nonnumeric

Pertaining to data that cannot be quantified or counted numerically, typically qualitative data.

Body Temperature

The measure of the body's warmth, typically averaged to about 37°C (98.6°F) in humans, but can vary based on various factors.