In General,net Operating Losses of a Corporation Are Carried Back

question 71

True/False

In general,net operating losses of a corporation are carried back 3 years and forward for 20 years.

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Definitions:

Operating Expense

Refers to the costs associated with the day-to-day operations of a business, excluding costs related to production.

Receivables

Amounts due to be paid to a company by its customers for goods or services delivered on credit terms.

Bad Debt Expense

The expense recognized when a business determines that an amount owed by a debtor is unlikely to be collected.

Specific Customer's Account

An account representing the transactions and outstanding balance related to a particular customer.