Which Statement Is Correct

question 53

Multiple Choice

Which statement is correct?

• A)Undepreciated capital cost (UCC)is the net carrying amount of an asset or asset class for tax purposes.
• B)A deductible temporary difference is a temporary difference that results in future taxable income being more than accounting income.
• C)A terminal loss is the tax loss arising from the sale of an asset for proceeds above its undepreciated capital cost.
• D)Recaptured depreciation is the taxable income recorded for the reversal of previous capital cost allowance when the sale proceeds of an asset are less than its undepreciated capital cost.

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Definitions:

Fundamental Attribution Error

The tendency to overestimate the influence of personality and underestimate the influence of situational factors when evaluating others' behavior.

Cultural Differences

The variations in social norms, values, practices, and expressions among different societies and cultural groups.

Internal Attributions

The method of attributing behavioral causes to individual characteristics, qualities, capabilities, and emotions.

Personality Factors

Distinct traits or characteristics that make up an individual's personality, often studied in psychology to understand human behavior.