Taxable Benefits from Employment Include the Following Except

question 66

Multiple Choice

Taxable benefits from employment include the following except

• A)use of a company automobile.
• B)employer-paid life insurance.
• C)use of company housing facilities.
• D)your RRSP contributions.

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Definitions:

Comparability

A financial accounting principle that allows the financial statements of multiple periods or companies to be comparable with each other.

Conservatism

An accounting principle that mandates recognizing expenses and liabilities as soon as possible when there is uncertainty about the outcome, but only recognizing revenues and assets when they are assured of being received.

Patent Amortization Expense

The gradual expensing of the cost associated with a patent over its useful life, reflecting the consumption of the patent's value.

Infringement

The action of violating a law, agreement, or the rights of another, especially intellectual property rights.