Which of the Following Criteria Is Not Required Under the Tax

question 39

Multiple Choice

Which of the following criteria is not required under the tax concept of income?

• A)There must be economic benefit.
• B)Income must be realized.
• C)Income must be recognized.
• D)Cash must be received.

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Definitions:

Dispute

A disagreement, conflict, or argument, especially one that may lead to formal proceedings or require resolution through negotiation or legal means.

Alternative Dispute Resolution

A term referring to various methods of resolving conflicts and disputes without traditional litigation, such as arbitration or mediation.

Mediation

A conflict resolution technique involving a neutral third party who helps disputing parties find a mutually acceptable solution.

Arbitration

The process whereby a neutral third party issues a binding decision to resolve a dispute.