Identify Which of the Following Statements Is False

question 105

Multiple Choice

Identify which of the following statements is false.

• A)When tax advisors speak of the "tax law," they usually have in mind just the Internal Revenue Code.
• B)Members from both the House and the Senate are on the Conference Committee.
• C)Records of committee hearings are helpful in determining Congressional intent.
• D)All of the above are false.

---

Definitions:

Revenue

Income generated from normal business operations, often from the sale of goods and services to customers.

Credit Customer

A customer who purchases goods or services on credit, agreeing to pay at a later specified date.

Expense

Money spent or cost incurred in an entity's efforts to generate revenue.

Asset

Resources owned by a business or individual that have economic value or future benefit.