In the United States, Conformity Between Presentation of the Financial

question 15

Multiple Choice

In the United States, conformity between presentation of the financial statements and the tax statements is required only for:

• A) goodwill.
• B) depreciation.
• C) gains or losses on securities.
• D) the use of the LIFO inventory cost flow assumption.

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Definitions:

Praise

Expression of approval, commendation, or admiration directed at an individual or group.

Money

A medium of exchange, in the form of coins and banknotes, used to facilitate transactions.

Food

Any nutritious substance that people or animals eat or drink in order to maintain life and growth.

Secondary Reinforcer

A reinforcer that acquires its positive value through an organism’s experience; a secondary reinforcer is a learned or conditioned reinforcer.