Which of the Following Sources of Generally Accepted Accounting Principles

question 36

Multiple Choice

Which of the following sources of generally accepted accounting principles (GAAP) are NOT developed by the Canadian Accounting Standards Board (AcSB) ?

• A) Accounting Standards for Private Enterprises (ASPE)
• B) International Financial Reporting Standards (IFRS)
• C) GAAP for pension plans
• D) GAAP for not-for-profit entities

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Definitions:

Income Tax Expense

The total amount of income tax a company expects to pay to tax authorities relative to its taxable income.

Deferred Tax Asset

A financial item on a company's balance sheet representing taxes paid or carried forward that can be used to offset future tax liabilities.

Tax-Exempt Municipal

Refers to income earned from municipal bonds that is exempt from federal income tax and, in many cases, state and local taxes.

Pretax Financial Income

The amount of income a company has earned before any taxes have been deducted, often used for internal reporting.