Which of the Following Is Not a Source of External

question 36

Multiple Choice

Which of the following is not a source of external accounting rules for a company listed on the Australian Stock Exchange?

• A)Stock exchange rules imposed by the Australian Stock Exchange
• B)Company law
• C)Sarbanes Oxley Act
• D)International accounting standards

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Definitions:

Reduction in Basis

A decrease in the tax basis of an asset, which could result from deductions such as depreciation, or after receiving tax-free returns of capital.

Self-employment Income

Income earned from conducting a business or profession as a sole proprietor, independent contractor, or freelancer, subject to self-employment tax.

Nondeductible Expense

A cost incurred by a taxpayer that cannot be deducted from income when calculating taxes owed.

Cash Distribution

The payment of earnings from a corporation or a fund to its shareholders or investors.