Which of the Following Items Are Not Included in the GAAP

question 73

Multiple Choice

Which of the following items are not included in the GAAP financial statement income tax note's effective tax rate reconciliation?

• A) Hypothetical tax on book income at U.S. Federal corporate tax rate.
• B) Tax effect of permanent differences.
• C) Tax effect of temporary differences.
• D) Total tax expense per financial statements.
• E) None of the above is included in the note.

---

Definitions:

Foreign Exports

Products or services that are manufactured in one nation and purchased by consumers in a different country.

Say's Law

Say's Law, also known as the law of markets, is an economic principle which suggests that production creates its own demand, positing that a supply of goods will ultimately lead to the creation of an equivalent demand.

Demand Prices

Prices of goods and services determined by the demand for them, often influenced by consumers' willingness and ability to pay.

Supply Prices

The costs associated with producing goods and services, which can influence the supply levels offered by producers.