One of the Problems in Using One Set of Accounting

question 118

Multiple Choice

One of the problems in using one set of accounting records for tax reporting and another set of records for internal management reporting is that:

• A)tax authorities may suspect manipulation of records.
• B)it is almost impossible to keep the records straight and hard to reconcile the books.
• C)it is illegal.
• D)Both A and B are correct.

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Definitions:

Water

A transparent, tasteless, odorless, and nearly colorless chemical substance, which is the main constituent of Earth's streams, lakes, and oceans and the fluids of most living organisms.

Energy

The capacity to do work, which comes in various forms such as kinetic, potential, thermal, electrical, chemical, nuclear, and others, and can be transformed from one form to another.

Commodities Price Index

An index that measures changes in the general price level of commodities traded in the global markets, like metals, food, and energy.

Productive Resources

Includes the inputs used in the production of goods and services, such as labor, capital, and natural resources.