Examlex
Which of the following statements is FALSE?
Taxable Income
The portion of individual or corporate income subject to taxation, after all deductions and exemptions.
Retained Earnings
The portion of net income that is not distributed to shareholders but instead reinvested in the business or used to pay off debt.
Fixed Assets
Fixed Assets are long-term tangible property that a firm owns and uses in its operations to generate income, such as machinery, buildings, and equipment.
Depreciation Expense
The allocation of the cost of a tangible asset over its useful life, reflecting the decrease in value due to wear and tear, decay, or obsolescence.
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