Leah Gains Access to Government Records and Alters Certain Dates

question 25

Multiple Choice

Leah gains access to government records and alters certain dates and amounts in her favor.This is

• A)embezzlement.
• B)forgery.
• C)larceny.
• D)no crime.

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Definitions:

Income Tax Rate Change

A modification in the percentage that individuals or corporations are required to pay to the government from their income.

Future Liability

A financial obligation or debt that a company is required to pay at a future date.

Income Tax Expense

The total amount of income tax a company is required to pay to the government, reflected as an expense in its income statement.

Deferred Tax Asset Valuation Allowance

A contra-asset account used to decrease the value of deferred tax assets if it is more likely than not they will not be realized.