Most Companies Keep Separate Sets of Accounting Records for Financial

question 32

Multiple Choice

Most companies keep separate sets of accounting records for financial reporting and for income tax computations.Which of the following statements is true?

• A)They do it even though this practice is illegal and in violation of international financial reporting standards.
• B)They do it because the Income Tax Act requires companies to keep separate records for tax purposes.
• C)They do it because financial reporting rules and ITA regulations differ in many ways.
• D)They do it to enable a company to do a reconciliation between taxable income and reported profit.

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Definitions:

Fair Value

The funds received for unloading an asset or disbursed for handling a liability in a structured marketplace encounter on the date of valuation.

Consolidated Balance

The combined balance sheets of a parent company and its subsidiaries, providing a complete picture of the financial condition of the entire group.

Common Stock

A type of equity security that represents ownership in a corporation, with holders usually having voting rights to elect the board members.

Book Value

The amount of an asset's value as recorded in the company's books, representing its initial cost minus any depreciation, amortization, or impairment costs.