Which of the Following Statements Is Incorrect

question 18

Multiple Choice

Which of the following statements is incorrect?

• A) A corporation can choose a fiscal year-end of its choice when filing its first tax return.
• B) A corporate tax return is due 2½ months after the end of the fiscal year.
• C) Corporations that own foreign subsidiaries cannot file a Form 1120.
• D)Some corporations can use the cash-basis of accounting.

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Definitions:

Money Supply

Refers to the total volume of currency and other liquid instruments in a country's economy at a specific time.

M2 Measure

A category of the money supply that includes all liquid monies like cash and checking deposits, as well as 'near money' such as savings deposits and time deposits.

Unit Banking

A banking system where each bank operates as an independent unit, without branches, providing services to its local community.

Unlimited Branching

A concept in computer science or mathematics referring to a structure or process that can expand in an unlimited number of directions or paths.