Which of the Following Statements About ASC 740 as It

question 23

Multiple Choice

Which of the following statements about ASC 740 as it relates to uncertain tax positions is true?

• A)ASC 740 deals with all tax benefits involving income and nonincome taxes.
• B)ASC 740 deals with whether a recognized income tax benefit will be realized.
• C)ASC 740 deals with recognized tax benefits related to income tax positions claimed on a filed tax return.
• D)ASC 740 deals with recognized tax benefits related to income tax positions, regardless of whether the item is taken on a filed tax return.

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Definitions:

Budget Line

A graphical representation showing the combination of goods a consumer can purchase with a fixed income.

Money Income

The total amount of monetary earnings or receipts a person or household receives within a given period.

Utility

In economics, the total satisfaction received from consuming a good or service.

Entrepreneur

An individual who starts, organizes, manages, and assumes the risks of a business or enterprise, often innovating and creating new products, services, or business models.