Tax Evasion Is

question 1

Multiple Choice

Tax evasion is:

• A)a fraudulent act involving illegal nonpayment of taxes
• B)one of the objectives of tax planning
• C)an act of deferring tax payments tofuture periods
• D)the same as tax avoidance as both of them result in nonpayment of taxes

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Definitions:

Current Assets

Assets that a company expects to convert into cash, sell, or consume within one year or its operating cycle, whichever is longer.

Closing

The process of finalizing accounts at the end of an accounting period, transferring temporary account balances to permanent ones.

Zeros Out

The process of adjusting an account balance to zero, often used in the context of budgeting or closing temporary accounts at the end of an accounting period.

Balance Columns

Columns in an account or ledger used to record the debit and credit balances.