Using Different Accounting Methods on Financial Statements and Tax Returns

question 81

Multiple Choice

Using different accounting methods on financial statements and tax returns will create:

• A)No effect on the balance sheet,only the income statement.
• B)No effect on the balance sheet or the income statement.
• C)A deferred tax liability.
• D)An illegal situation.

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Definitions:

Parietal Bones

Two bones forming the sides and roof of the cranium, each positioned on either side of the skull just behind the frontal bone.

Symphysis Pubis

A type of cartilaginous joint located between the left and right pubic bones near the front of the pelvis, providing slight movement and shock absorbtion.

Sacrum

A triangular bone at the base of the spine, formed by the fusion of several vertebrae and connecting the spine to the pelvis.

Atlantoaxial Joint

A joint between the first and second cervical vertebrae of the spine, allowing for head rotation.