Assume Tax Is Paid Annually in a Lump Sum

question 16

Multiple Choice

Assume tax is paid annually in a lump sum. The beginning balance in the current tax liability account is $70 000 and the ending balance is $79 000. There was no under or over provision of tax for the year. What is the amount of tax paid to be included in the statement of cash flows for the period?

• A) Nil
• B) $70 000
• C) $80 000
• D) $79 000

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Definitions:

Sexism

Discrimination or bias against individuals based on their gender, often manifesting in unequal treatment or attitudes.

Homophobic Slurs

Offensive terms used to insult or demean individuals based on real or perceived sexual orientation.

Masculinity

Attributes, behaviors, and roles associated with being male as understood by a particular culture or society.

Gender Stereotypes

Overgeneralized beliefs about the characteristics, attributes, and behaviors of males or females based on their gender.