Which of the Following Is Not a Balance Sheet Item

question 74

Multiple Choice

Which of the following is not a balance sheet item?

• A)Assets.
• B)Common stock.
• C)Retained earnings.
• D)Revenues.

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Definitions:

Income Tax

Tax levied on company income.

AASB 112

The Australian Accounting Standards Board's standard regarding Income Taxes, which dictates the accounting treatment for current and deferred tax.

Deferred Tax

A tax liability or asset that arises due to the temporary differences between the accounting income and the taxable income.

Income Tax Expense

The cost incurred by individuals or corporations due to income taxes.