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Accounts Payable MCQs

SFAS 109 establishes standards of financial accounting and reporting for income taxes that are currently payable and for

the tax consequences of revenues and expenses included in taxable income in a different year from the year in which they are recognized for financial reporting purposes.

the method of accounting for the US Federal investment tax credit.

the discounting of income taxes.

the accounting for income taxes in general in interim periods.

Answer

Correct Answer: the tax consequences of revenues and expenses included in taxable income in a different year from the year in which they are recognized for financial reporting purposes.

Explanation:

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