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Generally Accepted Accounting Principles (GAAP) MCQs

What is the primary goal of accounting for income taxes?

To demonstrate to the stockholders that the firm is tax savvy

To determine how much money to put in savings for year end taxes

To recognize the current year's tax obligation

To find out how much would be owed so the firm can engage in tax evasion

Answer

Correct Answer: To recognize the current year's tax obligation

Explanation:

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More Generally Accepted Accounting Principles (GAAP) MCQ Questions

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