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Basic Question 4 of 7
Both accounting income and taxable income are measured in compliance with generally accepted accounting principles. True or False?
User Contributed Comments 6
| User | Comment |
|---|---|
| vincenthuang | taxable income in compliance with IRC |
| sarath | taxable income is in compliance with the IRC..Internal Revenue Code.. |
| MattNYC | Taxable income uses modified cash basis accounting while Tax expense/Pre-tax income utilizes the accrual system. |
| gill15 | Compliance with IRC...thats not even found in the curriculum books..dont understand how you guys know this... never took accounting before..still...should be in the books. |
| poomie83 | IRC only in US. It is relevant tax body in each country |
| iiman | IRS in USA |
Your review questions and global ranking system were so helpful.
Lina
Learning Outcome Statements
contrast accounting profit, taxable income, taxes payable, and income tax expense and temporary versus permanent differences between accounting profit and taxable income
CFA® 2024 Level I Curriculum, Volume 3, Module 9.