CFA Practice Question
Both accounting income and taxable income are measured in compliance with generally accepted accounting principles. True or False?
Correct Answer: False
User Contributed Comments 5
| 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 |