A provision in the law that compels accrual basis taxpayers to pay a tax on prepaid income in the year received and not when earned is consistent with generally accepted accounting principles.
Answer the following statement true (T) or false (F)
False
Rationale: It is inconsistent with accounting rules, although it can be justified for tax purposes under the wherewithal to pay concept.
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What will be an ideal response?
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Indicate whether the statement is true or false
What prevents the market system from achieving a clean environment on its own?
A)Externalities B)Inefficiently managed business C)Remainders D)SIPs
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