Which one is a voluntary disclosure that released by a firm?
a. Pro forma earnings announcement
b. Material accounting policies that firm uses
c. Auditor's report
Which one is not correct in the context of tax accounting?
a. non taxable expense causes permanent differences between pretax accounting income and taxable income.
b. deferred tax assets might be resulted from Loss Carryback.
c. corporate income tax is an expense, not a distribution of the profits to the government.
d. Deferred tax liability might be resulted when tax expense on income statement is less than tax payment based on tax code.
FASB attempts to improve the quality of accounting information. One of the recent changes made by FASB is the goodwill impairment test. Instead of the amortization, the goodwill should be revalued. Which type of investors can get more benefits from this change?
a. passive investors
b. active investors
c. equally beneficial
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