In the case of conflict between the tax laws and generally accepted accounting standards (GAAP) for preparation of tax returns, GAAP shall prevail over the tax law 3. The courts shall resolve the issue Tax laws shall prevail over the GAAP 4. Both tax laws and GAAP shall be enforced
In the case of conflict between the tax laws and generally accepted accounting standards (GAAP) for preparation of tax returns, GAAP shall prevail over the tax law 3. The courts shall resolve the issue Tax laws shall prevail over the GAAP 4. Both tax laws and GAAP shall be enforced
Chapter6: Accounting Periods And Other Taxes
Section: Chapter Questions
Problem 4MCQ: Which of the following is an acceptable method of accounting under the tax law? The accrual method...
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In the case of conflict between the tax laws and generally accepted accounting standards (GAAP) for preparation of tax returns,
- GAAP shall prevail over the tax law 3. The courts shall resolve the issue
- Tax laws shall prevail over the GAAP 4. Both tax laws and GAAP shall be enforced
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