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College Accounting, Chapters 1-27

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 10RQ

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Which of the following items is a permanent difference between
taxable income and financial accounting income?
A) Depreciation
B) Dividends-received deduction
C) Bad debts
D) Net capital loss

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Which of the following accounts would never be reportedin the income statement as an expense?a. Depreciation expense.b. Income taxes expense.c. Interest expense.d. Dividends expense.
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