ACCT 422 SEU Earned and Deposited Income Questions
Description
Q-1-To make income taxable, income must be realized and recognized. Explain in your own words the difference between income realization and income recognition, and then provide a short numerical example to indicate the difference (Don’t copy the same numerical example from other students. Numerical example must be differ). (2 mark)
Answer
Q2. If a NOL (net operating loss) is incurred, when would a taxpayer elect to forgo the carryback period and only carry the loss deduction forward? (1 marks)
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