A student comment “A government destroys a recently acquired car, sells the remains for scrap and its general fund surplus for the year increases. That’s ridiculous. Government accounting makes so much less sense than private-sector accounting’’.Explain why the situation described by the student arises. Does government accounting in fact differ so much from business accounting?
Which of the following is not an acceptable method of determining the required annual payment of federal income tax for corporations? A) 100 percent of the prior year's tax liability (with a few exceptions) B) 100 percent of the current year's tax liability C) 100 percent of the estimated current year tax liability using the annualized income method D) All of the choices are acceptable methods of determining the required annual payment of federal income tax for corporations. Explain. Explain.
Comments
Post a Comment