Accounting procedures for both C corporations and S corporations are the same in all aspects.

Question

Quizplus · Accepted Answer

While both types of corporations follow generally accepted accounting principles (GAAP), there are some differences in the tax treatment of income, deductions, and losses. S corporations have pass-through taxation, while C corporations pay corporate-level taxes. This can affect the accounting procedures and reporting for these entities.

Accounting Procedures for Both C Corporations and S Corporations Are