Canada Customs and Revenue Agency does not require a corporation to use the same reporting principles for tax as for accounting.Which of the following accounting principles is most likely to be the same for accounting and tax purposes?
A)Amortization expense
B)Development costs
C)Long-term leases
D)Revenue Recognition

Question

Quizplus · Accepted Answer

Revenue recognition is often aligned for both accounting and tax purposes to ensure that income is reported consistently.

Canada Customs and Revenue Agency Does Not Require a Corporation