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  3. 1. which of the following statements regarding rea

1. Which of the following statements regarding realized income is CORRECT? A)...

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Accounting

1. Which of the following statements regarding realized income is CORRECT?

A) Realized income will become recognized income. B) Realized income results in tax liability; recognized income does not.

C) Income is usually recognized before realized. D) All of the above are true.

2. Which of the following is MOST ACCURATE regarding tax authority?

A) Tax treaties are more authoritative than the Internal Revenue Code. B) An IRS Publication is a primary authority.

C) A Revenue Procedure is more detailed (granular) than a Revenue Ruling.

D) An IRC Regulation does not carry the force of law.

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