What is not true regarding accounting income The term is used on form 1041 Repre

Question

What is not true regarding accounting income The term is used on form 1041 Represents amount of mandatorily distributed Standards are issues by fasb Most often differs significantly from taxable income What is not true regarding accounting income The term is used on form 1041 Represents amount of mandatorily distributed Standards are issues by fasb Most often differs significantly from taxable income What is not true regarding accounting income The term is used on form 1041 Represents amount of mandatorily distributed Standards are issues by fasb Most often differs significantly from taxable income The term is used on form 1041 Represents amount of mandatorily distributed Standards are issues by fasb Most often differs significantly from taxable income

Explanation / Answer

The Statement "Represents amount of mandatorily distributed" is not correct.

Accouting income represents the performance of the company in monetary terms. But it is not mandatorily distributed as it is based on various accounting principles and does not include many income / losses.

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