Financial Accounting MCQS - QUESTION DETAILS

What is the term for the legal reduction of tax liability by reducing the taxable income through various allowable expenses?
A. Tax Credits
B. Tax Exemptions
C. Tax Deductions
D. Tax Liability

Tax Deductions reduce taxable income through allowable expenses.

Similar Questions

Which organization aims to facilitate global trade by establishing rules and agreements between member countries in International Finance?






What metric calculates the percentage of total costs that are variable costs in relation to total sales?






What does the Total Asset Turnover Ratio measure?






What aspect of personal finance involves planning and managing the financial aspects of one's death and assets?






What term refers to the risk associated with the potential for harm to the environment and natural resources?






What term describes the process of spreading investments across various asset classes to reduce risk?






What term describes the financial transactions that occur between a country and the rest of the world, including trade, investments, and transfers?






What financial institution focuses on managing and overseeing the trading of financial instruments, ensuring fair and transparent markets?






What term refers to the entrepreneurial pursuit of creating and running one's own business?






Which type of risk is associated with the potential for loss due to the failure of internal processes or systems?