The amortization expense may be used for ________ but for ________,the Canada Revenue Agency (CRA)requires companies to use Capital Cost Allowance (CCA)as tax version of amortization.
A) assets valuation; financial reporting purposes
B) tax purposes; financial reporting purposes
C) financial reporting purposes; tax purposes
D) income statement; balance sheet

Question

Quizplus · Accepted Answer

Amortization expense is used for financial reporting purposes, while for tax purposes in Canada, the CRA requires the use of Capital Cost Allowance (CCA).

The Amortization Expense May Be Used for ________ but for ________,The

The Amortization Expense May Be Used for but for ,The