QUESTIONS 45 THROUGH 68 RELATE TO FINANCIAL STATEMENT ANALYSIS

63. Assume U.S. GAAP (generally accepted accounting principles) applies unless

otherwise noted.

Which of the following best describes taxes payable?

A. Total liability for current and future taxes.

B. Tax return liability resulting from current period taxable income.

C. Actual cash outflow for income taxes including payments (refunds) for other

years.