1. Permanent differences between tax income and financial reporting income results fromdeferred tax assets resulting from timing differences.items that are allowable deductions for income tax reporting that do not qualify as expenses under GAAP.deferred tax liabilities resulting from timing differences.all of these choices. 2. Operating loss carrybacks will result intax refunds.deferred tax assets.deferred tax liabilities.all of these choices

Deferred tax should be record in the accounting books, in order to apply with matching concept.

Answered: 1. Permanent differences between tax…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Permanent differences between tax income and financial reporting income results from

deferred tax assets resulting from timing differences.
items that are allowable deductions for income tax reporting that do not qualify as expenses under GAAP.
deferred tax liabilities resulting from timing differences.
all of these choices.

2. Operating loss carrybacks will result in

tax refunds.
deferred tax assets.
deferred tax liabilities.
all of these choices

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