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If during the current year, taxable profit is greater than accounting profit and the difference is a temporary difference, *

If during the current year, taxable profit is greater than accounting profit and the difference is a temporary difference, *

FINANCIAL ACCOUNTING
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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If during the current year, taxable profit is greater than accounting profit and the difference is a temporary difference, O deferred tax asset will be recognized in future years. O a deferred tax liability is recognized at the end of the current year. O a deferred tax liability will be recognized in future years. O a deferred tax asset is recognized at the end of the current year.
Transcribed Image Text:If during the current year, taxable profit is greater than accounting profit and the difference is a temporary difference, O deferred tax asset will be recognized in future years. O a deferred tax liability is recognized at the end of the current year. O a deferred tax liability will be recognized in future years. O a deferred tax asset is recognized at the end of the current year.
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