7 Match the appropriate items to each type of temporary differences.<VGenerally arise when there are differences thatresult in current accounting income beinggreater than taxable incomeArise when the tax base of the liabilities isgreater than the carrying amountGenerally arise when the tax base of the assetsis greater than the carrying amountGive rise to deferred tax assetsGive rise to deferred tax liabilitiesArise when the carrying amount of theliabilities is greater than the tax baseA Deductible Temporary DifferencesBTaxable Temporary Differences

Deferred tax asset: The deferred tax asset is created when the taxes to be paid as per income tax…

Match the appropriate items to each type of temporary differences. Generally arise when there are differences that result in current accounting income being greater than taxable income Arise when the tax base of the liabilities is greater than the carrying amount A Deductible Temporary Differences B Taxable Temporary Differences

Match the appropriate items to each type of temporary differences. Generally arise when there are differences that result in current accounting income being greater than taxable income Arise when the tax base of the liabilities is greater than the carrying amount A Deductible Temporary Differences B Taxable Temporary Differences

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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