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Utilize the knowledge you have gained to respond to the following essay questions. Your answers should state your position and use logical arguments and content from this and other chapters in the textbook to support it.
-Describe and give examples of each of the seven types of crises.
Deferred Tax Liability
A tax obligation recognized on a company's financial statements resulting from temporary differences between the tax basis of assets or liabilities and their reported amounts in the financial accounts.
Pre-Tax Book Income
The income an entity has earned before taxes are deducted, as reported in its financial statements, ignoring tax impacts.
Tax Depreciation
The deduction of a tangible asset's cost over its expected life span, used to reduce taxable income.
Book Depreciation
The method of allocating the cost of a tangible asset over its useful life for accounting and tax purposes.
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