If an Expense Is Reported on the Tax Return Before

question 45

Multiple Choice

If an expense is reported on the tax return before it is reported on the financial accounting books

• A)the result is a deferred tax asset
• B)the result is a deferred tax liability
• C)there could be either a deferred tax asset or liability
• D)there is no effect as this is not a timing difference

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Parroting in communication refers to the method of repeating exactly what another person has said, either to demonstrate understanding or mimicry without necessarily comprehending or endorsing the content.

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