A Deferred Tax Liability

question 127

Multiple Choice

A deferred tax liability:

• A)is only disclosed in the notes to the financial statements.
• B)is recorded in a contra-liability account.
• C)represents income tax amounts that are deferred to future years because of temporary differences between GAAP rules and IRS rules.
• D)is never a current liability.

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Definitions:

Current Call

In telecommunications, the ongoing phone call or session. In programming, it may refer to the function or method currently being executed.

Recursive Definition

A definition of something in terms of itself, typically used in programming to solve problems by having a function call itself with modified parameters.

Base Cases

Base Cases are the terminating scenarios in recursion that do not use recursion to produce an answer, avoiding infinite loops in the process.

Tail Recursive Method

A type of recursion where the recursive call is the final action performed by the function, potentially allowing for optimizations by the compiler.