Which of the Following Statements Explain Permanent Differences Between Tax

question 24

Multiple Choice

Which of the following statements explain permanent differences between tax and financial accounting? i.Income is recognized in one period for tax and in another period for financial accounting
Ii) Income is recognized for accounting but not for tax purposes.
Iii) Expenses not deductible for tax purposes are deductible for financial accounting.
Iv) An expense is deducted currently for tax but in a later period for financial accounting.

• A)ii.only
• B)i.and ii.
• C)i.and iv.
• D)ii.and iii.

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Definitions:

Workers' Compensation Act

Legislation designed to provide financial compensation and medical benefits to workers who are injured or become ill as a direct result of their job.

Sue Employer

The action of bringing a legal case against an employer, often related to disputes over employment conditions, rights, or terminations.

Wrongful Dismissal

Ending an employee's employment agreement illegally or in a manner that breaches the contract's conditions.

Employment Contract

An employment contract is a legally binding agreement between an employer and an employee that outlines the terms and conditions of employment, including duties, compensation, and termination procedures.