Define the Following Types of Differences Between Financial Accounting Income

question 10

Essay

Define the following types of differences between financial accounting income and taxable income:
a. Temporary
b. Permanent

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Definitions:

Multiplicity

The quality of being numerous or having many different elements.

Relativism

is the philosophical concept that views knowledge, truth, and morality as varying depending on culture, society, or historical context.

Relativistic

Pertaining to the concept that points of view have no absolute truth or validity, having only relative, subjective value according to differences in perception and consideration.

Transitional

Referring to a phase or period that serves as a bridge from one state, condition, or activity to another.