Which of the Following Items Results in a Temporary Difference

question 36

Multiple Choice

Which of the following items results in a temporary difference taxable amount for a given year?

• A) Premiums on officer's life insurance (company is beneficiary)
• B) Premiums on officer's life insurance (officer is beneficiary)
• C) Vacation pay accrual
• D) Accelerated depreciation for tax purposes;straight-line for financial reporting purposes

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Definitions:

NLRA

Refers to the National Labor Relations Act of 1935, U.S. legislation that protects the rights of employees and employers, to encourage collective bargaining, and to curtail certain private sector labor and management practices.

Labor-Management Committees

Groups formed by representatives from both labor unions and management teams to discuss and address workplace issues, improve relations, and enhance productivity collaboratively.

Supreme Court Decision

A final ruling issued by the Supreme Court, the highest judicial authority in a country.

Management-Controlled Committees

Groups or committees within an organization that are created and overseen by management, often to address specific issues or projects, sometimes critiqued for limiting genuine employee participation.