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Define superordinate goals, and offer an example that illustrates this concept.
Deferred Tax Liabilities
Future tax payments resulting from temporary differences between the book value and the tax basis of assets and liabilities.
Deferred Tax Assets
Future tax benefits arising from temporary differences between the tax and accounting recognition of revenue and expenses.
Classifying
The process of organizing data, objects, or concepts into categories based on shared qualities or characteristics.
Noncurrent Deferred Tax Liability
A tax obligation payable in future periods as a result of temporary differences between the tax base of an asset or liability and its carrying amount on the balance sheet.
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