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Day after day,Raymond's history teacher lectures about the subject matter in a dry,unengaging manner and expects students simply to sit quietly and take notes. To make class a little more exciting for himself and the students sitting nearby,Raymond often draws cartoon faces on the tips of his fingers and performs little finger-puppet shows at his desk. Raymond's behavior in class can probably best be explained as:
Income Tax Payable
The amount of income tax that a company or individual owes to the government, but has not yet paid.
Business Operations
Encompasses the day-to-day activities that a business engages in to run smoothly and efficiently, aiming at generating revenue.
Deductible Temporary Difference
Differences between the carrying amount of an asset or liability in the balance sheet and its tax base that will result in amounts deductible in future periods when recovering the carrying amount.
Deferred Tax Asset
An asset on the balance sheet that may be used to reduce future tax liability generated due to timing or temporary differences between accounting income and taxable income.
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