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Table 12-15
-Refer to Table 12-15. In this tax system which of the following is possible?
Accounting Principles
Fundamental guidelines or rules that govern the financial reporting and accounting practices of companies, ensuring accuracy, consistency, and fairness in financial statements.
Prospectively
Prospectively means looking forward or considering future events, often used in accounting in terms of adopting new policies for future transactions.
LIFO Reserve
The difference between the cost of inventory calculated under the Last In, First Out (LIFO) method and another inventory costing method like First In, First Out (FIFO).
Deferred Taxes
Taxes that are owed but not yet paid, arising from temporary differences between accounting and tax treatments of income and expenses.
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