Differences Arising Between Financial Accounting and Tax Accounting Fall into Three

question 99

Short Answer

Differences arising between financial accounting and tax accounting fall into three categories, what are the three categories?

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Definitions:

Abbreviation

A shortened form of a word or phrase used to save space or time in written communication.

Numerator

The top number in a fraction that indicates how many parts of a whole are being considered.

Kilo-

A prefix in the metric system denoting a factor of one thousand.

Ounce

A unit of weight in the avoirdupois system, equal to 1/16 of a pound or approximately 28.35 grams.