Which of the Following Are Temporary Differences That Are Normally

question 32

Multiple Choice

Which of the following are temporary differences that are normally classified as expenses or losses that are deductible after they are recognized in financial income?

• A)Advance rental receipts.
• B)Product warranty liabilities.
• C)Depreciable property.
• D)Fines and expenses resulting from a violation of law.

---

Definitions:

Allowance for Doubtful Accounts

A contra-asset account that estimates the portion of accounts receivable which may not be collectible.

Adjusted

Changed or modified to reflect a more accurate valuation or account of a particular item or financial record.

Accounting Period

The span of time at the end of which a company or organization reports its financial performance and position; typically monthly, quarterly, or annually.

Net Realizable Value

The estimated selling price of goods, minus the costs of their completion and the costs necessary to make the sale.