In Using a Table of Random Numbers

question 11

Multiple Choice

In using a table of random numbers:

• A)always disregard numbers that come up a second time.
• B)always disregard numbers that are higher than needed.
• C)always include your one favorite number.
• D)a and b

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Definitions:

Permanent Differences

These are differences between taxable income and accounting income that originate in one period and do not reverse subsequently.

Deferred Tax Asset

A tax relief that results from over-payment or advance payment of taxes, which can be used to reduce a company's future tax liability.

Prepaid Asset

Expenses paid in advance for goods or services to be received in the future, which are recorded as assets until they are used or consumed.

Taxable Income

The amount of income subject to taxes, calculated by adjusting gross income for deductions, exemptions, and allowances, according to tax laws.