Two Types of Differences Exist Between Computing Income for Tax

question 40

Multiple Choice

Two types of differences exist between computing income for tax purposes and computing income for financial accounting purposes. The differences are

• A)defined benefit taxes and defined contribution taxes.
• B)deferred tax assets and deferred tax liabilities.
• C)revenues and expenses.
• D)temporary and permanent.

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Definitions:

Asian National

An individual originating from or holding citizenship in an Asian country.

Expatriate

An individual who lives outside their native country, often for work reasons.

Ethnocentric

A viewpoint that one's own ethnic group or culture is superior to others, often leading to judgment of other cultures based solely on the values and standards of one's own culture.

International Operations

Business activities that a company conducts outside its home country, involving global management of production, logistics, marketing, and human resources.