Which of the Following Differences Between Financial Accounting and Tax

question 87

Multiple Choice

Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset?

• A) Unrealized loss from recording inventory impairments.
• B) Prepaid expenses.
• C) Installment sales for which taxable income recognized when cash is collected.
• D) None of these answer choices are correct.

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Definitions:

Biomedicine

The branch of medical science that applies biological and physiological principles to clinical practice, often including the diagnosis, treatment, and prevention of disease.

Cognitive-behavioral

A type of psychotherapeutic treatment that helps patients understand the thoughts and feelings that influence behaviors.

Interpersonal Psychotherapies

A time-limited, focused treatment approach designed to improve interpersonal relationships and psychological symptoms.

Psychiatric Medication Use

The practice of utilizing pharmaceutical drugs to manage or treat mental health disorders.