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Which statement about gap junctions is incorrect?
Percentage-of-completion Method
An accounting method that recognizes revenue and expenses related to long-term projects proportionally as the work is completed.
Temporary Differences
Differences between the carrying amount of an asset or liability in the balance sheet and its tax base that will result in taxable or deductible amounts in future periods.
Deferred Tax Liabilities
Future tax obligations that arise due to temporary differences between the book value and tax value of assets and liabilities.
Deferred Tax Assets
Financial items on the balance sheet representing taxes paid or carried forward but not yet realized on the income statement.
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