Examlex
GDP is not a perfect measure of wellbeing because:
Book Income Tax Expense
The income tax expense reported in the financial statements, calculated based on the accounting income before taxes.
Temporary Difference
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 the future.
Taxable Income
Income subject to tax, computed by deducting allowable deductions from gross income.
Book Income
The income reported by a business according to accounting principles, before taxation.
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