Explain the Meaning and Significance of Each of the Following $\text { Permanent difference }$

question 19

Essay

Explain the meaning and significance of each of the following terms in accounting for company income tax:
(i)Tax payable method
(ii) Tax Allocation-the balance sheet approach
(iii) Deferred tax asset
(iv) Deferred tax liability
(v)Tax base
(vi) $\text { Permanent difference }$

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Definitions:

Orientation System

A structured process or program designed to introduce new employees to their job and the organization, covering policies, procedures, and culture.

Sponsor

A person in an organization who can create career development opportunities for others.

Learning Principles

Guidelines to the ways people learn most effectively.

Transference

Applicability Of Training To Job Situations; evaluated by how readily the trainee can transfer the learning to the job.