Which of the Following Is/are Not True Regarding U

question 4

Multiple Choice

Which of the following is/are not true regarding U.S.GAAP and IFRS requirements for income tax accounting for financial reporting purposes?

• A)Income taxes expense equals income taxes currently payable.
• B)A temporary difference that implies a future tax deduction gives rise to a deferred tax asset.
• C)A temporary difference that implies a future increase in income tax payable gives rise to a deferred tax liability.
• D)The accountant computes income tax expense using pretax amounts for financial reporting.
• E)A permanent difference never affects income tax expense for any period.

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Definitions:

Gulf of Tonkin

Refers to an incident in 1964 off the coast of Vietnam that led to the U.S. Congress passing the Gulf of Tonkin Resolution, escalating American involvement in the Vietnam War.

Retaliatory Air Strikes

Military action taken in response to an initial attack, where air power is used to target specific locations or assets of the aggressor.

Vietnam War

A prolonged conflict from the 1950s to the 1970s in Vietnam, involving South Vietnam and its allies, notably the United States, against North Vietnam and its supporters, leading to significant social and political change.

Social Ills

Refers to widespread societal problems that affect many people in a community, such as poverty, violence, discrimination, and education disparities.