If Revenue Is Recognized for Financial Reporting Purposes but Deferred

question 49

True/False

If revenue is recognized for financial reporting purposes but deferred for tax purposes this results in a deferred tax liability.

---

Definitions:

Strategic Connection

A purposeful relationship or partnership formed to achieve mutual benefits and align with strategic goals.

Controversial

Referring to something that is likely to give rise to public disagreement or debate.

Find Purpose

The process of discovering a meaningful direction in personal or organizational activities that contributes to broader societal or communal goals.

Global Communications

Strategic communications and actions carried out by private, government, or nonprofit organizations to build and maintain relationships in social and political environments outside their home location.