Examlex
Which of the following classifications of accounts has/have a normal credit balance?
Income Taxes Payable
The amount of income tax a company owes to the government but has not yet paid.
Book Income Before Income Tax
The income reported in financial statements before the effect of income taxes, reflecting the financial performance from core operation and non-operational activities.
Tax Depreciation
The method by which a business writes off the cost of a tangible asset over its useful life for tax purposes.
Book Depreciation
The allocation of the cost of a tangible asset over its useful life for accounting and tax purposes.
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