Examlex
Which of the following is most accurate?
Deferred Tax Assets
Financial assets that result from differences between the tax base of assets or liabilities and their carrying amount in financial statements, which will result in deductible amounts in future periods.
Deferred Tax Liabilities
A tax obligation recorded on a company's balance sheet that results from temporary differences between the tax basis of assets or liabilities and their reported amount in the financial statements.
Deferred Tax Assets
Financial items on a company's balance sheet that reduce future tax liability due to temporary differences between the accounting and tax treatment of assets and liabilities.
Deferred Tax Liabilities
Future tax payments owed to tax authorities due to temporary differences between accounting income and taxable income.
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