The Environmental Subcommittee for the Project Eventually Developed a

question 115

Multiple Choice

The environmental subcommittee for the project eventually developed a

• A)standard for the sustainable procurement of goods
• B)internal recycling plan
• C)list of sustainable alternatives
• D)permanent committee for environmental concerns

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Definitions:

Originating Temporary Difference

An originating temporary difference in accounting refers to the initial differences between the book value of an asset or liability and its tax base, which will result in taxable or deductible amounts in the future.

Permanent Difference

An accounting difference between the taxable income and accounting income that will not reverse in future periods.

Matching Principle

The accounting concept that expenses should be recognized in the same period as the revenues they helped to generate.

Temporary Differences

Differences between taxable income and accounting income that are only for a limited period and will reverse in the future.