deferred tax

What Is Future Income Tax Method?

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What Is Future Income Tax Method? What Is Future Income Taxes? Future Income taxes are income taxes deferred by discrepancies between, for example, net income reported on a tax return and net income reported on financial statements. Computation of net income using different methods or in different time periods result in two figures. What is

What Are Timing Differences?

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What Are Timing Differences? Timing differences are the intervals between when revenues and expenses are reported for financial statement and income tax reporting purposes. … When there are timing differences, the amount of reported taxable income could vary significantly from the amount reported on the income statement. What is temporary difference in deferred tax? Temporary

Which Of The Following Temporary Difference Ordinarily Creates A Deferred Tax Asset?

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Which Of The Following Temporary Difference Ordinarily Creates A Deferred Tax Asset? Of the following temporary differences, which one ordinarily creates a deferred tax asset? Accrued warranty expense. Using straight-line depreciation for financial reporting purposes and MACRS for tax purposes in the first year of an asset’s life creates a: Deferred tax liability. Which temporary