Which of the following statements is NOT correct? O A. Taxable income and accounting profit may differ due to differences between the recognition of revenue and expenses for tax and accounting purposes, B. Deferred tax assets must be assessed for the probability of their recovery. Creation of a deferred tax asset or liability occurs only if it reverses at some future date. C. Deferred tax assets and liabilities may arise due to temporary differences between accounting profit and taxable income. D. Doferred tax liabilities may arise due to permanent differences between accounting profit and taxable income.

Which of the following statements is NOT correct? O A. Taxable income and accounting profit may differ due to differences between the recognition of revenue and expenses for tax and accounting purposes, B. Deferred tax assets must be assessed for the probability of their recovery. Creation of a deferred tax asset or liability occurs only if it reverses at some future date. C. Deferred tax assets and liabilities may arise due to temporary differences between accounting profit and taxable income. D. Doferred tax liabilities may arise due to permanent differences between accounting profit and taxable income.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 3BCRQ

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