Amounts recognized as revenue on the financial statements but not yet included in tax income generate deferred tax assets.

Name: Amounts recognized as revenue on the financial statements but not yet included in tax income generate deferred tax assets.
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Question

Quizplus · Accepted Answer

Amounts recognized as revenue on the financial statements but not yet included in taxable income generate deferred tax liabilities, not assets, because they represent future taxable amounts.

Amounts Recognized as Revenue on the Financial Statements but Not