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Differences Between the Carrying Amounts of an Entity's Net Assets

Question 1

Multiple Choice

Differences between the carrying amounts of an entity's net assets determined under accounting standards and accrual accounting, and the tax bases of those net assets determined under the Income Tax Assessment Act, are described as:


A) tax losses.
B) temporary differences.
C) permanent differences.
D) the current income tax liability.

Correct Answer:

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