Listed Below Are 5 Terms Followed by a List of Phrases

Multiple Choice

Listed below are 5 terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the most correct term.
-Permanent difference

A) Is usually a revenue or expense item that is excluded or not deductible in determining taxable income.
B) Is reduced by a valuation allowance if realization of future tax benefit is not more likely than not.
C) Arises when future taxable amounts are created by temporary differences.
D) Is the process of allocating income taxes among two or more reporting periods.
E) Will always create a deferred tax asset.