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Generally Accepted Accounting Principles (GAAP) MCQs

What is a deferred tax asset?

A tangible asset which is tax deductible in the current year

A tangible asset which can be deducted in future years

Temporary differences which will be deductible in future years for tax purposes, creating a positive tax benefit

Permanent differences which can later be deducted

Answer

Correct Answer: Temporary differences which will be deductible in future years for tax purposes, creating a positive tax benefit

Explanation:

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