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Generally Accepted Accounting Principles (GAAP) MCQs

What is a "temporary difference"?

A difference due to an error in accounting

A difference in tax law and GAAP which creates a temporary difference in financial reporting

A difference in the management's perspective on the current period's earnings

A difference between the tax department's and accounting department's accounting systems

Answer

Correct Answer: A difference in tax law and GAAP which creates a temporary difference in financial reporting

Explanation:

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More Generally Accepted Accounting Principles (GAAP) MCQ Questions

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