_____ 2.When income is taxed in a different period than it is accrued for financial accounting,there is a timing difference.

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This is because tax accounting and financial accounting often use different rules for recognizing revenue and expenses, resulting in differences in when income is taxed and when it is recognized for financial accounting purposes. These timing differences can result in deferred tax liabilities or assets on a company's balance sheet.

_____ 2When Income Is Taxed in a Different Period Than It