Temporary differences between accounting and taxable income will eventually offset.

Name: Temporary differences between accounting and taxable income will eventually offset.
Brand: Quizplus
Rating: 4.9 (30 reviews)

Question

Quizplus · Accepted Answer

Temporary differences occur when the timing of recognition of income or expense items on tax returns differs from their recognition in financial statements. Over time, these differences will reverse and eventually offset each other. Therefore, the statement is true.

Temporary Differences Between Accounting and Taxable Income Will Eventually Offset