Deferred tax is an amount that reconciles the differences between the income for financial purposes with the income reported for tax purposes.In most cases,it is a long-term liability.

Name: Deferred tax is an amount that reconciles the differences between the income for financial purposes with the income reported for tax purposes.In most cases,it is a long-term liability.
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Quizplus · Accepted Answer

Deferred tax is indeed a long-term liability that aims to reconcile differences between financial and tax reporting of income.

Deferred Tax Is an Amount That Reconciles the Differences Between