Which one is not correct in the context of tax accounting?

(a) Deferred tax liability might have resulted when tax expense on the income statement is less than tax payment based on tax code

(b) Non-taxable expense causes permanent differences between pretax accounting income and taxable income

(c) Corporate income tax is an expense, not a distribution of profits to the government

(d) Deferred tax assets might have resulted from loss carryback.

Answer rating: 100% (QA)

d Deferred tax assets might have resulted from loss carry back Explain The other thre... View the full answer