Question: 1) a) What is a temporary difference? Explain how you determine whether a temporary difference gives rise to a deferred tax asset or a deferred

1) a) What is a temporary difference? Explain how you determine whether a temporary difference gives rise to a deferred tax asset or a deferred tax liability.

b) Does a long-service leave liability result in a temporary difference? Explain why, or why not.

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it not being an object for purchase or sale, lease, gift or inheritance; and

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