Content Learning Worksheet-Answer the question and provide the page number of your solution.

What is Taxable income used to compute for a company's financial records?

What is Prats Financial income used to compute for a company's financial records?

What two accounts make up Income Tax Expence?

4. Current tax expenses

5 Define Temporary Differences

Temporary differences result is two types of deferred tees, name them, define them and discuss the situation that occurs for each in regards to financial income and taxable income.

Deferred tax expense

Name a financial situation that would result in a Permanent Difference

Define a Net Operating Loss (NOL):

10. (Appendor 198) Net Operating Losses can be carried back following entry being journalized years and would result in the

11 Net Operating Losses can be carried forward up to an result in the following entry being journalized

12

amount of years and would

Explain the situation when a Valuation Allowance may be used:

13. How are Deferred Tax assets and Deferred Tax abilities presented on the Balance Sheet?