Question 14 1 pts A major distinction between temporary and permanent differences is Permanent differences are not representative of acceptable accounting practice Temporary differences occur frequently, whereas permanent differences occur only once. Once an item is determined to be a temporary difference, It maintains that status; however, a permanent difference can change in status with the passage of time. Temporary differences reverse themselves in subsequent accounting periods, whereas permanent differences do not reverse Question 15 1 pts At the end of 2017 the President signed the Tax Cuts and Jobs Act (TCJA) that reduced corporate tax rates. As a result, the properly account for the effect of TCJA on their deferred tax assets and liabilities corporations made adjustments which Increased their deferred tax assets and deferred tax liabilities Reduced their deferred tax assets and deferred tax liabilities Increased their deferred tax assets but reduced their deferred tax liabilities Made no changes to their deferred tax assets and deferred tax liabilities