(a) Distinguish between current tax and deferred tax. (b) Distinguish between permanent differences and temporary differences. (c)...

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(a) Distinguish between current tax and deferred tax.

(b) Distinguish between permanent differences and temporary differences.

(c) Explain how temporary differences between accounting profits and taxable profits would affect the tax expense shown in an entity's financial statements unless deferred tax were taken into account.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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