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(a) Explain why accounting profit may be different from taxable profit for a firm. [Maximum words: 130 words] (3 marks) QUESTION 1 (continued). (b) What

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(a) Explain why accounting profit may be different from taxable profit for a firm. [Maximum words: 130 words] (3 marks) QUESTION 1 (continued). (b) What is meant by the term tax base and how is this calculated for an asset and a liability? [Maximum words: 180 words] (4 marks)

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