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Question 1 (2 points) 9 Listen GAAP should be used to determine which of the following? Financial Income- -NO; Taxable income--NO Financial Income- -YES; Taxable Income--YES Financial Income--No; Taxable income- -YES, Financial Income--YES; Taxable income--NO A deferred Tax Asset would be recognized if a temporary difference will result in future deductible amounts. True False A Deferred Tax Liability would be recognized if a temporary difference will result in future taxable amounts. True False Which of the following temporary differences ordinarily creates a Deferred Tax Liability? Accelerated depreciation on plant equipment. Subscription revenue received in advanced. Proceeds from a life insurance policy. Interest on municipal (state and local) bonds