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plz answer both QUESTION 6 (5 points) Which of the following accounts is NOT affected by deferred taxes? (NIE 6 & 20) Income Tax Payable
plz answer both
QUESTION 6 (5 points) Which of the following accounts is NOT affected by deferred taxes? (NIE 6 & 20) Income Tax Payable O Retained Earnings O Prepaid Expenses O Deferred Taxes QUESTION 7 (5 points) Which of the following statements is true about temporary book-tax differences? (NIE 5 & 7) They are caused by a difference in the amount recognized between GAAP and tax They are recorded in a deferred tax asset account They are caused by a difference in the timing of recognition between GAAP and tax They are caused by a difference in the tax rates between fiscal yearsStep by Step Solution
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