What does a temporary difference mean, and how does it differ from a permanent difference? Give an
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What does a temporary difference mean, and how does it differ from a "permanent" difference? Give an example of a permanent difference and explain why it differs from temporary differences.
2. Each of the differences listed in the table above are temporary differences. In plain English explain why they are temporary differences and why they are currently favorable or unfavorable for the taxpayer.
Plain English description | |
Depreciation | |
Gain | |
Bad debt expense | |
Warranty expense | |
Deferred compensation |
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