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Which of the following statements is least correct? Group of answer choices A) Taxable income is a term used for tax reporting, while pretax income

Which of the following statements is least correct?

Group of answer choices

A) Taxable income is a term used for tax reporting, while pretax income is used in financial reporting.

B) When a deferred tax liability reverses, it means that a cash outflow for taxes is occurring.

C) A deferred tax asset results when pretax income initially exceeds taxable income.

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