external reporting

Navas 28 April 2020 at 14:31 PM

Which one of the following temporary differences will result in a deferred tax asset?
A) Use of the straight-line depreciation method for financial statement purposes and the Modified Accelerated Cost Recovery System (MACRS) for income tax purposes
B) Advance rental receipts accounted for on the accrual basis for financial statement purposes and on a cash basis for tax purposes.
C) Installment sale profits accounted for on the accrual basis for financial statement purposes and on a cash basis for income tax purposes.
D) Investment gains accounted for under the equity method for financial statement purposes and under the fair value method for income tax purposes.

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FACULTY 19 May 2020 at 03:17 PM

Advance rental receipts accounted for on the accrual basis for financial statement purposes and on a cash basis for tax purposes. (option B)

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