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Basic Question 0 of 9
Generally accepted accounting principles (GAAP) require the recognition of future income tax assets and liabilities resulting from timing differences. If timing differences were ignored and tax expense was equal to current taxes payable, which accounting principle would be violated?
B. Comparability
C. Historical cost
D. Matching
A. Consistency
B. Comparability
C. Historical cost
D. Matching
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I just wanted to share the good news that I passed CFA Level I!!! Thank you for your help - I think the online question bank helped cut the clutter and made a positive difference.
Edward Liu
Learning Outcome Statements
contrast accounting profit, taxable income, taxes payable, and income tax expense and temporary versus permanent differences between accounting profit and taxable income
CFA® 2025 Level I Curriculum, Volume 3, Module 9.