Which of the following statements explain permanent differences between tax and financial accounting?
Income is recognized in one period for tax and in another period for financial accounting
ii. Income is recognized for accounting but not for tax purposes
iii. Expenses not deductible for tax purposes are deductible for financial accounting
iv. An expense is deducted currently for tax but in a later period for financial accounting
b. i and ii
c. i and iv
d. ii and iii
TAX ACCOUNTING VS FINANCIAL ACCOUNTINGii) Income is recognized for accounting but not for tax purposeiii) Expenses not deductible for tax purposes are deductible for financial accounting.
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