Income before taxes for financial reporting usually differs from taxable income reported to tax authorities. Which of the following is/are true?
a. Some of the differences may arise because of permanent differences (items that affect income for financial reporting but never affect taxable income, or vice versa).
b. Some of the differences may arise because of temporary differences (items that affect income for financial reporting in a different period than for tax reporting).
c. The difference between income tax expense and income tax payable represents the tax effects of temporary differences: either the firm will receive future benefits (deferred tax assets) or it must pay future taxes (deferred tax liabilities).
d. U.S. GAAP and IFRS require firms to measure income tax expense based on income for financial reporting (excluding permanent differences) and the income tax authorities impose taxes on taxable income.
e. all of the above
E
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Which of the following moral theories will help an anthropologist study ancient societies with an impartial and unprejudiced mindset, especially when it relates to comparing ethics and customs followed by ancient societies to those being followed by
present societies? A) Rawls's social justice theory B) utilitarianism C) Kantian ethics D) ethical relativism
Describe the potential benefits and risks of outsourcing customer service activities.
What will be an ideal response?
If companies have a limited budget for developing new training methods, the most appropriate hands-on training method would be what?
A. action learning B. simulation C. team training D. on-the-job training (OJT)
Wyler Logistic Solutions Corporation has developed a new forklift-model IM-40-that has been designed to outperform a competitor's best-selling forklift. The competitor's product has a useful life of 40,000 hours of service, has operating costs that average $1.30 per hour, and sells for $139,000. In contrast, model IM-40 has a useful life of 120,000 hours of service and its operating cost is $0.80 per hour. Wyler has not yet established a selling price for model IM-40.Required:From a value-based pricing standpoint what is the differentiation value offered by model IM-40 relative to the competitor's offering for each 120,000 hours of service?
What will be an ideal response?