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      [0-9](16)$
      D. (0-9) x 16
      Answer: C

      NEW QUESTION: 2
      How do temporary and permanent differences between taxable income and pre-tax financial income differ?
      A. Only permanent differences have deferred tax consequences
      B. Temporary differences include items that enter into prepay financial income but never into taxable income.
      C. Temporary differences do not give rise to future taxable or deductible amounts.
      D. Only temporary differences have deferred tax consequences
      Answer: D
      Explanation:
      Permanent differences have no deferred tax consequences because they affect only the period in which they occur. Permanent differences include1) items that enter into pre-tax financial income but never into taxable income and2) items that enter into taxable income but never into pre-tax financial income. In contrast, temporary differences result in taxable or deductible amounts in some future year(s), when the reported amount of assets are recovered and the reported amount of liabilities are settled. Temporary differences therefore do have deferred tax consequences while permanent differences do not.

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      Answer: A
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      Explanation/Reference:
      Explanation:
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