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Basic Question 3 of 6

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?

A. Consistency
B. Comparability
C. Historical cost
D. Matching
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Colin Sampaleanu

Colin Sampaleanu

Learning Outcome Statements

describe the differences between accounting profit and taxable income and define key terms, including deferred tax assets, deferred tax liabilities, valuation allowance, taxes payable, and income tax expense;

CFA® 2024 Level I Curriculum, Volume 3, Module 24.