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Which of the following situations will not cause a deferred income tax amount to be recorded?

a) An expense that is recognized in 2005 for income tax purposes and in 2006 for financial statement purposes.

b) Interest income from municipal bonds that is recognized in 2005 for financial statement purposes but is tax exempt for income tax purposes.

c) A revenue is recognized in 2005 for income tax purposes and in 2006 for financial statement purposes.

d) None of the above situations would cause a deferred income tax amount.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M941183

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