This quiz is a part of the CFA Level 1 reading 'Income Taxes'. 

Accounting for Income Taxes

Development costs are capitalized for accounting purposes, but deducted for tax purposes when incurred.

Revenue is received in advance and deferred for accounting, but is included in taxable income on a cash basis.

A liability for pension costs is recognized for accounting when the service is provided, but is only deductible for tax when the contributions are funded.

No deferred tax asset or liability will be created

Income Taxes

Income Taxes

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