When recognizing deferred tax assets and liabilities, the income statement approach and the balance sheet approach yield identical results
a. when enacted tax rates applicable to future periods do not change.
b. when the firm recognizes no valuation allowance on deferred tax assets.
c. Both (a) and (b) are correct.
d. None of these answers is correct.
C
Business
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The largest and most powerful peak association is the U.S. Legislative Exchange Council, which was founded in 1912.
a. true b. false
Business
According to the Law of Agency, an agent is generally held to have the imputed authority of his principal when dealing with third parties. That imputed authority:
A: Includes power of attorney; B: Always binds the principal to terms negotiated on his behalf; C: Usually binds the principal if within the scope of authority granted to the agent; D: Implies a fiduciary obligations to third parties.
Business