Tax laws permit installment sales, which are recognized in the year of sale for financial reporting purposes, to be reported


Tax laws permit installment sales, which are recognized in the year of sale for financial reporting purposes, to be reported in the tax return later when cash is received. This results in a deferred tax liability because taxable income isthan financial income in the year of sale, andthan financial income in later years when collected. Multiple choice question. higher; lower higher; higher lower; lower lower; higher


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