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what rules are followed for income tax expense
GAAP
what rules are followed for income tax payable
internal revenue code
what does pretax financial income turn into
income tax expense
what does taxable income turn into
income taxes payable
when income tax expense is greater than income taxes payable, what account increases
deferred tax liability
what is a temporary difference
difference between the tax basis of an A/L and its reported (carrying/book) amount in the financial statements
what does a deferred tax liability represent
increase in taxes payable in future years as a result of taxable temporary differences existing at the end of the current year
what does a deferred tax asset represent
increase in taxes refundable/saved in future years as a result of deductible temporary differences existing at the end of the current year
