1. Explain the difference between pretax financial income and taxable income. 2. What is...
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Accounting
1. Explain the difference between pretax financial income and taxable income.
2. What is the difference between a future taxable amount and a future deductible amount? when is it appropriate to record a valuation account for a deferred tax asset?
3. Name three approaches to measuring benefit obligations from a pension plan and explain how they differ.
4. Determine the meaning of the following terms:
a) contributory plan
b) vested benefits
c) retroactive benefits
d) years-of-service method
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