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Differences exist between taxable income and book income. In addition to differences in the laws...

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Accounting

Differences exist between taxable income and book income. In addition to differences in the laws or standards governing the accounting method, there are also timing differences. Timing differences happen when items are recognized at different points in time for tax purposes and book purposes. The main reason for timing differences are the different accounting methods employed. For income taxes, the modified cash basis is utilized. What are some examples of common temporary differences?

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