Which of the following statements is true about a deferred tax liability according to GAAP?...
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Accounting
Which of the following statements is true about a deferred tax liability according to GAAP?
A. It results from a past transaction and represents a future sacrifice but is not a present obligation.
B. It results from a past transaction, is a present obligation, and represents a future sacrifice.
C. It results from a past transaction and is a present obligation but does not represent a future sacrifice.
D. It is a present obligation and represents a future sacrifice, but does not result from a past transaction.
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