ACC 423 Week 3 DQ For more classes visit www.snaptutorial.com Why are there between taxable and financial income? What are some example of payment and temporary differences? Why do these differences exist? How do they affect financial statements.” “How they deferred tax assets and deferred tax liabilities derived? How do they relate to the difference between tax expenses and tax payable? How could an organization have a tax receivable? Why is tax expenses reported on the income statement comprised of current and deferred tax?” How are the tax benefits of net operating losses (NOL) disclosed on financial statements? Which is more beneficial to the organization, an NOL carry forward or NOL carry back? Why. When would a company decide to forego on carry back?