Saudi Electronic University Tax Discussion

I’m working on a accounting multi-part question and need an explanation and answer to help me learn.

Q-4-To make income taxable, income must be realized and recognized. Explain in your own words the difference between income realization and income recognition, and then provide a short numerical example to indicate the difference (Don’t copy the same numerical example from other students. Numerical example must be differ). (2 mark)

Q5. If a NOL (net operating loss) is incurred, when would a taxpayer elect to forgo the carryback period and only carry the loss deduction forward? (1 marks)