Companies are required to report which of the following known liabilities Unearned Revenue OPayroll Liabilities Provisional sales tax (PST) and Goods and services tax(GST) /Harmonized sales tax (Tax) All of the above
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- The purpose of Schedule M-1 on the corporate tax return is to: Reconcile accounting (book) income to taxable income. Summarize the dividends received deduction calculation. List the officers of the corporation and their compensation. Calculate the net operating loss deduction.The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegallyList the steps necessary to measure and record a corporations current and deferred income taxes.
- Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively 4. The future effects on income taxes, as measured by the applicable enacted tax rate and provisions of the enacted tax low, resulting from temporary differences and operating loss carryforwards at the end of the current year 5. The change during the year in a corporations deferred tax liabilities and assets 6. The deferred tax consequences of future taxable amounts 7. The portion of o deferred tax asset for which it is more likely than not that a tax benefit will not be realized 8. Temporary difference that results in deductible amounts in future years when the related asset or liability is recovered or settled, respectively 9. The sum of income tax payable and deferred tax expense (or benefit) 10. The amount of income taxes paid or payable (or refundable) for the current year 11. An excess of tax deductible expenses over taxable revenues in a year that may be carried forward to reduce taxable income in a future year 12. The excess of taxable revenues over tax deductible expenses and exemptions for the year 13. Income tax expense divided by income before income taxesanalyze disclosures relating to deferred tax items and the eff ective tax rate reconciliation,and explain how information included in these disclosures aff ects a company’s fi nancialstatements and fi nancial ratios;Which of the following statements is true? A.) A company must use FIFO for both tax reporting and financial statement reporting. B.) A company may use FIFO to valuate inventory and LIFO for financial statement reporting purposes. C.) LIFO must be used for financial reporting if it is used for tax purposes. D.) Application of LIFO for financial reporting purposes must follow the tax laws applicable to LIFO.
- The assumption made for the tax effect method of accounting for a company’s income tax is: Select one: A. an accounting balance sheet and a tax balance sheet are the same. B. income tax expense is equal to income tax payable. C. income tax expense is not equal to current tax liability. D. a tax balance sheet is prepared according to accounting standards.Which of the following statements best describes the income tax expense recognised in an entity’s income statement according to IAS 12? a. The income tax related to the accounting profit (pre-tax) for the period b. The income tax related to the taxable profit for the period c. The income tax paid in cash during the period d. The product of the applicable tax rate and the taxable profit for the periodSales tax payable, accounts payable, payroll liabilities and unearned revenue are all examples of: Group of answer choices long-term liabilities unknown liabilities current assets current liabilities