CT18.1 (LO 1) Writing (Objectives and Principles for Accounting for Income Taxes) The amount of income taxes due to the government for a period of time is rarely the amount reported on the income statement for that period as income tax expense. Instructions a. Explain the objectives of accounting for income taxes in general-purpose financial statements. b. Explain the basic principles that are applied in accounting for income taxes at the date of the finan- cial statements to meet the objectives discussed in (a). c. List the steps in the annual computation of deferred tax liabilities and assets.

CT18.1 (LO 1) Writing (Objectives and Principles for Accounting for Income Taxes) The amount of income taxes due to the government for a period of time is rarely the amount reported on the income statement for that period as income tax expense. Instructions a. Explain the objectives of accounting for income taxes in general-purpose financial statements. b. Explain the basic principles that are applied in accounting for income taxes at the date of the finan- cial statements to meet the objectives discussed in (a). c. List the steps in the annual computation of deferred tax liabilities and assets.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 2BCRQ

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