describe the diff erences between accounting profi t and taxable income, and defi ne key terms,including deferred tax assets, deferred tax liabilities, valuation allowance, taxes payable, andincome tax expense;

Q: All of the following must be disclosed separately, except A. The aggregate amount of current and…

A: The effect on tax due to any differences in timing can be termed as deferred tax, which also means…

Q: Explain and what is the calculation of the following. Total Assessable income Deductions Total…

A: Tax has to be paid by all people and entities whose income or earnings crosses that minimum tax…

Q: Which of the following tax accounting methods least likely defers payment of taxes?     Spread Out…

A: Spready Out method: Under this method revenue is recognised over a period of time. Lets make an…

Q: What is the main principle of tax-effect accounting as outlined in AASB 112/IAS

A: Answer: According to data - This report discusses the main principle of tax effect accounting and…

Q: ansaction below, determine the tax type whether it is subject to Basic Income Tax (BIT),  Final…

A: Withholding tax is the tax which is deducted by the person incurring expense. When salary is paid by…

Q: or accounting and tax purposes. B. Intraperiod tax allocation is required for the effect of…

A: Option A is incorrect because Intraperiod tax allocation arises because certain temporary difference…

Q: Requirements: Discuss final income tax using the names and amounts given.

A: Final income tax is the amount of tax which is charged on the income such as interest income which…

Q: All of the following statements are correct concerning PAS 12 Income Taxes. Which is the exception?…

A: Following statements are correct concerning PAS 12 Income Taxes:1. Tax assets and liabilities…

Q: How are deferred tax assets and deferred tax liabilitiesreported on the balance sheet?

A:

Q: What is the name of the amount of money that can bededucted directly from the computed tax, instead…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Which is a deductible tax expense? Surcharges and penalties

A: Deductible tax expenses In a business entity the deductible tax expenses which includes any ordinary…

Q: Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the…

A: As the definition suggests, the deferred tax liability occurs when taxable income is smaller than…

Q: analyze disclosures relating to deferred tax items and the eff ective tax rate reconciliation,and…

A: Disclosures relating to deferred tax items can provide valuable information to the analysts. But the…

Q: It is the net profit for a period before deducting tax expense. * O Gross profit O Accounting profit…

A: Formula: Net profit = Total revenues - Total Expenses

Q: Explain how deferred tax assets and deferred tax liabilities are reported in a classified balance…

A: When the Income Tax Expense account is more than the Income Tax Payable account, this difference is…

Q: In computing the deferred tax asset or liability, w. tax rate is used? a. Current tax rate b.…

A: Deferred  tax asset or liability  arises  due to temporary differences

Q: Describe the presentation of deferred income taxes in financial statements.

A: Deferred tax asset: The deferred tax asset is the excess, overpaid, or paid in advance expenses.…

Q: HOW filing status affect the preparation income tax return

A: Tax return :- A tax return is a form or series of forms submitted to the Internal Revenue Service…

Q: the relevent IPSAS used in accounting for tax revenue with illustration.

A: These are accounting standards made particularly for the public sector.

Q: Explain the conceptual underpinnings of accounting for temporary differences and the four-step…

A: Income tax: Income tax refers to the direct tax levied on individual person or business and…

Q: Which option is the correct definition of tax base? Select one: a. Tax base is the amount the asset…

A: Explanation: Tax Base is defined as the amount that is attributed to an asset or liability for tax…

Q: Discuss to what extent deferred tax accounting can be used for income smoothing.

A: Deferred tax is referred as an income taxes for the tax on the losses or profits of the company…

Q: describe the valuation allowance for deferred tax assets—when it is required and what impact it has…

A: Valuation Allowance: Deferred tax assets should be assessed on every balance sheet date. If it is…

Q: tequired A. Explain the difference between tax reliefs and tax credits

A: (a) In this question,I have explained the difference between tax credit and tax relief

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to…

A: GAAP: Generally accepted accounting principles (GAAP). It refers to accounting principles, standards…

Q: What is the IRS’s requirement for tax reporting regarding the choice of a denominator-level capacity…

A: Denominator-level Capacity Concepts:Denominator-level capacity concept is a term used to depict the…

Q: How is a deferred tax asset and a deferred tax liability established?

A: Deferred tax asset:   It is the carry-over of losses by a business. If a business incurs a loss for…

Q: 0 How are deferred tax assets and deferred tax liabilities reported in a classified balance sheet?

A:

Q: What is deferred tax liability and deferred tax liability in accounting?

A: A deferred tax liability:A deferred tax liability is an income tax obligation that is due for the…

Q: This refers to the process of taxation to determine the amount of tax based on existing tax laws.

A: Answer: b. Imposition

Q: Discuss in detail the taxation of interest income. Which is subject to final tax? Which is subject…

A: Interest income- Interest income is the sum paid to a body for lending its funds or hire another…

Q: tax accounting,

A: Accounting refers to the process of recording and summarizing all the business and financial…

Q: Indicate the type of Deferred Tax account created by Prepaid Expenses and Accrued Revenues,…

A: The balance sheet includes the assets, liabilities and stockholders' equity of the company.

Q: RUE OR FALSE? Tax assessments made by the BIR must be in writing containing the law and facts as…

A: Taxation- Taxation refers to the imposition of a tax on persons and other types of organizations, as…

Q: How are deferred tax assets classified as current or non-current on the balance sheet?

A: As per U.S. GAAP the companies that classifies its balance sheet, need to divide deferred taxes into…

Q: Distinguish between intraperiod tax allocation and interperiod tax allocation (deferred tax…

A: Inter period income tax allocation is defined as the income tax obligation of company as expense to…

Q: Describe the procedure(s) involved in classifying deferred tax amounts on the statement of financial…

A: Deferred tax accounts nature must be analyzed and classified either as net current amount or as net…

Q: Why deferred tax rate assets and liabilities are recorded in balance sheet?

A: The reasons for the recognition and reporting of deferred tax assets are as follows: The following…

Q: explain how deferred tax liabilities and assets are created and the factors that determine howa…

A: Deferred Tax Liability or Deferred Tax Asset is an integral component of the financial statements.…

Q: What is intraperiod tax allocation and why is it necessary? How is the income tax expense related to…

A: Income tax seems to be the amount of tax collected by the federal government on the earnings of…

Q: List expenses that will be deductible for normal or income tax purpose

A: The above question mainly deals with expenses that will be deductible…

Q: Explain what the benifit is to having tax classified under statutory income. Aside from capital…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: The FASB has defined several terms in regard to accounting for income taxes. Below are various code…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: The following needs to explain further the steps in determining the income tax. Jse the space…

A: SOLUTION-    TAX IS A COMPULSORY FINANCIAL CHARGE OR SOME OTHER TYPE OF LEVY IMPOSED ON A TAX PAYER…