Explain the term tax & its objectives in detail

Q: discuss eac

A: The three primary sources of tax law are statutory sources, administrative sources, and judicial…

Q: Please describe the objectives behind FASB ASC Topic 740, Income Taxes, and the income tax provision…

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Q: Describe the Changes in Enacted Tax Laws or Rates.

A: The enacted tax rates are used. to calculate income tax amounts. Enacted or substantively enacted…

Q: MC: Topic: Income Taxation One of the following is a characteristic of a tax. * Based on contract…

A: Generally, Tax is a fee collected by the government from eligible citizens to provide public…

Q: Distinguish between Direct and Indirect taxes giving the various examples where necessary.

A: Taxes are the compulsory obligations to be paid by the individuals to government. It can be levied…

Q: Understand and apply the concepts and procedures of interperiod tax allocation.

A: Inter-period tax allocation:    The effect of tax on accounting events are recognized in the year it…

Q: Differentiate the accounting measurement of current tax liability and current tax asset from…

A: Tax is the charges levied by the central and state government on the net income, sale or capital…

Q: what is tax accounting?

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Q: Question 1: Why do deferred tax assets or deferred tax liabilities arise? Explain your answer with…

A: Taxation is defined as the tax liability to be paid to the government on the income for a particular…

Q: What is corporate income tax and value added tax and its use?

A: Both corporate income tax and value added tax are taxes that have to be paid to the government. The…

Q: HOW TO improve tax-planning effort

A: Tax planning is the examination of a financial condition or plan to make sure that all parts work…

Q: what are the characteristics of a good tax system?

A: Tax system is designed by the government of every country which is imposed on the individual’s…

Q: Define intrapreriod tax allocation.

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

Q: Explain what is the most beneficial, or useful piece of tax information we can learn from tax…

A: Taxes are main components of business but there are many ways to reduce taxes and pay efficient…

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: what is Tax Rights and Responsibilities?

A: Tax is the amount which is paid out from the taxable income of the taxpayer. There are various…

Q: How is tax accounting different from financial accounting?

A: Accounting: It can be defined as the process of summarizing and recording the company’s financial…

Q: the difference between “tax evasion”, “tax avoidance”, and “tax planning”.

A: The differences for terms tax evasion,tax avoidance and tax planning are shown below

Q: Apply the concepts and procedures of interperiod tax allocation

A: Inter-period tax allocation: The effect of tax on accounting events are recognized in the year in…

Q: Define Income Taxation

A: Taxation is the way of imposing tax on particular income or the value of consumption of certain…

Q: May an exaction be both a tax and regulatory fee

A: First of all we need to understand that Tax and Regulatory fees both are independent and can not…

Q: taxation

A: Introduction: Taxation is defined as compulsory levy by the government on both indivdiuals &…

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

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

Q: Discuss how a sales tax is regressive.

A: 1. Regressive Tax - Regressive Tax is a tax on the amount which decreases subject to the amount…

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: What are some of the reasons that the components ofincome tax expense should be disclosed and a…

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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: final tax and income tax

A: Tax is a form of compulsory payment made to the government of the country. The amount that is…

Q: define and explain the situs of taxation

A: Introduction: Taxation can be defined as levy of tax by the government or by the concerned authority…

Q: Define Deferred tax liability.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Discuss the attributes of a good tax syste

A: when considering the attribute of good that system it is important to understand becomes sequences…

Q: What Is A Deferred Tax Liability And What Is Its Purpose?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: explain the recognition criteria of deferred tax assets and deferred tax liability.

A: Deferred tax asset are the assets recorded when the income calculated according to statutory tax…

Q: tax accounting,

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

Q: Define the term taxes payable.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: plication? Tax laws imposing business tax Tax implementing rules and regulations that are remedial…

A: Explanation of concept Tax:- A tax is the compulsory payment which is imposed by the government on…

Q: Define intraperiod tax allocation. Why is the process necessary?

A: Intra-period tax allocation:   It is the allocation of an organization’s total income tax expense…

Q: What is an excise tax and its examples?

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Explain the principles and purpose of taxation.

A: Principles form a basis for running of taxation system while purpose determines the need for…

Q: What is an assessment under the income tax assessment legislation? and why are assessments importa

A: Solution Return under income tax                 Every person whose income is taxable as per the…

Q: What is the burden of the tax? Explain the key factors that determine the incidence of the tax.

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Q: What is Deferred Tax Liability and why it might be created?

A: A deferred tax liability is the temporary differences which is created when there are differences…

Q: In this question the income tax calculated how was it found? what is the transactions? help please

A: As per the information given in the question, The taxable income is 153.000 TL

Q: Define each of the following terms:a. Interest tax shields; value of tax shield

A: tax shield is deduction ability to shield portions of the taxpayers income from taxation.

Q: Discuss the features of Direct & Indirect Taxation.

A: The taxes are charged by the government on Income, and goods and services.