he deferred tax consequence attributable to a deductible temporary difference and operating loss carry forward is known as      a. Tax asset

Q: Future Tax Deductions A. Result in deferred tax liabilities. B.Rresult in deferred tax assets.…

A: Future tax deductions are the tax expenses that are to be deducted in the future period but were due…

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: temporary difference arises when an element of income is reported for tax purposes in the period:…

A: As per IFRS deferred  tax assets and liabilities  arises on temporary  differences which  can either…

Q: List examples of temporary differences that create: deferred tax assets. Deferred tax liability.

A: A deferred tax asset is a balance sheet item that results from an excess or early tax payment. A…

Q: Which of the following is an example of a temporary difference which would result in a deferred tax…

A: Solution: Rent revenue collected in advance included in taxable income before it is included in…

Q: Access the glossary (“Master Glossary”) to answer the following. a.    What is a deferred tax asset?…

A:

Q: The purpose of an inter-period income tax allocation is to    a. Allow reporting entities to fully…

A: Tax is the amount which an individual or business is liable to pay the government for business…

Q: An item that is considered a nondeductible item in taxable income is recognizing estimated bad debts…

A: Non deductible item in taxable income is an item which will not be considered for deduction while…

Q: Where the carrying amount of an asset or liability is different from the tax base a ‘temporary…

A: Temporary difference is occurre in one period and shall be reverse in subsequent period for tax…

Q: A net operating loss occurs when tax-deductible expenses exceed taxable revenues. Tax laws permit…

A: Definition:   Net Operating Loss Carryforward: The net operating loss is considered a negative…

Q: Which of the following temporary differences results in a deferred tax asset in the year the…

A:

Q: What type of event would create a deferred tax asset and deferred tax liability?

A: Given: The difference in income tax from the currently payable tax.

Q: Intra-period tax allocation is the allocation of the total income tax expense to the various…

A: The answer for the True or false question and relevant explanation are presented hereunder : In Tax…

Q: Deferred tax liability

A: Correct Answer is :- C Deferred tax Liability.

Q: current and future tax consequences of transactions accounted for

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Intra-period tax allocation is the allocation of the total income tax expense to the various…

A: Intra-period tax allocation means the allocation of income tax expense. Income tax expense is the…

Q: Recognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment…

A: Recognition of Tax Benefits in the loss year due to NOL carry back  Basically its a treatment of Tax…

Q: Which of the following is an example of a temporary difference which would result in a deferred tax…

A: Solution: Rent revenue collected in advance included in taxable income before it is included in…

Q: A deferred tax liability (or asset) is described as the tax effect of the temporary difference…

A: A deferred tax adjustment is prevalent where there is a temporary difference in the book value and…

Q: deferred tax asset and deferred tax liability

A: Deferred tax is the tax arises due to the differences between accounting income and taxable income.…

Q: It is the sum of the amount of in deferred tax liability related to accounting income. a. Tax…

A: Income tax actual paid and income tax expenses some time differ because of deferred income tax.…

Q: Listed below are items that are commonly accounted for differently for financial reporting purposes…

A: Financial accounting refers to the accounting which helps in keeping a logical as well as systematic…

Q: How do you call a deductible temporary difference? a. Current tax asset. b. Deferred tax asset.…

A: As per IAS 12  The amount of the income taxes which will be Recoverable in future period in respect…

Q: Recognition of tax benefits in the loss year due to a NOL carry back involves: OThe establishment of…

A: Deferred tax asset: When book profits of entity is less than taxable profits it results in deferred…

Q: Accounting profit is O A. The The profit or loss is for a period determined before deducting in…

A: There are two types of income. One is accounting income, and the other is taxable income. Tax…

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: The deferred tax expense is the Select one: a. decrease in balance of deferred tax asset minus…

A: Lets understand the basics. When there is taxable temporary difference between the book profit and…

Q: Define Deferred tax liability.

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

Q: Temporary differences result in future taxable or deductible amounts when the related asset or…

A: Permanent difference refers to those differences that are caused by transactions and events that…

Q: This is not a requisite for business expense to be deductible. Group of answer choices It must be…

A: Business expenses are those expenses incurred in a business organization by carrying on the normal…

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

A: The percentage of tax on the difference in the amount of accounting and taxable income is termed…

Q: Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What is the effect of deferred tax asset and deferred tax liability on the current year’s income tax…

A: Deferred tax assets and deferred tax liability arises because of the timing differences of the…

Q: Which of the following is not a source of support for the realization of a deferred tax asset?…

A: Future expiration of temporary exemptions is not a source of support for the realization of a…

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: An unused tax loss will arise when:   a. Expenses deductible for tax purposes are less than the…

A: Taxable income is the one upon which a tax percentage is charged as per the tax bracket to be paid…

Q: 1 contiune Listed below are items that are commonly accounted for differently for financial…

A: Sometimes there is some difference in taxable income and accounting income. They will result into…

Q: A net operating loss (NOL) carryforward creates: A-a deferred tax liability that should be…

A: Net operating loss is the excess amount of allowable deductions over the taxable income. When the…

Q: Which of the following causes a temporary difference between taxable and pretax accounting income?…

A: Please find the answer to the above questions below:

Q: Which temporary difference would result in a deferred tax asset? a. Tax penalty or surcharge b.…

A: For an assets, the deferred tax asset arise when carrying amount of asset is lower than it's tax…

Q: When accounting standards require an asset to be expensed immediately but tax rulesrequire the item…

A: A deferred tax asset or DTA is recorded on the balance sheet of the company which results from…

Q: A deferred tax liability or asset that is related to an asset or liability shall be classified in…

A: Solution: True. This is because deferred tax liability or asset are classified in the statement of…

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: Deferred tax asset and deferred tax liability are based on future tax rates while current tax asset…

A: The concept of Deferred Tax arises due to the timing difference between income as per the accounting…