Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden for services previously provided. True or False
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Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden for services previously provided.
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- The FASB, GASB, and FASAB all focus their standards on both internal and external financial reporting. True or False Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden for services previously provided. True or FalseSales 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 liabilitiesClassify the following items that may cause discrepancy between accounting profit and taxable income, into the following types of differences. Also, provide an explenation why that is their classification. A. Non-deductible expenses B. Non-taxable revenues C. Deductible temporary difference D. Taxable temporary difference Collections of rental in excess of rent revenue reported during the period. Dividends received by a domestic corporation from a domestic corporation. Increase in fair value of equity investments measured at fair value through profit or loss. Uncollectible accounts expense in excess of accounts written off during the period. Tax depreciation in excess of depreciation for accounting purposes.
- Classify the following items that may cause discrepancy between accounting profit and taxable income, into the following types of differences. Also, provide an explenation why that is their classification. A. Non-deductible expenses B. Non-taxable revenues C. Deductible temporary difference D. Taxable temporary difference Collections of rental in excess of rent revenue reported during the period. Dividends received by a domestic corporation from a domestic corporation. Increase in fair value of equity investments measured at fair value through profit or loss.A net operating loss occurs when tax-deductible expenses exceed taxable revenues. Tax laws permit the net operating loss to be used to reduce taxable income in future profitable years. How are loss carryforwards recognized for financial reporting purposes?Can I ask for a solution to this problem? In good accounting form. Thank you. What amount should be reported as unappropriated retained earnings at year-end?
- Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Federal income tax due for the previous year is paid.The following are examples of non-adjusting events after the reporting period that would generally result in disclosure, except A. The determination after the reporting period of the amount of profit-sharing or bonus payments. B. Changes in tax rates or tax laws enacted or announced after the reporting period that have a significant effect on current and deferred tax assets and liabilities. C. Entering into significant commitments or contingent liabilities, for example, by issuing significant guarantees. D.Abnormally large changes after the reporting period in asset prices or foreign exchange rates.Why should executory contracts be disclosed in the financial statements? Group of answer choices They create current income tax obligations They create an obligation contingent upon the occurrence of a past event They represent a possible outflow of economic resources None of the above PreviousNext
- Salaries Payable, Accounts Payable, and Unearned Revenue are examples of ________. A. short−term investments B. fixed assets C. long−term liabilities D. current liabilitiesWhich of the following may not be an effect of VAT on the accounting records of a company? i. The formation of a payable under the current liabilities ii. An addition to the cost of a purchase iii. The formation of a tax asset arising from a sale iv. A receivable from the government arising from a sale v. All of the other choices may be an effect of VAT.I- Interest paid on preferred stock is deductible from gross income of the paying corporation.II- A capital expenditure usually benefits more than one accounting period and is deductible from gross income in the year it is paid or incurred.* True; true False; true true; false false; false Which of the following is true?* Payments which constitute bribes, kickbacks and others of similar nature which are necessary to realized profits are allowed as deductions from gross income. The taxes which are deductible from gross income include the taxes, interest and penalties incident to tax delinquency. Deductions are amounts allowed by the Tax Code to be deducted from gross income arrive at the income tax liability of a taxpayer. Losses from wagering transactions shall be allowed only up the extent of the gains from such transactions. Which statement is correct?* The compensation income of managerial or supervisory employees is subject to fringe benefit tax. The taxable fringe benefits…