The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term Code Letter Term A Future deductible amount H Deferred tax consequences Income tax payable (or refund) I Future taxable amount Operating loss carryback Deferred tax liability Valuation allowance Temporary difference Deferred tax asset Income tax expense (or benefit) F Operating loss carryforward Deferred tax expense (or benefit) Taxable income Required: Indicate which term belongs with each definition by choosing the correct term. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards the financial statements that will result 2. A difference between the tax basis of an asset or liability and its reported amount settled, respectively taxable or deductible amounts in future years when the reported amount of the asset or liability isr 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively

The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term Code Letter Term A Future deductible amount H Deferred tax consequences Income tax payable (or refund) I Future taxable amount Operating loss carryback Deferred tax liability Valuation allowance Temporary difference Deferred tax asset Income tax expense (or benefit) F Operating loss carryforward Deferred tax expense (or benefit) Taxable income Required: Indicate which term belongs with each definition by choosing the correct term. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards the financial statements that will result 2. A difference between the tax basis of an asset or liability and its reported amount settled, respectively taxable or deductible amounts in future years when the reported amount of the asset or liability isr 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 1P: Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are...

See similar textbooks

Similar questions

Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively 4. The future effects on income taxes, as measured by the applicable enacted tax rate and provisions of the enacted tax low, resulting from temporary differences and operating loss carryforwards at the end of the current year 5. The change during the year in a corporations deferred tax liabilities and assets 6. The deferred tax consequences of future taxable amounts 7. The portion of o deferred tax asset for which it is more likely than not that a tax benefit will not be realized 8. Temporary difference that results in deductible amounts in future years when the related asset or liability is recovered or settled, respectively 9. The sum of income tax payable and deferred tax expense (or benefit) 10. The amount of income taxes paid or payable (or refundable) for the current year 11. An excess of tax deductible expenses over taxable revenues in a year that may be carried forward to reduce taxable income in a future year 12. The excess of taxable revenues over tax deductible expenses and exemptions for the year 13. Income tax expense divided by income before income taxes
The purpose of Schedule M-1 on the corporate tax return is to: Reconcile accounting (book) income to taxable income. Summarize the dividends received deduction calculation. List the officers of the corporation and their compensation. Calculate the net operating loss deduction.
The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally
Which of the following is not a cause of a difference between pretax financial income and taxable income in a given period? a. operating loss carryforwards b. permanent differences c. applicable tax rates d. temporary differences