Total comprehensive income is: Select one alternative: profit or loss after tax other comprehensive income after tax profit or loss after tax + other comprehensive income after tax None of the given answers are correct.

Q: hen financial income is higher than taxable income and no permanent differences, the company most…

A: Solution Concept Deferred tax asset or deferred tax liabilities shall be recognized when there is…

Q: All of the following are reported on the income statement net of tax except DA other comprehensive…

A: The answer is as fallows

Q: cases would affect the current assets portion of the balance sheet

A: First option is wrong because when Current Tax Expense > Tax Payments, there is a current…

Q: 1. The amount of income taxes that relate to financial income subject to tax is reported on the…

A: Income Tax Expense comprises of Income-tax due as per income tax act and deferred tax component as…

Q: Which of the following cases would result to a Deferred Tax Asset? I – Tax Revenues Accounting…

A: Solution: Following cases would result in deferred tax asset as it will create future deductible…

Q: report expenses using correct tax categories because

A: The accountants have to report expenses under correct categories always.

Q: Under which of the two accounting methods can you have instances of Deferred Tax Assets like Net…

A: The accounting method changes the rules and principles for recording the financial transaction.

Q: what are the two tax rates whih are used to calculate AMT, ignoring the special treatment of…

A: A dividend seems to be the distribution of a part of a company's earnings to a selected group of…

Q: Deferred tax expense or benefit is the net change in DTL and DTA for the period. If the increase in…

A: The deferred tax asset or even the deferred tax liabilities are caused due to the variations in the…

Q: Which of the following is a correct formula to compute for total income tax expense?      a. Current…

A: >There are various timing differences between pretax income and taxable income. >These timing…

Q: Non-assessable income does not increase tax liability, but tax-free income increases tax liability-…

A: Non-Assessable Income-: Non-assessable non-exempt revenue is common or statutory revenue that is…

Q: Which of the following refers to the elements of Comprehensive Income?  a) Net Income, Interest…

A: Net income is the excess of sales over all the expenses including interest expense and income taxes.

Q: transitory earnings are present, which of the following correctly depicts the order used on the…

A: Transitory earning are temporary earnings that are not earned in the regular course of business.…

Q: A deferred tax liability/asset is computed using the? either current or expected tax laws,…

A: A deferred tax liability/asset is computed using the:: either current or expected tax laws,…

Q: Assuming the incomes were eamed during the effectivity of the CREATE law, how much is the correct…

A: CREATE Law:  The Corporate Recovery and Tax Incentives for Enterprises Law is an act established by…

Q: 25. Which of the following is a correct formula to compute for total income tax expense? *   a.…

A: >Current Income tax is the combination of:--Income tax payable, which is the current year tax,…

Q: C) Adjusted gross income is decreased by any tax preference and adjustment items.

A: Minimum tax refers to the separate system that is required by some taxpayers for calculating the…

Q: Which of the following statements is NOT correct?

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: A reduction in the statutory tax rate would most likely benefi t the company’s:A . income statement…

A: A balance sheet is a financial statement that offers a framework for estimating the return rates and…

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

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Identify the correct formula about Income from continuing operation. Net profit before tax - sales…

A: Income from Continuing operation is the Oprating profit is the profit before tax

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: hort term capital gains taxes are higher than long term capital gains taxes. How does the different…

A: At the point when you sell a capital resource for more than you paid for it, the outcome is a…

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: Which of the following methods is not allowed for tax purposes if FIFO (first in first out) is used…

A: Under FIFO(First in, First Out) method, inventories purchased first are assumed to be sold first.…

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

A: (a) The MACRS depreciation system is used for tax purposes, and the straight-line depreciation…

Q: Which is not a scheme in taxing income? * O a. Ordinary gain taxation O b. Regular income taxation O…

A: Income Tax - Income Tax is the tax levied on the income earned by the individual. It could be…

Q: Which of the following formulas can be used to represent targeted pretax profit, πB, as a function…

A: option 1 is correct  πB = πA/(1 - t)   πB = Pretax target profit   πA=Post tax profit  t=Tax rate

Q: his is an item in the balance sheet relating to the unpaid portion of an income already taxed.…

A: Answer: Balance sheet consists of assets and liabilities as part of financials.

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

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

Q: Which statement is incorrect regarding other comprehensive income?

A: Other comprehensive income is the income which the company has not yet earned but yes will be earned…

Q: Please answer asap. The net capital gain and/or qualified dividend income (QDI) may be made up of…

A: Qualified dividend income is that income which is which is qualified to be taxed as per capital…

Q: Which cost flow assumption must be used for financial reporting if it is also used for tax…

A: Financial reporting: Financial reporting is a typical accounting procedure in which financial…

Q: describe the diff erences between accounting profi t and taxable income, and defi ne key…

A: The temporary difference between taxes as per accounting income and taxes asper tax regulation is…

Q: The results of the discontinued operations are presented separately in the statement of profit or…

A: Solution: Discontinued operations are results of a component of an entity that is either being held…

Q: Discuss the following: a. Differentiation of individual taxpayers b. Classifications of passive…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: 25. Which of the following is a correct formula to compute for total income tax expense? a. Current…

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

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: What is the difference between tax rates and tax rate structures? How does this notion of…

A: Income tax payable is an obligation for the tax payers to the government on the taxable income.…

Q: The general rule in income taxation is   capital gains taxation. regular income taxation fringe…

A: Answer: The income taxation covers many aspect of income sources. It includes salary, capital gains…

Q: Which of the following are true about Deferred Tax Liabilities? (check all that apply) In the…

A: Deferred tax liabilities and deferred tax assets arise when there are timing differences between…

Q: Which of the following statements is correct with regard to IFRS and GAAP? a.    Under GAAP, all…

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: Which of the following results to a deferred tax liability? When the carrying amount of an asset is…

A: Solution: "None of the choices" results to a deferred tax liability. this is because When the…

Q: Nonordinary items resulting in income or loss a. include unusual but not infrequent gains. b.…

A: a. include unusual but not infrequent gains.

Q: Which of the following has a different treatment for cash and accrual basis of tax accounting?…

A: Under cash basis accounting, the transactions are recorded when the income is actually received or…

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…