Which is not a scheme in taxing income? * O a. Ordinary gain taxation O b. Regular income taxation O c. Capital gains taxation O d. Final income taxation

Q: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

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: Total comprehensive income is: Select one alternative: profit or loss after tax other…

A: Solution: Total comprehensive income is "profit or loss after tax + other comprehensive income after…

Q: Is all accounting income taxable? is there any accounting income that is not taxable? Please Explain…

A: Accounting income is the profit left over after all applicable expenses have been deducted from…

Q: Is the income tax expense shown in the income statement same as the income tax paid shown in the…

A: Cash Flow Statement: Cash Flow Statement is a fundamental financial statement that renders valuable…

Q: report expenses using correct tax categories because

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

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: An example of an expense classifi cation by function is: A . tax expense.

A: Expenses in the Income Statement are classified into two types: Expense by nature Expense by…

Q: Are there differences between financial reporting standards and income tax rules thatwill not cause…

A: Normally, business follow GAAP in preparing their financial statements in order to arrive at their…

Q: What is the difference between income which is "realized" and income which is "recognized"?  Which…

A: Financial accounting requires to report all the income and expenses on the books and compute the…

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: Which of the following is not an income for income tax purposes?

A: Assuming the question related to tax in Phillipines ---…

Q: How do the tax laws and financial accounting standards differ?

A: Financial Reporting:   Financial reporting is the process of disclosing the financial results of the…

Q: similarities between income taxation and business taxation?

A: Income taxation and business taxation are terms used related to taxation.

Q: Which of the following payment is a capital expenditure and not deductible under profits tax?

A: 1(a)  Payment to a departing employee agree for not competing with the company.   1(b)  1,3 and 4…

Q: Income Taxation What did you learn in the subject income taxation

A: Learning from income tax   1) Income tax collection is maintained by the internal revenue services…

Q: Elements of gross income

A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…

Q: Tax as a source is classified as?

A: Solution Concept Tax is the major source of revenue oto the government of any nation There can…

Q: What’s the difference? Explain to Laura how differences between financial reportingstandards and…

A: Accounting income reported in accordance with financial reporting standards and taxable income under…

Q: Why is income the basis for tax? Explain concisely in 3-5 sentences.

A: Basis means anything that the govt uses to compute the tax.

Q: What are the situs rules on income tax situs on sales of goods?

A: Income tax:A tax charged on the income earned by the individual or corporates by the central…

Q: EBITD is equivalent to profits after taxes. true or false?

A: EBITDA is the earnings before interest tax depreciation and amortization.

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: 1. In computing the CURRENT tax asset or CURRENT tax liability, which tax rate is used? a. Current…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

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: MC: Topic: Income Taxation This withholding tax system applies to passive income. *…

A: 1. Passive Income - As the name describes passive income is the one that is not active. It comprises…

Q: How would you differentiate items that are exempted from gross income and items deductible from…

A: Items exempted from gross income refers to income which need not be part of income while calculating…

Q: why the tax expense show in the income statement are different from tax paid in cash flow statement

A: Tax:   It is a compulsory payment imposed on individuals or entities on the basis of their income…

Q: . Use the criteria of equity and efficiency in taxation to evaluate the idea of taxing capital gains…

A: Taxing capital gain: There are fives sources of income recognized by the tax authorities on which…

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: Corporate taxable income is based on an income statement that is similar to income statements…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Which items are NOT other comprehensive income?

A: Comprehensive income can be classified into: Net income Other comprehensive income.   Net income…

Q: xplain the taxation theories

A: The process through which a government or taxing authority imposes or collects a tax from its…

Q: What is the amount and character of Renata's gain or loss? Renata Corporation has a gain of $ of…

A: Introduction:- Depreciation is an expense. Which is charged on fixed assets over useful life of the…

Q: Which of the following is true? Non-deductible expense is deducted to financial income in computing…

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

Q: Multiple Choice: Choose the correct answer. 1. The levying and imposition of tax and the collection…

A: Taxation is the term which means through which the taxing or government authorities levies or…

Q: What are the differences between income taxation and business taxation?

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

Q: What are taxes ? Explain types of Taxes Both Direct and Direct.

A: To run a nation judiciously, the government needs to collect tax from the eligible citizens; paying…

Q: Explain the concept of situs of taxation? Give examples

A: Governments in practically every country throughout the world levy forced charges on persons or…

Q: Net income after tax is: The difference of financial income and total deferred income tax expense.…

A: Net income is the amount of money earned by an entity after deducting its outlays from the revenues.…

Q: Define income tax expense.

A:

Q: Which statement is true: An extraordinary item must meet which of the following three criteria? a.…

A: correct option is B  i.e. Infrequent and unusual , shown net of income tax

Q: (b) ( of taxation state? Briefly explain the major shortcoming of this principle. What does the…

A: According to the benefit principle of taxation, the government would be charged for employing all of…

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: If an amount is ordinary income to a recipient: O it must also be a capital gain O It may also be…

A: "Since you have asked multiple question we will solve the first question for you.  If you want any…

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: Discuss the features of Direct & Indirect Taxation.

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