Answered: Which of the following accounts cannot…

Which of the following accounts cannot be altered by a consolidation adjusting entry A.Income tax payable B. Deferred tax liability C. Deferred tax Asset D. Income tax expense

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter6: Accounting Periods And Other Taxes

Section: Chapter Questions

Problem 4MCQ: Which of the following is an acceptable method of accounting under the tax law? The accrual method...

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Which of the following accounts cannot be altered by a consolidation adjusting entry

A.Income tax payable

B. Deferred tax liability

C. Deferred tax Asset

D. Income tax expense

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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