Which of the following differences would result in future taxable amounts? * a. Expenses and losses that are deductible after they are recognized in financial income. b. Reve

Q: One of the following is not a requisite of a taxable income. *

A: Answer: Option (b) [ The gain must be realized or received] For Explanation refer step2

Q: 5) Which of the following statements is NOT correct regarding permanent differences? A. Permanent…

A: Permanent differences are the differences between the tax expenses paid and tax actually payable.…

Q: What is the income that will not be taken into account in the determination of the Financial Profit…

A: This question deal with the answer of which income will not be taken into account while determining…

Q: Which of the following creates temporary difference between financial and taxable income? * Interest…

A: Temporary differences are differences between pretax book income and taxable income that will…

Q: Which of the following would result in the recognition of deferred tax liabilities? Select one: A.…

A: DTT (Deferred tax liability) which is recorded in the balance sheet (BS) of company and it reports…

Q: Taxable temporary difference occurs when tax is charged in the period: * O None of the above O…

A: Solution: Taxable temporary difference give result to creation of deferred tax liability, it means…

Q: What is BIR Form 1701 and 1701a and its importance? What are considered as Taxable Income in BIR…

A: SOLUTION- BIR FORM NO 1701 , ALSO KNOWN AS ANNUAL INCOME INCOME TAX RETURN FOR INDIVIDUALS…

Q: a. Deductions b. Exceptions c. Exclusions d. Any of the above

A: Computation of  Total Taxable Income  1 Income under head Salary XXXX 2 Income under head…

Q: Deductions from gross income are subtracted from gross income to derive taxable net income. TRUE OR…

A: Gross income is the aggregate total income that is received by a taxpayer that is not tax-exempt…

Q: kable income and accounting inco epreciation expense terest expense

A: Taxable income refers to the money earned by an entity on which the government levied a mandatory…

Q: When the temporary differences result to financial income higher than taxable income, they are known…

A: As per IAS 12 Taxable temporary differences Temporary differences that will result in taxable…

Q: Provide two examples of expenditures that are typically not allowable for tax deductions but are…

A: Introduction: A tax-deductible cost is one that is "ordinary, essential, and reasonable" and…

Q: 4. Which of the following differences would result in future taxable amounts? A. revenues or gains…

A: Solution 4: Expenses or losses that are deductible before they are recognized in financial income…

Q: Exclusion from gross income refers to income received or earned but is not taxable as income because…

A: Gross income is the total income of an individual without deducting any deductions or exemptions. It…

Q: . What is the possible treatment for tax purposes of a net operating loss? What is the proper…

A: Net operating loss: When the level of income is less than the expenses for a given or a considered…

Q: 9. Which of the following situations will result to a not a future taxable amount? A. Carrying…

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

Q: Explain three main reasons expenses may not be deductible for income tax/corporation tax purposes.

A: Business expenses: These are costs you incur while operating your business. Expenses are recorded on…

Q: What are the possible treatments for tax purposes of anet operating loss? What are the circumstances…

A: Net operating loss: When the level of income is less than the expenses for a given or a considered…

Q: There is no taxable income until such income is recognized. Taxable income is recognized when the…

A: Taxable income is those income on which tax would be levied. In other words, the income on which…

Q: Which of the following is not a source of support for the occurrence of a deferred tax liability?…

A: Solution: Future deductible temporary differences is not a source of support for the occurrence of a…

Q: 26. Which of the following differences would result in future taxable amounts? * a. Expenses and…

A: Deferred Tax Liability:The company record deferred liabilities when there's a short lived difference…

Q: How do you call a deductible temporary difference? a. Current tax asset. b. Deferred tax asset.…

A: As per IAS 12  The amount of the income taxes which will be Recoverable in future period in respect…

Q: Give

A:

Q: Which of the following accurately describes when a taxpayer may report capital gain/loss…

A: Capital Gain :— Sale or Transfer of Capital Assets on which Consideration is Involved resulting in a…

Q: What is BIR Form 1701 and its importance? What are considered as Taxable Income in the BIR Form…

A: Compensation Income According to TRIN Law compensation income which includes salaries and wages…

Q: Federal income tax refunds should be added back to taxable income. None of the above statements are…

A: Exploration and production (E&P) is the upstream component of the oil and gas business that…

Q: Which of the following differences would result in future taxable amounts? a. Revenues or gains…

A: Revenues or gains that are taxable after they are recognized in financial income. Should be results…

Q: This is not a requisite for business expense to be deductible. Group of answer choices It must be…

A: Business expenses are those expenses incurred in a business organization by carrying on the normal…

Q: Which of the following statements is false?

A: Out of the given statements,  A realized gain that is never recognized results in the temporary…

Q: Explain four main reasons expenses may not be deductible for income tax/corporation tax purposes.…

A: The reasons for expenses may not be deductible from income tax or corporation tax purposes are…

Q: hen the temporary differences result to financial income higher than taxable income, they are known…

A: Solution: False. This is because he temporary differences result to financial income higher than…

Q: 25. Any amount subsequently received on account of a bad debt previously charged off and allowed as…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Which of the following is not a source of support for the realization of a deferred tax asset?…

A: Future expiration of temporary exemptions is not a source of support for the realization of a…

Q: Which of the following situations will not result to a future taxable amount? O Tax base of the…

A: Future taxable amount appears when in current year, the income is recognized in the financials but…

Q: 1 contiune Listed below are items that are commonly accounted for differently for financial…

A: Sometimes there is some difference in taxable income and accounting income. They will result into…

Q: A net operating loss (NOL) carryforward creates: A-a deferred tax liability that should be…

A: Net operating loss is the excess amount of allowable deductions over the taxable income. When the…

Q: Which of the following causes a temporary difference between taxable and pretax accounting income?…

A: Please find the answer to the above questions below:

Q: A deferred tax liability or asset that is related to an asset or liability shall be classified in…

A: Solution: True. This is because deferred tax liability or asset are classified in the statement of…

Q: Explain two main reasons why expenses may not be deductible for income  tax/corporation tax purposes

A: Deductible expenses: These include all the expenses that are allowed to be deducted from the gross…

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: 11. If different tax rates apply to different levels of taxable profit, an SME shall measure its…

A: Option c is correct.

Q: Which of the following is a temporary difference that normally is recognized for accounting purposes…

A: Temporary difference is the difference between when the revenue and expenses are  reported for…