Which of the following is not a disclosure related to income taxes based on IAS 12? * O The amount of defered tax expense (income) relating to changes in tax rates or the imposition of new taxes. O Any adjustments recognized in the period for prior tax of current period. The amount of tax expense (income) relating to those changes in accounting policies and errors that are included in profit or loss in accordance with IAS 8, because they cannot be accounted for retrospectively. The amount of deferred tax expense (income) relating to the origination and reversal of temporary differences.

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: Describe the types of temporary differences that cause deferred tax liabilities and determine the…

A: Deferred tax liabilities It is a type of liability that arises due to the difference between the tax…

Q: What events create permanent differences between accounting income and taxable income? What effect…

A: Introduction: Accounting income is profit calculated using the accrual method of accounting.…

Q: Which of the following statements is NOT correct? O A. Taxable income and accounting profit may…

A: Option d is correct .

Q: All of the following must be disclosed separately, except A. The aggregate amount of current and…

A: The effect on tax due to any differences in timing can be termed as deferred tax, which also means…

Q: List examples of temporary differences that create: deferred tax assets. Deferred tax liability.

A: A deferred tax asset is a balance sheet item that results from an excess or early tax payment. A…

Q: when congress changes the tax laws or rates, a corporation's deferred tax liability and asset…

A: A deferred tax liability is the tax due for a current period but not paid by a company. It is paid…

Q: Question 18 of 75. for the Qualed Which of the following statements is TRUE regarding Form 582 and…

A: the correct option with proper explanation are as follows

Q: Which of the following refunds is not subject to income tax a, Local tax expense b.Special…

A: Answer: Th refund which is not subject to income tax are those amount for which earlier deduction…

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: Which of the following tax accounting methods least likely defers payment of taxes?     Spread Out…

A: Spready Out method: Under this method revenue is recognised over a period of time. Lets make an…

Q: added to the financial income in computing for the taxable income?

A: First option is wrong because the unrealizable gains from trading securities is to be deducted from…

Q: he deferred income tax liability: Top of Form Multiple Choice Is recorded whether or not the…

A: Deferred tax asset/liability results from temporary difference between the income tax recorded and…

Q: Which of the following is not a disclosure required by PAS 12 Income Taxes? Group of answer choices…

A: PAS 12 Income taxes is an accounting standard which is meant and used for guidelines and policies…

Q: Question Content Area Permanent differences impact deferred tax assets. current tax liabilities.…

A: There are two type of differences in accounting. One is permanent differences and other is temporary…

Q: The justification for the method of determining periodic deferred tax expense is based on the…

A: Deferred tax refers to the difference between the tax stated in the income statement and the tax…

Q: A temporary difference which would result in a deferred tax liability is O excess of tax…

A: Introduction:- A deferred tax liability represents an obligation to pay taxes in the future.…

Q: It is characterized by final taxes which are withheld or deducted at source. A. Capital gains…

A: The three schemes under the NIRC are Capital gains taxation ,Final income taxation, Regular income…

Q: temporary difference Interest earned on investments in tax-exempt government securities. Interest…

A: Nondeductible expenses refer to those expenses which a company can subtract from its income in order…

Q: Additional disclosures are required pertaining to deferred tax amounts reported on the balance…

A:

Q: Recognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment…

A: Recognition of Tax Benefits in the loss year due to NOL carry back  Basically its a treatment of Tax…

Q: the total income tax expense for the current period.  b. the prima facie tax on accounting profit…

A: The tax is an expense for the company but becomes a liability when payable.

Q: In accordance with IAS: 12 Income Taxes, deferred tax liabilities are the amounts of income taxes…

A: Deferred taxes comes into place when there is a difference between pretax financial income and…

Q: Accounting for uncertainty in tax positions is prescribed by GAAP in FASB ASC 740–10: Income Taxes–…

A: GAAP:GAAP stands for “Generally Accepted Accounting Principles”. It provides the accounting rules…

Q: ssuming a 35% statutory tax rate applies to all years involved, which of the following situations…

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

Q: A deferred tax account is classified on the balance sheet as: A net noncurrent amount A net current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Which of the following is deducted from the financial income in computing for the taxable income?…

A: Donations received during the year is deducted from the financial income in computing for the…

Q: Listed below are items that are treated differently for accounting purposes than they are for tax…

A: The question is based on the concept of Accounting Standards.

Q: What are the two basic requirements applied to the measurement of current and deferred income taxes…

A:

Q: How have the recent revenue recognition standards affected the book/ tax accounting

A: Step 1: Revenue recognition is one of the standards of GAAP. It helps in recognizing the revenues…

Q: deferred tax liability uses    a. Expected future tax law, regardless of whether those expected laws…

A: Solution: Deferred tax liability is based on future taxable amounts which will be taxed in near…

Q: List examples of temporary differences that create: deferred tax assets deferred tax liabilities.

A: Temporary difference between the tax base and carrying amount arise on account of difference in the…

Q: If tax laws allow a company to postpone paying taxes on activities reported in the current period’s…

A: Deferred Tax Liability: Deferred Tax Liability can be created upon occurrence of difference…

Q: What do these four phrases regarding taxes mean? (a) Payroll withholding (b) difference between…

A: Taxation: For the purposes of this definition, taxation is the imposition of mandatory charges on…

Q: The provisions of the Tax Code pertaining to the imposition of Improperly Accumulated Earnings Tax…

A: Tax is referred to as a charge imposed on a particular activity or income of an individual or…

Q: Which general principle applies to the reporting of income tax expenses under interim income…

A: Interim period income tax is accrues using the tax rate  that would be applicable to expected total…

Q: Expenditures currently deducted in the tax return but not included with expenses in the income…

A: Solution: Expenditures  currently deducted in the tax return but not included with expenses in…

Q: Describe the procedure(s) involved in classifying deferred tax amounts on the statement of financial…

A: Deferred tax accounts nature must be analyzed and classified either as net current amount or as net…

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: 1.  Permanent differences between tax income and financial reporting income results from deferred…

A: Deferred tax should be record in the accounting books, in order to apply with matching concept.

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

A: Option c is correct.

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: The FASB has defined several terms in regard to accounting for income taxes. Below are various code…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

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…

Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.