Which of the following is not a disclosure required by PAS 12 Income Taxes? Group of answer choices Details of deferred tax assets Any adjustments of taxes of prior periods Tax consequences of future dividend payments Disclosure on the face of the statement of financial position about current tax assets, current tax liabilities, deferred tax assets, and deferred tax liabilities

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

A: Option d is correct .

Q: Differentiate the accounting measurement of current tax liability and current tax asset from…

A: Tax is the charges levied by the central and state government on the net income, sale or capital…

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: 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: The amount of income taxes due to the government for a period of time is rarely the amount reported…

A:

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: How are deferred tax assets and deferred tax liabilities reported in a classified balance sheet?

A:

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: Which statement is incorrect concerning tax assets and liabilities? * . When an entity makes…

A: Deferred tax assets and liabilities is discounted is the incorrect statement from all the above…

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 cases would affect the noncurrent liabilities portion of the balance sheet?…

A: When Taxable income is greater than the accounting income then deferred tax liability should be…

Q: All of the following are reported on the income statement net of tax except Select one: a. irregular…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: Explain the Revenue Related to Deferred Tax Liabilities.

A: Deferred tax liability is explicitly made when an expense commitment gathered in one budgetary year…

Q: All of the following statements are correct concerning PAS 12 Income Taxes. Which is the exception?…

A: Solution:  Following statements are correct concerning PAS 12 Income Taxes: Tax assets and…

Q: In computing the change in deferred tax accounts, which tax rates are used? O A. Current tax rates…

A: SOLUTION- DEFERRED TAX LIABILITY AS BEING THE AMOUNT OF INCOME TAX PAYABLE IN FUTURE PERIODS IN…

Q: Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the…

A: As the definition suggests, the deferred tax liability occurs when taxable income is smaller than…

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: 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: 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: What are the two objectives of accounting for income taxes O Deferred Tax Assets Deferred Tax…

A: The answer is as fallows

Q: Which one of the following deductions is available under S25-5 ITAA97 (Tax related expenses) Choose…

A: According to Income Tax Assessment Act 1997 - SECT 25.5 following tax related expenses deductions is…

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: How are deferred tax assets and deferred tax liabilities reported on the statement of financial…

A: Deferred tax accounts has to be reported on the balance sheet of a business. It must be classified…

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: 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: Accounting profit is O A. The The profit or loss is for a period determined before deducting in…

A: There are two types of income. One is accounting income, and the other is taxable income. Tax…

Q: 0 How are deferred tax assets and deferred tax liabilities reported in a classified balance sheet?

A:

Q: In relation to accounting for income taxes, which one of the following statements is correct? a.…

A: Solution: "Tax expense is the sum of current tax expense plus deferred tax expense" this statements…

Q: The deferred tax expense is the Select one: a. decrease in balance of deferred tax asset minus…

A: Lets understand the basics. When there is taxable temporary difference between the book profit and…

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: Which of the following is false? (a) Under GAAP, deferred taxes are reported based on the…

A: Liabilities that may occur in the future depending on the outcome of the future event are termed as…

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

A:

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: 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: This refers to the process of taxation to determine the amount of tax based on existing tax laws.

A: Answer: b. Imposition

Q: Which of the following is not a disclosure related to income taxes based on IAS 12? * O The amount…

A: Answer: IAS 12- Income taxes. The disclosure related to income taxes is mentioned as : taxes…

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: What is the statute of limitations for income tax returns

A: Given: The concept of a statute of limitations for the income tax returns.

Q: plication? Tax laws imposing business tax Tax implementing rules and regulations that are remedial…

A: Explanation of concept Tax:- A tax is the compulsory payment which is imposed by the government on…

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: explain how deferred tax liabilities and assets are created and the factors that determine howa…

A: Deferred Tax Liability or Deferred Tax Asset is an integral component of the financial statements.…