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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Which of the following is not a cause of a difference between pretax financial income and taxable income in a given period?
- a. operating loss carryforwards
- b. permanent differences
- c. applicable tax rates
- d. temporary differences
Identify from the following that is not a cause of difference between pre-tax financial income and taxable income.
Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable income.
Explanation for the given options:
a. Operating loss carry forwards cause the difference between pre-tax financial income and taxable income. Thus, this option is the incorrect answer.
b. Permanent differences cause the difference between pre-tax financial income and taxable income. Thus, this option is the incorrect answer.
c. The income tax payable is calculated using the Applicable tax rates for the current period...
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