ACC 318 Module Four Assignment_

QUESTION 13 The practice of including the income tax effect of a particular transaction with the transaction itself on the income statement is known as intraperiod tax allocation.     True     False

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Question 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity. a.→Defined benefit obligation b.→Plan asset c.→Right-of-use asset d.→Contract asset e.→ Unearned revenue f.→ Deferred tax asset g.→Accumulated other comprehensive losse

O d. you cannot make changes to these fields QUESTION 7 How are the linked accounts for CPP different from the linked accounts for income tax - O a. CPP has a linked liability account only; income tax has an expense account only Ob. CPP has a linked expense account only; income tax has a liability account only Oc. CPP has both linked liability and expense accounts; income tax has a liability account only d. none of the above QUESTION 8 Creating an Accountant s Copy of your data allows your accountant to

Question 12 Costs that are capitalized: O Show up as an expense on the income statement without ever being recorded on the balance sheet O None of the possible choices O Will initially be recorded as an asset on the balance sheet O Never exist as part of accrual accounting

In computing net business income for income tax purposes, which of the following statements is INCORRECT? Question 3Answer a. Income tax paid is not allowed as a business deduction. b. Depreciation is not allowed as a business deduction. c. Capital cost allowance is not allowed as a business deduction. d. An arbitrary reserve is not allowed as a business deduction.

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Question 4Each of the following is determined according to IFRS exceptSelect one: a.taxable income. b.income for book purposes. c.income for financial reporting purposes. d.income before taxes. Question 5An assumption inherent in a company’s IFRS statement of financial position is that companies recover and settle the assets and liabilities atSelect one: a.the amount that is probable where “probable” means a level of likelihood of at least more than 50%. b.their reported amounts c.the present value of future cash flows. d.their net realizable value. Question 6Machinery was acquired at the beginning of the year. Depreciation recorded during the life of the machinery could result in                   Future                                Future          Taxable Amounts            Deductible AmountsSelect one: a.Yes No b.No Yes c.Yes Yes d.No No

What events create permanent differences between accounting income and taxable income? What effect do these events have on the determination of income taxes payable and deferred income taxes? Identify three examples of permanent differences between accounting income and taxable income.

8.All of the following components are shown in the income statement net of applicable income taxes EXCEPT Group of answer choices A.cumulative effect of a change in accounting principle. B.extraordinary gain or loss. C.discontinued operations. D.gain or loss on sale of plant assets.

Temporary book-tax differences include (mark all that apply) A. Accrued income B. Accrued expenses c. Depreciation on fixed assets D. E. Tax credits F. All of these G. None of these Net operating losses

Income Taxes Payable or refundable + Changes in deferred income taxes total income tax expense or benefit True False

Which of the following is not a from AGI deduction? A. The exclusion of an item of gross income B. Itemized deductions, if taken C. Standard deduction, if taken D. The qualified business income deduction

Which of the following items is a permanent difference between taxable income and financial accounting income? A) Depreciation B) Dividends-received deduction C) Bad debts D) Net capital loss

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Please Introduction and explanation 1 and 2 question answers both subparts answer no plagiarism please and what is correct option and incorrect option why? Explanation please

Question 1: Why do deferred tax assets or deferred tax liabilities arise? Explain your answer with a suitable example.   Question 2:  Will the existence of unused tax losses always lead to the recognition of  deferred tax assets? Explain your answer with suitable example.   Question 3: Do the liabilities and assets that are generated by using the 'balance sheet method' of accounting for tax appear to be consistent with the definition and recognition criteria of assets and liabilities promulgated within the Conceptual Framework?   Question 4: Under what conditions can deferred tax assets be offset against deferred tax liabilities?   Question 5: Critically examine the disclosures made by an Australian Securities Exchange (ASX) listed company in its latest financial statements and associated notes regarding income tax issues. While every company will have unique tax matters and position, your discussion should highlight the following:   Identify the income tax expense (income) shown in…

TRUE OR FALSE

What are the two objectives of accounting for income taxes O Deferred Tax Assets Deferred Tax Liabilities O Income Tax Expense Income Tax Liability O Temporary Differences Permanent Differences None of the above