7. Schedular system of taxation means: all types of income are added together to arrive at gross income. þ. separate graduated rates are imposed on different types of income. C. capital gains are excluded in determining gross income. d. compensation income and business incomes are added together in arriving at gross income. a.

Q: tax allocation

A: Correct Answer 1 :- D The purpose is to relate the income tax expense to the items which affect the…

Q: Total comprehensive income is: Select one alternative: profit or loss after tax other…

A: Solution: Total comprehensive income is "profit or loss after tax + other comprehensive income after…

Q: temporary difference arises when an element of income is reported for tax purposes in the period:…

A: As per IFRS deferred  tax assets and liabilities  arises on temporary  differences which  can either…

Q: Deductions from gross income are allowed to the following income earners, except:  a. Compensation…

A: Gross income refers to the income earned by the entity exclusive of any deduction.

Q: I. Compensation and business income are returnable income that are subject to final income tax. II.…

A: Taxable income A taxable income refers to the income on which the tax has been imposed. It is the…

Q: 29. These pertain to items of income that are excluded in the computation of regular income tax * a.…

A: Solution Note dear student as per the Q&A guideline we are required to answer the first question…

Q: resident of the Republic may pay tax

A: A resident of South Africa is liable to pay tax to SARS on his/her income across the world.

Q: Property taxes are considered: a. imposed tax revenues. b. derived tax revenues. c. voluntary…

A: Lets understand all the options. Imposed tax revenue is a revenue generated by the government based…

Q: Which of the following refers to the elements of Comprehensive Income?  a) Net Income, Interest…

A: Net income is the excess of sales over all the expenses including interest expense and income taxes.

Q: Which of the following is not an income for income tax purposes?

A: Assuming the question related to tax in Phillipines ---…

Q: Timing differences are differences between accounting income and taxable income that originate in…

A: As per IFRS 12 or PFRS12 , INCOME TAXES  Temporary differences are two types  1.Taxable temporary…

Q: An example of interperiod income tax allocation is reporting discontinued operations, net of tax. O…

A: The purpose of inter period income tax allocation is to allocate the income tax expenses to the…

Q: or accounting and tax purposes. B. Intraperiod tax allocation is required for the effect of…

A: Option A is incorrect because Intraperiod tax allocation arises because certain temporary difference…

Q: 2. Creditable deductible input tax includes the following, except, a. Presumptive, transitional, and…

A: Value-added tax [VAT] is a tax that is charged on each and every stage of the goods and services…

Q: PROBLEM 3: EXERCISES 1. Park Co. has the following information for the current year: Pretax income $…

A: Deferred tax liabilityWhen a firm's taxable income for financial reporting purposes and its taxable…

Q: Which is not generally accepted in presenting the income statement?

A: Prior period errors are accounting errors that occur in a company's financial statements in one…

Q: The formula for Adjusted Gross Income (AGI) is: Gross Income - Exclusions Gross Income - Deductions…

A: Adjusted Gross Income (AGI) is a key financial metric used in the United States to determine an…

Q: Elements of gross income

A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…

Q: taxation policy? The average tax rate and the marginal tax rate are the same under the Select one: O…

A: Regressive Tax Policy: This form of taxation is progressive, meaning that the tax rate decreases as…

Q: A tax structured so that people with the different incomes pay the same percentage of their income…

A: A tax structured so that people with the different incomes pay the same percentage of their income…

Q: problem 28 ... Briefly explain the concepts of accounting profit, taxable profit, temporary…

A: Accounting Concept There are different types of concepts which are related in the accounts helps to…

Q: Why is income the basis for tax? Explain concisely in 3-5 sentences.

A: Basis means anything that the govt uses to compute the tax.

Q: Distinguish between marginal and average tax rates

A: The tax rate at the margin: Through the use of the marginal tax rate, the federal taxation system…

Q: The primary difference between revenues and gains is:

A: Revenue is the total amount that is earned by selling goods or providing services which are the…

Q: What is the role of BIR?

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The tax rate is the ratio between the amount of tax and the amount of income. true Error

A: >Tax rate is the rate of tax that is levied by the regulating authorities.>Income tax rate is…

Q: Which of the following is not included under other income? a. Rent received b. Commission received…

A: OTHER INCOME: IT IS THE INCOME THAT DOES NOT COME FROM THE FIRMS MAIN BUSINESS.

Q: A purpose of an adjustment to income is to (option: a.reduce gross income? b. help determine gross…

A: The purposes of adjustments to income in the context of U.S. taxation are as follows:Purpose of an…

Q: An example of investment income that would be subject to the net investment income tax is: A. Rental…

A: Answer:-  Net investment income:- For the taxation purpose net investment income is the total…

Q: In a common-sized income statement, each item is expressed as a True O False percentage of net…

A: Common size income statement is a financial statement that represents each line item as a percentage…

Q: Which option is the correct definition of tax base? Select one: a. Tax base is the amount the asset…

A: Explanation: Tax Base is defined as the amount that is attributed to an asset or liability for tax…

Q: It is the sum of the amount of in deferred tax liability related to accounting income. a. Tax…

A: Income tax actual paid and income tax expenses some time differ because of deferred income tax.…

Q: 1. Name three types of tax rate structure and give examples.

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

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: do not allo

A: In Philippines deduction is allowed from Business Income, Professional Income and mixed income but…

Q: rent income,

A: Option a is wrong because final income tax is the ultimate tax liability on the whole income. Option…

Q: What is Situs of Taxation? Give at least three (3) examples.

A: Individuals' earnings from more than one country or business or profession get confused about which…

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: In T1 General Tax Form, Total Income is reported on Line??

A: Total Income - The total of a taxpayer's earnings from all sources, determined in line with the…

Q: The tax rate that is applied against a prepayment penalty is the ______. Group of answer choices a.…

A: Prepayment penalty refers to when a loan is closed within its term period then the banks may charge…

Q: Indicate the type of Deferred Tax account created by Prepaid Expenses and Accrued Revenues,…

A: The balance sheet includes the assets, liabilities and stockholders' equity of the company.