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9. Which of the following situations will result to a not a future taxable amount? A. Carrying amount of the asset > tax base of the asset B. Tax base of the asset > carrying amount of the asset C. Carrying amount of the liability < tax base of the liability D. Financial income > Taxable income

9. Which of the following situations will result to a not a future taxable amount? A. Carrying amount of the asset > tax base of the asset B. Tax base of the asset > carrying amount of the asset C. Carrying amount of the liability < tax base of the liability D. Financial income > Taxable income

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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9. Which of the following situations will result to a not a future taxable amount? A. Carrying amount of the asset > tax base of the asset B. Tax base of the asset > carrying amount of the asset C. Carrying amount of the liability < tax base of the liability D. Financial income > Taxable income 10. Statement 1: IAS 12 par. 70 states that when an enterprise makes a distinction between current and non- current assets and liabilities in its financial statements, it should classify deferred tax assets (liabilities) as noncurrent assets (liabilities). Statement 2: Corporation is obliged to pay to BIR the lower between the Basic Corporate Income Tax (BCIT) and Minimum Corporate Income Tax (MCIT). A. Only statement 1 is correct C. Both statements are correct D. Both statements are incorrect B. Only statement 2 is correct
Transcribed Image Text:9. Which of the following situations will result to a not a future taxable amount? A. Carrying amount of the asset > tax base of the asset B. Tax base of the asset > carrying amount of the asset C. Carrying amount of the liability < tax base of the liability D. Financial income > Taxable income 10. Statement 1: IAS 12 par. 70 states that when an enterprise makes a distinction between current and non- current assets and liabilities in its financial statements, it should classify deferred tax assets (liabilities) as noncurrent assets (liabilities). Statement 2: Corporation is obliged to pay to BIR the lower between the Basic Corporate Income Tax (BCIT) and Minimum Corporate Income Tax (MCIT). A. Only statement 1 is correct C. Both statements are correct D. Both statements are incorrect B. Only statement 2 is correct
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