Answered: All of the following are reported on…

All of the following are reported on the income statement net of tax except DA other comprehensive income items. OB. income from operations OC extraordinary items. OD. irregular items.

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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

100%

All of the following are reported on the income statement net of tax except
DA
other comprehensive income items.
OB.
income from operations
extraordinary items.
OD.
irregular items.

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