Comprehensive income does not affect net income or retained earnings. True False

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: Expense Recognition Question: Why is that sometimes there is no direct relationship between…

A: Accounting is based on a set of principles and rules and the expense recognition principle is one of…

Q: An example of an expense classifi cation by function is: A . tax expense.

A: Expenses in the Income Statement are classified into two types: Expense by nature Expense by…

Q: What types of income should not be classified as such on a tax return? Why shouldn't they be…

A: Answer Nontaxable income won’t be taxed, whether or not you enter it on your tax return. nontaxable…

Q: The accounting net income of a company are not necessarily the same amount as the net income for tax…

A: The accounting net income of a company are not necessarily the same amount aa the net income for tax…

Q: How do the tax laws and financial accounting standards differ?

A: Financial Reporting:   Financial reporting is the process of disclosing the financial results of the…

Q: Property and income taxes are more popular than sales taxes and user charges? True or False

A: Taxes are the fees charged by the government to collect revenue and run the country. The money…

Q: The answers for the income statement were wrong.

A: Revenue: Revenue, often referred to as sales or income, is the total amount of money earned by a…

Q: If accrued liabilities are overestimated in the current period, the reported income in a following…

A: Accrued liabilities represent expenses that a company has incurred but has not yet paid as of the…

Q: A higher level of national income is bad from a current account point of view Select one : True Or…

A: A higher level of national income is bad from a current account point of view

Q: EBITD is equivalent to profits after taxes. true or false?

A: EBITDA is the earnings before interest tax depreciation and amortization.

Q: statements is true? A.Deductions are not allowed unless there is a specific law authorizing the…

A:

Q: Income Taxes Payable or refundable + Changes in deferred income taxes = total income tax expense or…

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

Q: ompany can not rely on net income as a valid measure to pay fixed charges

A:

Q: Contingent liabilities are not recorded in the financial statements. True False

A: As per IAS 37, Provisions, contingent assets and contingent liabilities  A contingent liability is a…

Q: Which of the following types of income is not subject to the "kiddie tax"?

A: Solution:- Kiddie Tax:- The Kiddie tax is tax on child's unearned income. "If the child's unearned…

Q: True or false: Income tax expense may be disclosed either on the income statement or in the notes to…

A: The total amount of taxes owed to a taxation authority by an individual, corporation, or other…

Q: What is the real return?   Multiple Choice   The after-tax return on assets.   The pre-tax return…

A: Rate of return is the percentage of profit that is earned on an investment.

Q: why is income tax expense shown in the income statement different from the income tax paid shown in…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Numerous employee benefits are not included in gross income. True False

A: The Internal Revenue Service (IRS) is the U.S. federal government's revenue agency. It is in charge…