deferred tax liability uses    a. Expected future tax law, regardless of whether those expected laws have been enacted   b. Current tax laws, unless enacted future tax laws are different   c. Either current or expected future tax laws, regardless of whether those expected laws have been enacted.   d. The current tax laws, regardless of expected or enacted future tax laws

Q: When a company reports a deferred tax asset it means that the company will receive a tax benefit in…

A: Deferred tax asset is an item on a company's balance sheet that reduces its taxable income in the…

Q: tax allocation

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

Q: Deferred tax assets and deferred tax liabilities represent the tax effect of the temporary…

A: Temporary differences are those differences which are there in between carrying value of asset or…

Q: 2. The following are requisites of a valid tax, EXCEPT A. tax must not encroach upon inherent and…

A: Solution Tax                 Tax is the amount that is to be paid to the government or local…

Q: Under IFRS when a change in the tax rates is enacted I.    Companies should record its effect on…

A: Under IFRS, companies report the effect of changes in tax rates on deferred tax accounts in the…

Q: Deferred taxes result from different methods applied for taxable income and income for financial…

A: Deferred taxes represent temporary differences in income recognition for tax and financial…

Q: temporary difference that would result in a deferred tax liability is O Excess of tax depreciation…

A: A deferred tax liability represents an obligation to pay taxes in the future. Temporary…

Q: Which of the follwing types of tax may not be shifted a. Percentage Tax b. Excise Tax c. Income Tax

A: The answer is Option c. Income Tax Income tax cannot be shifted.

Q: Which of the following cases would result to a Deferred Tax Asset? I – Tax Revenues Accounting…

A: Solution: Following cases would result in deferred tax asset as it will create future deductible…

Q: current and deferred tax expense

A: Option A is correct because deferred tax expense is recognized if there is a change in the deferred…

Q: e effect of financial distress and taxation on​ gearing?   A. Both constrain gearing   B. The…

A: Gearing in accounting means how much is the debt against the equity in the capital structure of the…

Q: The entry to recognize that a portion of a deferred tax asset would more likely than not be not…

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

Q: Which of the following statements is (are) correct? (x)  Part of the administrative burden of a tax…

A: A mortgage is a contract between borrower and a lender that provides the lender the right to take…

Q: What is the logic behind allowing tax loss carrybacks/carryforwards?

A: Logic behind allowing tax loss carrybacks and carryforwards: A tax loss carryback permits a company…

Q: TRUE OR FALSE? Under IFRS, deferred tax liability and deferred tax asset should be reported as…

A: The given statement is True... Under IFRS, deferred tax liability and deferred tax asset should be…

Q: Which of the following differences between financial accounting and tax accounting ordinarily…

A: The concept of Deferred Tax arises, due to the timing difference between income as per the…

Q: A net operating loss occurs when tax-deductible expenses exceed taxable revenues. Tax laws permit…

A: Definition:   Net Operating Loss Carryforward: The net operating loss is considered a negative…

Q: The basic issue in deciding whether to record a valuation allowance for a deferred tax asset is…

A: A deferred tax asset is something that reduces future taxable income on a company's balance sheet.…

Q: d. either current or expected future tax laws

A: Taxes are the amount of dues or liabilities that need to be paid by the individual to the…

Q: A reduction in the statutory tax rate would most likely benefi t the company’s:A . income statement…

A: A balance sheet is a financial statement that offers a framework for estimating the return rates and…

Q: Tax Planning (LO 12.7) Select either "True" or "False" for each of the following statements. Item…

A: a. TrueTax Planning: Utilizing legal strategies to reduce tax obligations is known as tax planning.…

Q: If the increase in deferred tax asset is ____ than the increase in deferred tax liability, there is…

A: If the increase in deferred tax asset is Higher than the increase in deferred tax liability, there…

Q: When DTA reverses, income tax payable is reduced, while when DTL reverses, income tax payable is…

A: Temporary differences are differences between book income and taxable income of the business. These…

Q: Anti-avoidance provisions _______. a.eliminate tax planning by taxpayers. b.are provisions in the…

A: Anti-avoidance provisions are rules or measures put in place by governments or regulatory bodies to…

Q: In a regressive tax system, as taxable income increases, the effective tax rate decreases ◻ True…

A: The question is asking whether in a regressive tax system, the effective tax rate decreases as the…

Q: he deferred tax consequence attributable to a deductible temporary difference and operating loss…

A: Solution: Deferred tax assets are created from those temporary differences which are future…

Q: Recognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment…

A: Recognition of Tax Benefits in the loss year due to NOL carry back  Basically its a treatment of Tax…

Q: In almost all cases, making contributions to an RRSP will provide the deferral of income tax. In…

A: Introduction: RRSP (Registered Retirement Savings Plan): A (RRSP) is a retirement funds plan where…

Q: Which of the following is NOT a reason why timing is significant in tax? Group of answer choices…

A: Tax: When any assesse is earned the income from any sources of income which are mentioned in the tax…

Q: Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he…

A: Since you have asked two questions but we provide solution to one question only kindly resubmit…

Q: Which of the following differences between financial accounting and tax accounting ordinarily…

A: Solution:- A deferred tax liability is a listing on a company's balance sheet that records taxes…

Q: deferred tax asset and deferred tax liability

A: Deferred tax is the tax arises due to the differences between accounting income and taxable income.…

Q: What is the effect on the tax liability of a taxpayer who does not protest an assessmer

A: Deficiency Taxes: It is the amount of tax as per the tax authority which is not paid by the…

Q: is the defer E eductible tem arryforward.

A: Explanation : The proportion of deferred tax liability owing to transitory differences that will…