In relation to 'retained earnings', AASB 101 mandates the following disclosures: The beginning balance. The balance at reporting date. Any changes during the reporting period. The related tax adjustments in respect to any changes during the period. a) I, III and IV only b) II, III and IV only c) III and IV only d) I, Il and IIlI only

In relation to 'retained earnings', AASB 101 mandates the following disclosures: The beginning balance. The balance at reporting date. Any changes during the reporting period. The related tax adjustments in respect to any changes during the period. a) I, III and IV only b) II, III and IV only c) III and IV only d) I, Il and IIlI only

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Instructions: Using the FASB Codification, provide information from the ASC that answers the following questions. Provide codification references for your responses. When is a company allowed to initially recognize the financial statement effects of a tax position?
Which of the following is deducted from the financial income in computing for the taxable income? Excess of accounting depreciation from the allowed tax deduction Donations received during the year Penalties paid for late filing of tax returns Unrealized losses from FA@FVTOCI
Determine if this shall result in recognition of liabilities 11. withholding of taxes on employees' compensation a. yes b. no
Among the following transactions: municipal bond income. accrual of a loss contingency. a balance in the Unearned Rent account at year end. a fine resulting from violations of regulations. Which one(s) will result in a permanent difference in pretax financial income and taxable income? Enter 1, 2, 3, or 4 that represents the correct answer. b & c. d only. a & d. a, c, & d.
Under IAS 1 an entity must present a statement of profit or loss and other comprehensive income. Which of the following statements is true in respect of the other comprehensive income section? 1. Items should be grouped into those that may subsequently be reclassified to profit or loss and those that will not subsequently be reclassified to profit or loss. 2. All items must be shown inclusive of income tax 3. Extraordinary items should be listed separately with details of the nature of the item disclosed in the notes. Please select the right answer. All of the above 1 and 2 only 2 only 1 only
Generally accepted accounting principles usually require the use of accrual accounting to “fairly present” income. If the cash receipts and disbursements method of accounting will “clearly reflect” taxable income, why does this method not usually also “fairly present” income?
13
Task 3. Under the provision of ITO, 2001 list down the person required to file income tax return and what Are the due dates of filing if income tax returns?
What do these four phrases regarding taxes mean? (a) Payroll withholding (b) difference between gross and net pay (c) similarities and differences between state and federal taxation of inheritance (d) importance of record keeping for audits
Which general principle applies to the reporting of income tax expenses under interim income statement accounting principles A Reporting should not be done unless there are unusual events that occur in the period and are expect to affect the fiscal year tax liability. B Reporting should be based on a prorate share of the previous fiscal year’s taxes C Reporting should be based on an estimate of the effective annual tax rate and tax liability for the full fiscal year. D Reporting should be based on the last year’s effective tax rates and tax liability for the full fiscal year.
I. Review the adequacy of the withholding procedures. II. Determine the last remittance of withholding taxes made before the statement of financial position date. III. Follow up remittance subsequent to the statement of financial position date. Which of the following are usual audit procedures for withholding taxes payable? A. I, II, IIIB. I, IIC. I, IIID. II, III
Expenditures currently deducted in the tax return but not included with expenses in the income statement until subsequent years create deferred tax liabilities. O True O False