Q-68 mcq accounting Q-68Under what basis are property tax accrualsrecognized in financial statements?a) When tax assessment is receivedb) Pro-rata over the fiscal tax yearc) When payment is maded) End of calendar year only

Explanation of Property Tax Accruals: Property tax accruals represent the gradual accumulation of…

Answered: Q-68 Under what basis are property tax…

SWFT Corp Partner Estates Trusts

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ISBN:9780357161548

Author:Raabe

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Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 36P

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Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively 4. The future effects on income taxes, as measured by the applicable enacted tax rate and provisions of the enacted tax low, resulting from temporary differences and operating loss carryforwards at the end of the current year 5. The change during the year in a corporations deferred tax liabilities and assets 6. The deferred tax consequences of future taxable amounts 7. The portion of o deferred tax asset for which it is more likely than not that a tax benefit will not be realized 8. Temporary difference that results in deductible amounts in future years when the related asset or liability is recovered or settled, respectively 9. The sum of income tax payable and deferred tax expense (or benefit) 10. The amount of income taxes paid or payable (or refundable) for the current year 11. An excess of tax deductible expenses over taxable revenues in a year that may be carried forward to reduce taxable income in a future year 12. The excess of taxable revenues over tax deductible expenses and exemptions for the year 13. Income tax expense divided by income before income taxes
Question 7: Which of these taxes is NOT remitted with Form 941? Answer: A. Federal income tax В. Federal unemployment tax С. Social Security tax D. Medicare tax
Financial Accounting 3.7
The recognition of current tax under AASB 112/IAS 12 Income Taxes is based on the following. a. the total income tax expense for the current period. b. the prima facie tax on accounting profit before tax for the current period. c. the tax on taxable profit of the current period that is due to the taxation authorities including amounts paid during the period and amounts payable or receivable at the end of the period. d. the amount of income tax payable to, or receivable from, the taxation authorities at the end of the current period
a) Explain what a temporary difference is and why it attracts deferred taxb) Calculate deferred tax expense/ income and deffered tax asset/ liability for each item for the year ended 30 september 2021.
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Question 1 What is the main principle of tax-effect accounting as outlined in AASB 112/IAS 12? Answer: XX Question 2 How are the current and future tax consequences of transactions accounted for? Answer: XX Question 3 What is an ‘exempt income’ and how does it affect the calculation or recovery of carry‐forward tax losses? Answer: XX Question 4 Calculation of Current Tax Liability (CTL) SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of Profit or Loss and other Comprehensive Income For the year ended 30 June 2021 Gross Profit $510,000 Salaries expenses (210,000) Rent expense (52,000) Long service leave expenses (50,000) Depreciation expense - Plant (30,000) Bad debt expense (19,000)…
In computing the change in deferred tax accounts, which tax rates are used? A. Current tax rates B. Past years' tax rates O c. Enacted future tax rates O D. Estimated future tax rates
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20. A temporary difference arises when a revenue item is reported for tax purposes in a period After it is reportedin financial income Before it is reportedin financial income No Yes No No Yes No Yes Yes
6
Subject: acounting

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Q-68 Under what basis are property tax accruals recognized in financial statements? a) When tax assessment is received b) Pro-rata over the fiscal tax year c) When payment is made d) End of calendar year only