The general approach considerable acceptable for GAAP interim reporting related to income taxes in interim reports is to: O A. use an effective tax rate that relates to the quarter reported. B. use an effective interim period rate. OC. annualize the tax rate and apply that rate to all quarters. OD. apply a marginal income tax approach to items subject to incremental rates.

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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.