Which of the following is not a disclosure required by PAS 12 Income Taxes? Group of answer choices Details of deferred tax assets Any adjustments of taxes of prior periods Tax consequences of future dividend payments Disclosure on the face of the statement of financial position about current tax assets, current tax liabilities, deferred tax assets, and deferred tax liabilities

Which of the following is not a disclosure required by PAS 12 Income Taxes? Group of answer choices Details of deferred tax assets Any adjustments of taxes of prior periods Tax consequences of future dividend payments Disclosure on the face of the statement of financial position about current tax assets, current tax liabilities, deferred tax assets, and deferred tax liabilities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Unless a company has a legal right of set-off, IAS 12 Income Taxes, requires disclosure of all of the following information for deferred tax in the statement of financial position: I The amount of deferred tax assets recognised II The amount of the deferred tax liabilities recognised III The net amount of the deferred tax assets and liabilities recognised IV The amount of the deferred tax asset relating to tax losses a. I, II and III only b. III and IV only c. I, II and IV only d. IV only
How have the recent revenue recognition standards affected the book/ tax accounting
Which of the following statements concerning the classification of deferred tax assets and liabilities is true? Multiple Choice A deferred tax asset is classified as noncurrent only if the company expects the future tax benefit to be received more than 12 months from the balance sheet date. All deferred tax assets and liabilities are treated as noncurrent. A deferred tax asset related to a bad debt reserve is classified as current if the related accounts receivable is classified as a current asset. A deferred tax asset related to inventory capitalization is classified as noncurrent only if the company uses a FIFO accounting method and the inventory to which the deferred tax asset relates will not be treated as sold within 12 months from the balance sheet date.
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.
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
Pls answer the all questions Enumeration 1. Sources of Tax Laws 2. Constitutional Limitations 3. Elements of Sound Tax System 4. Attributes/Characteristics of a Tax 5. Classification of Taxes
Deferred tax asset and deferred tax liability are based on futuretax rates while current tax asset and current tax liability arebased on current tax rates True or False