accurate response Who determines the reversal date oftemporary timing differences for deferredtaxes?a) Tax authoritiesb) Company managementc) Nature of the originating transactiond) External auditors

Explanation of Temporary Timing Differences: Temporary timing differences are discrepancies between…

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Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 4MCQ

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What is the primary purpose of internal controls in an Accounting Information System (AIS )? a) To generate financial statements b) To ensure data accuracy and integrity c) To facilitate decision-making processes d) To comply with tax regulations
Which of the following statements is not applicable to revenue recognition guidance under ASC Topic 606? Firms must disaggregate revenues into categories that depict how revenue is affected by economic factors. The standard applies a minimum number of categories that must be provided. Disaggregated revenues are to be disclosed in a note to the financial statements. Revenue may be disaggregated by geographic region.
What is the purpose of the financial statements, and how do they provide information to stakeholders? How does the revenue recognition principle affect the timing of income reporting?
Why should the beginning retained earnings be adjusted for prior period errors and effects of change in accounting policy?
Financial
A special purpose framework that is a non-GAAP financial reporting framework, that employs either a cash, tax, regulatory, contractual, or other basis of accounting. For example, a tax basis of accounting is used to file an organization’s tax return for the period covered by its financial statements. After performing a special purpose framework as decribed above, what level of assurance is provided to the financial statements?
How have the recent revenue recognition standards affected the book/ tax accounting
Under IFRS, changes in accounting policies are a. permitted if the change will result in a more reliable and more relevant presentation of the financial statements. b. permitted if the entity encounters new transactions, events, or conditions that are substantively different from existing or previous transactions. c. required on material transactions, if the entity had previously accounted for similar, though immaterial, transactions under an unacceptable accounting method. d. required if an alternate accounting policy gives rise to a material change in assets, liabilities, or the current- year net income.
As an auditor, you are tasked to audit the income tax liability of Taxpayer Corp. which of the following items are consistent with the application of accounting policies for income tax liability computation: *A. Nontaxable Revenues are permanent differences deducted from the unadjusted net income resulting in a deferred tax liability.B. Nontaxable Revenues are permanent differences added to the unadjusted net income resulting in a lower income taxC. Nontaxable Revenues are temporary differences deducted from the unadjusted net income resulting in a deferred tax asset.D. Nontaxable Revenues are permanent differences deducted from the unadjusted net income resulting in a lower income tax
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analyze disclosures relating to deferred tax items and the eff ective tax rate reconciliation,and explain how information included in these disclosures aff ects a company’s fi nancialstatements and fi nancial ratios;

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Who determines the reversal date of temporary timing differences for deferred taxes? a) Tax authorities b) Company management c) Nature of the originating transaction d) External auditors