Why is the income tax payable not the same as income tax expense? Why is the income tax expense shown in the income statement same as the income tax paid shown in the cash flow statement?Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent differences that company may have.What do you find interesting, confusing, surprising or difficult to understand about the treatment of taxin your firm’s financial statements? What new insights, if any, have you gained about how companiesaccount for income tax as a result of examining your firm’s tax expense in its accounts?

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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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Why is the income tax payable not the same as income tax expense?
Why is the income tax expense shown in the income statement same as the income tax paid shown in the cash flow statement?
Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent differences that company may have.
What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax
in your firm’s financial statements? What new insights, if any, have you gained about how companies
account for income tax as a result of examining your firm’s tax expense in its accounts?

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