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10 Cards in this Set
- Front
- Back
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a. The income for a period before deducting tax expense. |
Accounting income is
a. The income for a period before deducting tax expense. b. The income for a period determined in accordance with tax law. c. The income for a period after deducting tax expense. d. The income after current tax expense determined in accordance with tax law. |
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b. Taxable temporary differences |
These are differences that will result in future taxable amount in determining taxable income of future periods. a. Temporary differences b. Taxable temporary differences c. Deductible temporary differences d. Permanent differences |
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b. Deductible temporary differences |
These are differences that result in future deductible amount in determining taxable income in future periods. a. Taxable temporary differences b. Deductible temporary differences c. Taxable temporary and permanent differences d. Deductible temporary and permanent differences |
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a. Current tax rate |
In computing the current tax asset or current tax liability, which tax rate is used? a. Current tax rate b. Future enacted tax rate c. Average tax rate d. Effective tax rate |
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c. Enacted future tax rate |
In computing the deferred tax asset or liability, which tax, rate is used? a. Current tax rate b. Estimated future tax rate c. Enacted future tax rate d. Prior tax rate |
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a. A deferred tax liability is recognized in the current year. |
When temporary difference will result in taxable amount in future years
a. A deferred tax liability is recognized in the current year. b. A deferred tax asset is recognized in the current year. c. A deferred tax asset may be recognized in the current year if certain conditions are met. d. A deferred tax liability may be recognized in the current year if certain conditions are met. |
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c. Taxable temporary differences |
A deferred tax liability shall be recognized for all a. Permanent differences b. Temporary differences c. Taxable temporary differences d. Deductible temporary differences |
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b. Deferred tax asset |
It is the deferred tax consequence attributable to a deductible temporary difference and operating loss carryforward. a. Deferred tax liability b. Deferred tax asset c. Current tax liability d. Current tax asset |
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a. Current tax expense |
It is the amount of income tax payable related to taxable income. a. Current tax expense b. Total income tax expense c. Deferred tax expense d. Deferred tax benefit |
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a. Tax expense reported in the income statement |
It is the sum of the amount of income tax payable and deferred tax liability related to accounting income. a. Tax expense reported in the income statement b. Current tax expense c. Deferred tax expense d. Deferred tax benefit |
