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Penelitian ini merupakan penelitian studi empiris dengan menggunakan metode yang berhubungan dengan laba akuntansi terhadap harga saham berdasarkan pada teori dan bukti, serta fokus penelitian ini ...
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Penelitian ini merupakan penelitian studi empiris dengan menggunakan metode yang berhubungan dengan laba akuntansi terhadap harga saham berdasarkan pada teori dan bukti, serta fokus penelitian ini ...
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BGHW WE NR K
ACCOUNTING FOR INCOME INCOME TAXES – Quiz Material
1. Interpe Interperio riod d tax alloc allocati ation on accoun accounts ts for: for: (a) all differences differences between tax regulations and GAAP (b) tax effects of specific income statement statement items in the same period (c) permanent permanent difference differencess (d) temporary differences
!. "hich of the the following following could could ne#er ne#er be sub$ect sub$ect to Interperiod Interperiod tax tax allocation allocation%% (a) re rent re#enue (c) estimated warranty expense (b) depreciati depreciation on expense expense on operati operational onal assets assets (d) interes interestt re#enue re#enue on go#ernme go#ernment nt bonds bonds &. "hich of the the following following is the the most li'ely li'ely item item to result result in a deferre deferred d tax asset% asset% (a) using straight line depreciation depreciation for the boo's and accelerated accelerated depreciation for tax tax (b) prepaymen prepaymentt of insurance insurance (c) rent recei#ed recei#ed in in ad#ance ad#ance (d) point point of sale sale re#enu re#enue e recogn recogniti ition on for the boo's boo's and cost cost reco#e reco#ery ry method of re#enu re#enue e recognition for tax . Interperiod Interperiod tax alloca allocation tion is not not appropri appropriate ate when: (a) contingent contingent loss is recogni*ed recogni*ed for accounting accounting purposes (b) accelerate accelerated d depreciation depreciation is used for tax purposes purposes and the straight straight line method is used for accounting purposes (c) goodwill goodwill is amorti* amorti*ed ed for the period period (d) (d) diff differ eren entt dep depre reci ciab able le li#e li#ess are are used used for for ma mach chin iner ery y for for tax tax and and accoun accounti ting ng purp purpos oses es +. Permanent Permanent differe differences nces differ differ from from temporar temporary y difference differencess in that: that: (a) permanent differences differences occur more fre,uently than temporary differences differences (b) a per perman manent ent differen difference ce cannot cannot change change its status status once designat designateded- but a tempor temporary ary difference may be reclassified in a later period (c) permanent differences differences do not re#erse themsel#es themsel#es in subse,uent periods (d) pe permanent differences are both unusual and infre,uent . eferred eferred income income tax tax does not need need to be recorded recorded when: (a) temporary differences differences will re#erse within + years. (b) the company does not 'now when the temporary difference will re#erse. (c) the future repayment repayment of taxes is sufficientl sufficiently y far off that the present #alue of the payment payment approaches *ero. (d) acce ccelerat rated de deprecia ciation is is us used fo for bot both h fi financia cial re reporting an and ta tax pu purpo rposes. /. A temporary temporary diffe difference rence which which would would result result in a deferre deferred d tax asset asset is: is: (a) tax- penalty penalty or surcharge surcharge (b) di#idend di#idend recei#ed recei#ed on stoc' in#estment in#estment (c) excess excess tax depreciation depreciation o#er financial financial depreciation depreciation (d) rent recei#ed in ad#ance ad#ance included in taxable income at the time of receipt receipt but deferred for financial accounting purposes 0. A temporary temporary differen difference ce which would would result result in a deferred deferred tax tax liabilit liability y is: (a) interest interest re#enue re#enue on municipal municipal bonds. bonds. (b) accrual accrual of warranty warranty expense. expense. (c) excess excess of tax depreciation depreciation which o#er o#er financial financial depreciation. depreciation. (d) subscription recei#ed in ad#ance.
. 2he amount of income tax applicable to transactions that are not reported in the continuing operations section of the income statement is computed: (a) by multiplying the item by the effecti#e income tax rate. (b) as the difference between the tax computed based on taxable income without including the item and the tax computed based on taxable income including the item. (c) as the difference between the tax computed on the item based on the amount used for financial reporting and the amount used in computing taxable income. (d) by multiplying the item by the difference between the effecti#e income tax rate and the statutory income tax rate. 3 Items 14 to 1: 2 ompany reports the following re#enues and expenses in its pretax financial income for the year ended ecember &1- !44&: 5e#enues P!!-44 6xpenses (14-144) Pretax financial income P -+44 2he re#enues included in pretax financial income are the same amount as the re#enues included in the company7s taxable income. A reconciliation of the expenses reported for pretax financial income to the expenses reported for taxable income- howe#er- re#eals four differences: a. epreciation deducted for financial reporting exceeded depreciation deducted for income taxes by P11-444. b. Percentage depletion deduction for income taxes exceeded depletion deducted for financial reporting by P1+-44. c. "arranty costs deducted for income taxes exceeded warranty expenses deducted for financial reporting by P0-44. d. 8egal expense of P-044 was deducted for financial reporting- it will be deducted for income taxes when paid in a future year. 2he company expenses its percentage depletion to exceed its cost depletion in each of the next + years by the same amount as in !444. At the end of !444- the other three expenses are expected to result in total future taxable or deductible amounts as follows: 2otals 9uture taxable amounts epreciation expense difference P&-444 9uture deductible amounts "arranty expense difference 0-44 8egal expense difference -044 At the beginning of !44&- the company had a deferred tax liability of P!!-!44 related to the depreciation difference and a deferred tax asset of P1/-14 related to the warranty difference. 2he income tax rate for !44& is &+- but in !44! ongress enacted a &4 rate for !44 and thereafter. 14. ;ow much is (a) P+-044 11. ;ow much is (a) P1/-4 1!. ;ow much is (a) P1/-4 1&. ;ow much is (a) P!&-4&4 1. ;ow much is (a) P-+44
the taxable income at ecember &1- !44&% (b) P-+44 (c) P/&-!44 the deferred tax asset at ecember &1- !44&% (b) P!+-+44 (c) P1-!4 the deferred tax liability at ecember &1- !44&% (b) P!+-+44 (c) P1-!4 the current tax income tax expense for !44&% (b) P!!-44 (c) P1-4 the net income after income tax pro#ision at ecember (b) P-/4 (c) P+4-44
(d) P/-/44
A
(d) P10-44
A
(d) P10-44
(d) P!-44 &1- !44&% (d) P+-&4
A
1+. 6lf ompany prepared the following reconciliations of its pretax financial statement income to taxable income for the year ended ecember &1- !444- its first year of operations: Pretax financial income P1-44-444
epreciation in excess of financial statement income ( !+4-444) 2axable income P1-44-444 Assume the income tax is &!- what amount should 6lf report as income tax expense > current portion of its !444 income statement% (a) P1-444 (b) P0-444 (c) P-444 (d) P+1!-444 3
1. 5ed ompany was organi*ed on ?anuary !- !44!- had pretax accounting income of P1-+44-444 and taxable income of P!-44-444 for the year ended ecember &1- !44!. 5ed expected to maintain this le#el of taxable income in future years. 2he only temporary difference is for accrued product warranty costs expected to be paid as follows: !44& P&44-444 !44+ P1+4-444 !44 1+4-444 !44 &44-444 2he applicable enacted income tax rate is &!. In 5ed7s ecember &1- !44! balance sheetthe deferred income tax asset and related #aluation allowance should be: eferred tax asset @aluation allowance eferred tax asset @aluation allowance (a) P4 P4 (c) P!00-444 P4 (b) P!00-444 P!00-444 (d) P4 P!00-444 1/. 5 orp. prepared the following reconciliation of income per boo's with income per tax return for the year ended ecember &1- !44!: 3oo' income before income taxes P44-444 Add: onstruction contract re#enue which will re#erse in !44+ 1!4-444 8ess: epreciation expense which will re#erse in e,ual amounts in each of the next yrs (04-444) P+4-444 57s effecti#e income tax rate is &! for !44!. "hat amount should 5 report in its !44! income statement as a current pro#ision for income taxes% (a) P&0-44 (b) P!00-444 (c) P1/!-044 (d) P&!-44 10. 5 orp.7s income statement for the year ended ecember &1- !44! shows the following: Income before income tax and extraordinary item P1-!4-444 Gain on life insurance co#erage > included 14-444 6xtraordinary item > loss due to earth,ua'e damage !4-444 57s tax rate for !44! is &!. ;ow much should be reported as the pro#ision for income tax in 57s !44! income statement% (a) P!!-444 (b) P!0-044 (c) P&+0-44 (d) P4&-!44 1. nity orp. prepared the following reconciliation between taxable income for the year ended ecember &1- !44!: Pretax accounting income 2axable income ifference Analysis of difference: Interest on money mar'et funds 6xcess of tax depreciation o#er boo' depreciation
pretax accounting income and P1-+44-444 ( 44-444) P 44-444 P 1+4-444
+4-444 P 44-444 nity7s effecti#e income tax rate for !44! is &!. 2he depreciation difference will re#erse in e,ual amounts o#er the next three years at an enacted tax rate of &!. In nity7s !44! income statement- what amount should be reported as the current portion of its pro#ision for income taxes% (a) P!00-444 (b) P&!-444 (c) P04-444 (d) P+!0-444 A
!4. B orp. recei#ed cash of P!44-444 that was included in re#enues in its !44! financial statements- of which P1!4-444 will not be taxable until !44&. B7s enacted tax rate for !44! and !44& is &!. "hat amount should B report in its balance sheet as deferred income tax liability% (a) P!+-44 (b) P&4-/!4 (c) P&0-44 (d) P-404