PAS 12 Income taxes

24問 • 10ヶ月前

問題一覧

What are the other terms for Accounting Profit (Loss)?

all of these

Which of the following statements accurately describes an occurrence of a difference between accounting profit and taxable income?

Revenues and expenses may be recognized in one reporting period for accounting purposes and in another period for tax purpose.

It is the amount of income tax payable (recoverable in respect of the taxable profit (tax loss) for a period

current tax expense

What are the examples of Permanent Differences?

c. both a and b

Are the amounts of income taxes recoverable in future periods in respect of (a.) deductibletemporarydifferences, (b.) the carryforward of unused tax losses, and (c.) the carryforward of unused taxcredits

deferred tax assets

Which is true among the following statements regarding the tax base of an asset?

both statement are false

PAS 12 is all about?

income taxes

Which of the following is not correct regarding the recognition of a deferred tax asset or a deferred tax liability?

Recognizing a deferred tax asset reduces the tax payment in the current period, below the amount that would have to be paid if ony the tax laws are used to compute for the tax due

These are differences that have future tax consequences

temporary difference

This type of difference will give rise to deferred tax liability

taxable temporary difference

Deferred tax assets and deferred tax liabilities do not alter the tax to be paid in thecurrent period. However, they cause tax payments to either increase or decreasewhen they reverse in a future period. The reversal of which of the following willcause an increase in tax payment

deferred tax liability

During the period, deferred tax assets increase by ₱400 while deferred taxliabilities increase by ₱500. The net change of ₱100 is a?

deferred tax expense

At the end of the period, Entity A has taxable temporary difference of ₱100,000.Entity A’s income tax rate is 30%. Entity A’s statement of financial position wouldreport which of the following?

30,000 deferred tax liability

If the income tax expense in the statement of comprehensive income is computed using PFRSs, where does the current tax expense in income tax return is computed?

using Philippine tax law

is the total amount included in the determination of profit or loss for the period. It "comprises current tax expense

income tax expense

If the increase in deferred tax liability exceeds the increase in deferred tax asset, the difference is

deferred tax expense

If the increase in deferred tax asset exceeds the increase in deferred tax liability, the difference is

deferred tax income

It arise when income and expenses enter in the computation of either accounting profit or taxable profit but not both. If an item is included in the computation of one, it will never enter in the computation of the other.

permanent difference

It usually arise from non-taxable and non-deductible expenses and those that have already been subjected to final taxes. In other words, these are items excluded from the income tax return.

permanent difference

It arise when income and expenses are recognized for financial reporting purposes in one period but are recognized for taxation purposes in another period

timing difference

PAS 12 requires the use of this method

asset liability method

If a monetary asset or liability becomes taxable or tax feductible only when cash is collected or paid, the tax base of the astor liability is equal to

zero

what PAS 12 prohibits?

prohibits the discounting of deferred tax asset and loabilities

PAS 12 permits offsetting of current tax assets and liabilities if?

a. the entity has legally enforceable right

Cfas (overview of accounting)

ユーザ名非公開 · 75問 · 11ヶ月前

Cfas (overview of accounting)