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- Sales tax payable, accounts payable, payroll liabilities and unearned revenue are all examples of: Group of answer choices long-term liabilities unknown liabilities current assets current liabilitiesWhich of the following creates temporary difference between financial and taxable income? * Interest on treasury debt securities Accelerated depreciation on plant and equipment O Fines from vilation of law Premiums paid for officer's life insurance (comapny is beneficiary)To arrive at the accumulated taxable income, which of the following items does not represent a positive adjustment? A. Capital loss carryovers В. Net operating loss deduction С. Capital losses in excess of capital gains D. Dividends received deduction
- Which of the following items isreported net of related income taxes?a. Gain or loss from discontinued operations.b. Gain or loss from disposal of property, plant, andequipment.c. Interest on long-term debt.d. Gain or loss from early extinguishment of debt.For assets acquired on credit or by installment, the cost or fair value is equal to: A. cash purchase priceB. invoice priceC. installment priceD. list priceWhich of the following creates a taxable temporary- difference? I. Prepaid expenseII. Estimated liabilities Ill. Unearned incomeIV. Installment receivable Choices: I, II, and IV II and IV I, II and III I and IV
- For an individual investor, investment in which one of the following accounts has the best liquidity? regular taxable investment account 401 (k) IRA Roth IRAThe installment method of reporting gains can be justified based on A. Mitigation of the annual accounting period B. Wherewithal to pay C. Social considerations D. Both mitigation of the annual accounting period and wherewithal to paynon-current portion of term loans, employee's end of service benefits, defferred tax liability, current potion of term loans, taxation, share capital, share premium, investement in an associate, investement at fair value through other comprehensive income, investement at amortization cost. 1) list down long term liabilities. 2)list down short term and long term investements.
- The following are deductions from items of income, except: * Cost of sales or service Regular allowable deductions Net Operating Loss Carry-Over Net Capital Loss Carry-Over1. The amount of income taxes that relate to financial income subject to tax is reported on the income statement as A. long-term deferred income taxes (credit) C. income tax expense B. current deferred income taxes (debit) D. income tax payable 2. An item that would create a permanent difference in pretax financial and taxable income would be A. using accelerated depreciation for tax purposes & straight line depreciation for book purposes. B. using the percentage of completion method on long-term construction contracts. C. purchasing equipment previously leased with an operating lease in prior years. D. paying fines for violation of laws. 3. Which of the following is the most likely item to result in a deferred tax asset? A. using completed contract method of recognizing construction revenue tax purposes, but using percentage of completion method for financial reporting purposes. B. using accelerated depreciation for tax purposes but straight-line depreciation for accounting purposes.…Accounting profit is O A. The The profit or loss is for a period determined before deducting in accordance tax expense O B. The profit or loss is for a period determined in accordance with tax law C. The profit or loss after for a period after deducting tax expense O D. The profit or loss after current tax expense determined accordance with tax law