Search

In Stock

Intermediate Accounting Volume 2 Canadian 7th Edition By Beechy – Test Bank

Instant delivery only

  • ISBN-10 ‏ : ‎ 1259108023
  • ISBN-13 ‏ : ‎ 978-1259108020

Original price was: $55.00.Current price is: $28.00.

SKU:tb1002511

Intermediate Accounting Volume 2 Canadian 7th Edition By Beechy – Test Bank

Chapter 16

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Deferred income tax liabilities are amounts owed to the government.
A) True B) False
Answer: B
2) The phrase “provision for income taxes” encompasses both income tax expenses and liabilities.
A) True B) False
Answer: B
3) Deferred taxes appear on a company’s balance sheet as a result of inter-period tax allocation.
A) True B) False
Answer: B
4) Temporary differences occur only because accounting standards and income tax laws differ as to when they recognize assets, liabilities, owners’ equity, revenues, gains, expenses, and losses.
A) True B) False
Answer: B
5) The use of inter-period income tax allocation is mandatory under ASPE.
A) True B) False
Answer: B
6) Temporary differences relate only to items that will be recognized on both the income statement and the tax return, but in different reporting periods.
A) True B) False
Answer: B
7) Temporary differences very seldom reverse (i.e., turnaround) in one or more future reporting periods.
A) True B) False
Answer: B
8) Permanent differences are those that factor into the computation of both net income and taxable income.
A) True B) False
Answer: B
9) Income tax expense generally equals the product of the current period income tax rate and pre-tax accounting income.
A) True B) False
Answer: B
10) Under IFRS, the amount of taxes paid must be disclosed on the face of the cash flow statement.
A) True B) False
Answer: B

Reviews

There are no reviews yet.

Write a review

Your email address will not be published. Required fields are marked *

Back to Top
Product has been added to your cart