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1. Which entities are required to apply deferred tax accounting?
I. Public Entities II. Nonpublic entities a. I only b. II only c. Both I and II d. Neither I nor II 2. It is the excess of taxable revenue over tax deductible expense and exemptions for the year as defined by the Bureau of Internal Revenue a. Taxable income b. Accounting income per book c. Accounting income subject to tax d. Comprehensive income 3. It is the net profit for a period before deducting tax expense a. Accounting profit b. Taxable profit c. Gross profit d. Net profit 4. This is a difference between the tax basis of an asset or liability and its carrying amount that will result in taxable or deductible amounts in future years when the carrying amount of the asset or liability is recovered or settled. I. Temporary difference II. Permanent difference a. I only b. II only c. Both I and II d. Neither I nor II 5. Taxable temporary difference is the I. Temporary difference that will result in future taxable amount in determining taxable income of future periods when the carrying amount of the asset or liability is recovered or settled. II. Temporary difference that will result in future deductible amount in determining taxable income of future periods when the carrying amount of the asset or liability is recovered or settled. a. Both I and II b. I only c. II only d. Neither I nor II Answers: 1.c 2.a 3.a 4.a 5.b
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