Question Details

(Solved) (Latest ver. Aug 2020) - Multiple choice

Brief item decscription

Item details:


A temporary difference arises when a revenue item is reported for tax purposes in a period

After it is reported Before it is reported
in financial income in financial income

a. Yes Yes
b. Yes No
c. No Yes
d. No No

3. A deferred tax liability is classified on the balance sheet as either a current or a noncurrent liability. The current amount of a deferred tax liability should generally be
a The net deferred tax consequences of temporary differences that will result in net taxable amounts during the next year
b Totally eliminated from the financial statements if the amount is related to a noncurrent asset.
c Based on the classification of the related asset or liability for financial reporting purposes.
d The total of all deferred tax consequences that are not expected to reverse in the operating period or one year, whichever is greater


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