Chapter 16 - Income Taxes ACC
206 with 1005 correct answers
temporary difference
arise when tax rules and accounting rules recognize income in
different periods
income tax expense
reported each period should be the amount caused by that period's
events and activities, regardless of the period in which the tax law
indicate a tax obligation exists
Previous
Play
Next
Rewind 10 seconds
Move forward 10 seconds
Unmute
0:01
/
0:15
Full screen
Brainpower
Read More
future taxable amounts (DTL)
if tax laws require the company to pay more tax than is indicated by
the activities will lead to a:
future deductible amounts (DTA)
if tax laws require the company to pay more than is indicated by the
activities reported in the current period's income statement, the
company reports a:
, deferred tax liabilities on the revenue side
reported in the income statement now, but later on the tax return
- installment sales of property and unrealizes gain from recording
investments at fair value
deferred tax assets on the revenue side
reported on the tax return now, but in the income statement later
- rent controlled in advance
- subscriptions collected in advance
- other revenue collected in advance
deferred tax assets on the expense side
reported in the income statement now, but later on the tax return
- estimated expenses and loss and unrealized loss from recording
investments at fair value or inventory at LCM
deferred tax liabilities on the expense side
reported on the tax return now, but on the tax return later
- accelerated depreciation on the tax return in excess of straight
line depreciation in the income statement
- prepaid expenses
sooner
tax laws permit the cost of a depreciable asset to be deducted in
the tax return _____ than it is reported as a depreciation expense in
the income statement
valuation allowance
is needed if taxable income is anticipated to be insufficient to
realize the tax benefit
more likely than not the deferred tax asset will not be realized
we then reduce a deferred tax asset by a valuation allowance if it
is...
deferred tax asset - valuation allowance
if we use a valuation allowance, how do we find the new book value
of the deferred tax asset
permanent difference (subtracted)
206 with 1005 correct answers
temporary difference
arise when tax rules and accounting rules recognize income in
different periods
income tax expense
reported each period should be the amount caused by that period's
events and activities, regardless of the period in which the tax law
indicate a tax obligation exists
Previous
Play
Next
Rewind 10 seconds
Move forward 10 seconds
Unmute
0:01
/
0:15
Full screen
Brainpower
Read More
future taxable amounts (DTL)
if tax laws require the company to pay more tax than is indicated by
the activities will lead to a:
future deductible amounts (DTA)
if tax laws require the company to pay more than is indicated by the
activities reported in the current period's income statement, the
company reports a:
, deferred tax liabilities on the revenue side
reported in the income statement now, but later on the tax return
- installment sales of property and unrealizes gain from recording
investments at fair value
deferred tax assets on the revenue side
reported on the tax return now, but in the income statement later
- rent controlled in advance
- subscriptions collected in advance
- other revenue collected in advance
deferred tax assets on the expense side
reported in the income statement now, but later on the tax return
- estimated expenses and loss and unrealized loss from recording
investments at fair value or inventory at LCM
deferred tax liabilities on the expense side
reported on the tax return now, but on the tax return later
- accelerated depreciation on the tax return in excess of straight
line depreciation in the income statement
- prepaid expenses
sooner
tax laws permit the cost of a depreciable asset to be deducted in
the tax return _____ than it is reported as a depreciation expense in
the income statement
valuation allowance
is needed if taxable income is anticipated to be insufficient to
realize the tax benefit
more likely than not the deferred tax asset will not be realized
we then reduce a deferred tax asset by a valuation allowance if it
is...
deferred tax asset - valuation allowance
if we use a valuation allowance, how do we find the new book value
of the deferred tax asset
permanent difference (subtracted)
