Quiz 16.117 – Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Match each phrase with its corresponding terminology, balance sheet, permanent difference, etc…
Match each phrase with its corresponding terminology, balance sheet, permanent difference, etc…
Enacted tax rate changes affect income tax expense only in the years when tax payable is affected.
A deferred tax liability from an NOL carryforward should be classified as current if the NOL is expected to be recovered in the following year.
The tax benefit of an NOL carried back two years creates a current receivable for an income tax refund.
What procedures are required by GAAP for accounting for income taxes?
What is the result of inter-period tax allocation?
Which difference between financial accounting and tax accounting usually creates a deferred tax liability?
How do financial and tax accounting differ, and what are the implications of these differences for creating deferred tax liabilities?
What difference between financial accounting and tax accounting typically results in a deferred tax asset?
What difference between financial accounting and tax accounting typically results in a deferred tax asset?