Quiz 16.113 – Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Match each phrase with its corresponding terminology, valuation allowance, operating loss, etc…
Match each phrase with its corresponding terminology, valuation allowance, operating loss, etc…
Match each phrase with its corresponding terminology, operating loss carryforward, deferred tax asset, etc…
Match each situation if it is a deferred tax asset, a deferred tax liability, or neither.
Match each phrase with its corresponding terminology, balance sheet, permanent difference, etc…
Enacted tax rate changes that are not effective in the current period do not impact deferred tax accounts until the new rates take effect.
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.
The classification of deferred tax assets and liabilities is based on the expected timing of the reversal of the underlying temporary difference.
What procedures are required by GAAP for accounting for income taxes?