How have the recent revenue recognition standards affected the book/ tax accounting

Q: What work do tax accounting professionals perform in addition to preparing tax returns?

A: Accounting is an important aspect for any business. Without proper accounting, the business owners…

Q: When is a company allowed to initially recognize the financial statement effects of a tax position?

A: An entity shall initially recognize the financial statement effects of a tax position when it is…

Q: What is the depreciation method that is used for tax accounting purposes? How is it different than…

A: Accelerated depreciation method:

Q: What do we mean by revenue recognition? What does GAAP say about proper revenue recognition?

A:

Q: How does payments for tax and licenses affect accounting equation

A: The accounting equation shows that the asset is equal to the sum of liabilities and stockholders'…

Q: Which of the following refunds is not subject to income tax a, Local tax expense b.Special…

A: Answer: Th refund which is not subject to income tax are those amount for which earlier deduction…

Q: Are there differences between financial reporting standards and income tax rules thatwill not cause…

A: Normally, business follow GAAP in preparing their financial statements in order to arrive at their…

Q: What is the main principle of tax-effect accounting as outlined in AASB 112/IAS

A: Answer: According to data - This report discusses the main principle of tax effect accounting and…

Q: Discuss the causes of temporary differences and permanent differences in income tax accounting; For…

A: A permanent difference is the difference between the tax expense (booked in accounts) and tax…

Q: When should revenue be recognised? Are there exceptions to the general rule?

A: Definition:   The revenue recognition principle: The revenue recognition principle refers to the…

Q: added to the financial income in computing for the taxable income?

A: First option is wrong because the unrealizable gains from trading securities is to be deducted from…

Q: What qualitative and quantitative disclosures arerequired related to revenue recognition?

A: Revenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific…

Q: Which of the following may be relied on and cited as authority for a tax position taken on a…

A: A tax function is a function that an entity takes in a formerly filed tax go back or expects to soak…

Q: Which of the following accounts would not be involved in preparing the income statement? Group of…

A: Profit and loss : Amount earned or lost on the sale of one or more items is referred to as the…

Q: What’s the difference? Explain to Laura how differences between financial reportingstandards and…

A: Accounting income reported in accordance with financial reporting standards and taxable income under…

Q: How does Dropbox apply GAAP to revenue recognition? Explain and give examples.

A: Generally Accepted Accounting(GAAP) GAAP are a set of rules the encompass the details, complexities…

Q: What Accounting periods and accounting methods available to individuals for tax purposes?

A: Internal Revenue Service (IRS) advises that each taxpayer (individual) must figure taxable income on…

Q: of an ad valorem tax on person al use property than for busine

A: Ad valorem taxes are proportional to the value of the asset on which it is charged.

Q: May an exaction be both a tax and regulatory fee

A: First of all we need to understand that Tax and Regulatory fees both are independent and can not…

Q: taxation

A: Introduction: Taxation is defined as compulsory levy by the government on both indivdiuals &…

Q: When should revenue be recognised? Are there exceptions to the general rule?

A: Introduction: Revenue is computed by adding the average sales price by the number of units sold. Net…

Q: Which of the following is NOT a reason why timing is significant in tax? Group of answer choices…

A: Tax: When any assesse is earned the income from any sources of income which are mentioned in the tax…

Q: Discuss to what extent deferred tax accounting can be used for income smoothing.

A: Deferred tax is referred as an income taxes for the tax on the losses or profits of the company…

Q: What are some of the reasons that the components ofincome tax expense should be disclosed and a…

A:

Q: Statements of procedures that affect the rights and obligations of taxpayers or the public in…

A: As per IRC, a revenue procedure seems to be a statement of procedure that affects taxpayers' rights…

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to…

A: GAAP: Generally accepted accounting principles (GAAP). It refers to accounting principles, standards…

Q: What is the IRS’s requirement for tax reporting regarding the choice of a denominator-level capacity…

A: Denominator-level Capacity Concepts:Denominator-level capacity concept is a term used to depict the…

Q: 0 How are deferred tax assets and deferred tax liabilities reported in a classified balance sheet?

A:

Q: Instructions: Using the FASB Codification, provide information from the ASC that answers the…

A: A tax position is a person's or an organization's opinion or interpretation of the tax ramifications…

Q: How can you propose additional content to make the tax footnote to the financial statement more…

A: The footnotes to the financial statements include additional information that describes how a…