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: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: Explain how a change in tax rates affects the measurement of deferred tax amounts.

A: Deferred Tax Asset Items on a company's balance sheet that may be used to reduce taxable income in…

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: Which of the following is NOT a power granted to the tax authority?

A: Tax authorities are responsible for administering and enforcing tax laws and regulations within…

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: Which of the following users of accounting verifies accounting information to check the Tax…

A: Regulatory agencies check whether the company is complying with all the tax compliance of the…

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: 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: Income Taxation What did you learn in the subject income taxation

A: Learning from income tax   1) Income tax collection is maintained by the internal revenue services…

Q: Distinguish the difference between Tax Structure and Tax Rates

A: Meaning of Tax Tax is a source of revenue to the Government. Different types of taxes are paid by…

Q: Who is responsible for substantiating income tax deductions and how are income tax deductions…

A: Introduction: Income is the money that a person or organization receives after investing capital,…

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: 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: How is tax accounting different from financial accounting?

A: Accounting: It can be defined as the process of summarizing and recording the company’s financial…

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: Which of the following methods is not allowed for tax purposes if FIFO (first in first out) is used…

A: Under FIFO(First in, First Out) method, inventories purchased first are assumed to be sold first.…

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: 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: 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: Is input tax and output tax shown on the accounting worksheet?

A: 1. Input Tax - Input Tax is a tax on the purchase of the goods or expenses incurred. 2. Output Tax -…

Q: why is inventory manamenet important in tax planning

A: Inventory Management: Inventory Management  creates a business forecast that ensure business…

Q: In your opinion, should “tax arbitrage” be made legal? Discuss and provide examples.

A: Tax arbitrage is the practice of profiting from differences that arise from the ways various types…