(R) The balance sheet elimination for an intercompany profit in land involves the deduction of the after-tax profit from the "land" account. true or false

For tax purposes, one of the requirements to recognize income is: A) The transaction does not have to be completed. B) The income cannot be tax-exempt. OC) The transaction does not have to have an economic benefit. J D) None of these.

To arrive at the accumulated taxable income, which of the following items does not represent a positive adjustment? A. Capital loss carryovers В. Net operating loss deduction С. Capital losses in excess of capital gains D. Dividends received deduction

Difference between the tax treatment of the purchase of a capital asset, such as a machine vs the tax treatment of an expense such as labor costs.

1. If a Revaluation of an asset is done for the first time and there is a revaluation gain, this should be shown in a. Other Comprehensive Income as a Negative figure b. Other Comprehensive Income as a Positive figure c. The Statement of Profit and Loss Account as an Expense d. The Statement of Profit and Loss as Income

None

With respect to transaction and translation gains and losses:   a. transaction gains and losses are taxable but have no immediate cash flow impact.   b. transaction gains and losses have immediate cash flow and tax consequences, translation gains and losses have neither.   c. transaction gains and losses have an immediate cash flow impact, but taxation is deferred until the related assets are sold.   d. transaction and translation gains are taxable, but only transaction losses are tax deductible.

Examples of items that are adjusted directly against equit rather than being included as part opf profit or loss.

tyt

A temporary difference which would result in a deferred tax liability is a) installment sale included in accounting income at the time of sale but not in tax incomeb) subscription received in advancec) research cost is recognized as expense in accounting income but not in tax incomed) Dividend revenue on equity investment