Financial Accounting and Reporting - Week 7 Each solution is perfectly accurate, guaranteeing full marks.
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Course
FAC1601 Financial Accounting & Reporting
Institution
FAC1601 Financial Accounting & Reporting
Taxable profit - Answer Profit for taxation purposes is known as taxable profit and is determined in
accordance with Australian income tax legislation, not according to general accounting rules.
Is accounting profit the same as taxable profit? - Answer No
'Balance sheet' method - Answer this mea...
Taxable profit - Answer Profit for taxation purposes is known as taxable profit and is determined in
accordance with Australian income tax legislation, not according to general accounting rules.
Is accounting profit the same as taxable profit? - Answer No
'Balance sheet' method - Answer this means the recognition of tax-related assets and liabilities in
the balance sheet is based on the differences between accounting and tax values of assets and liabilities
Carrying amount - Answer is the amount the asset or liability is recorded at in the accounting
records
Tax base - Answer defined as the amount that is attributed to an asset or liability for tax purposes
what are the Temporary Differences - Answer - A taxable temporary difference (TTD)
- A deductible temporary difference (DTD)
§A taxable temporary difference (TTD) - Answer - will result in an increase in income tax payable
(recoverable) in future periods when the carrying amount of the asset or liability is recovered or settled
- Creates a liability—deferred tax liability
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