Financial Accounting and Reporting - Week 7 Exam Questions and Answers with Complete Solutions
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Course
Financial
Institution
Financial
Financial Accounting and Reporting -
Week 7 Exam Questions and Answers
with Complete Solutions
Taxable profit - 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 account...
Taxable profit - ✔✔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? - ✔✔No
'balance sheet' method - ✔✔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 - ✔✔is the amount the asset or liability is recorded at in
the accounting records
Tax base - ✔✔defined as the amount that is attributed to an asset or
liability for tax purposes
what are the Temporary Differences - ✔✔- A taxable temporary difference
(TTD)
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