ACCT 301
University Of San Diego
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Class notes ACCT 301
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Reporting of tax related accounts on GAAP based financial statements is often difficult because a reconciliation between income per tax laws and income per GAAP is required to determine the correct amounts to report.



To determine the correct tax amounts you must focus upon the differences between:



GAAP Income VERSUS Taxable Income (per tax laws)



There are often differences in the two income numbers. In general, the tax laws generally require revenues and expenses to be shown on a cash b...
Class notes
Class notes ACCT 301
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ago
Reporting of tax related accounts on GAAP based financial statements is often difficult because a reconciliation between income per tax laws and income per GAAP is required to determine the correct amounts to report. 
 
To determine the correct tax amounts you must focus upon the differences between: 
 
GAAP Income VERSUS Taxable Income (per tax laws) 
 
There are often differences in the two income numbers. In general, the tax laws generally require revenues and expenses to be shown on a cash b...
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Fear of missing out? Then don’t!
Do you wonder why so many students wear nice clothes, have money to spare and enjoy tons of free time? Well, they sell on Stuvia! Imagine your study notes being downloaded a dozen times for $15 each. Every. Single. Day. Discover all about earning on Stuvia
Do you wonder why so many students wear nice clothes, have money to spare and enjoy tons of free time? Well, they sell on Stuvia! Imagine your study notes being downloaded a dozen times for $15 each. Every. Single. Day. Discover all about earning on Stuvia