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    Problem 15-1 Multiple Choice

    Uploaded by

    Mobi Dela Cruz
    This document contains a 10 question multiple choice quiz on deferred tax accounting concepts. It tests understanding of key terms like temporary differences, deferred tax assets and liabilities, accounting profit vs taxable profit, and how deferred tax expense is calculated. The correct answers are provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Problem 15-1 Multiple Choice

    Uploaded by

    Mobi Dela Cruz
    33 views3 pages
    This document contains a 10 question multiple choice quiz on deferred tax accounting concepts. It tests understanding of key terms like temporary differences, deferred tax assets and liabilities, accounting profit vs taxable profit, and how deferred tax expense is calculated. The correct answers are provided.

    Original Description:

    valix

    Original Title

    chap15prob1

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    This document contains a 10 question multiple choice quiz on deferred tax accounting concepts. It tests understanding of key terms like temporary differences, deferred tax assets and liabilities, accounting profit vs taxable profit, and how deferred tax expense is calculated. The correct answers are provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    33 views3 pages

    Problem 15-1 Multiple Choice

    Uploaded by

    Mobi Dela Cruz
    This document contains a 10 question multiple choice quiz on deferred tax accounting concepts. It tests understanding of key terms like temporary differences, deferred tax assets and liabilities, accounting profit vs taxable profit, and how deferred tax expense is calculated. The correct answers are provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Problem 15-1 Multiple choice

    1. Which entities are required to apply deferred tax accounting?

    I. Public entities
    II. Nonpublic entities

    a. I only
    b. II only
    c. Both I and II
    d. Neither I nor II

    2. These are differences that will result in future taxable amount in determining taxable
    profit of future periods when carrying amount of the asset or liability is recovered or
    settled.

    a. Temporary Difference
    b. Taxable Temporary Difference
    c. Deductible Temporary Difference
    d. Permanent Temporary Difference

    3. These are differences that result in future deductible amount in determining taxable
    profit in future periods when the carrying amount of the asset or liability recovered
    or settled.

    a. Taxable Temporary Differences


    b. Deductible Temporary Differences
    c. Taxable Temporary and Permanent Differences
    d. Deductible Temporary and Permanent Differences

    4. It is the deferred tax consequence attributable to a taxable temporary difference.

    a. Deferred Tax Liability


    b. Deferred Tax Asset
    c. Current Tax Liability
    d. Current Tax Asset

    5. It is the deferred tax consequence attributable to a deductible temporary difference


    and operating loss carry forward.

    a. Deferred Tax Liability


    b. Deferred Tax Liability
    c. Current Tax Liability
    d. Current Tax Asset

    6. It is the profit for a period before deducting tax expense.

    a. Accounting Profit
    b. Taxable Profit
    c. Gross Profit
    d. Net Profit

    7. It is the aggregate amount included in the determination of net profit for the period in
    respect of current tax and deferred tax.

    a. Tax Expense
    b. Current Tax Expense
    c. Deferred Tax Expense
    d. Deferred Tax Benefit

    8. It is the profit for a period determined in accordance with the rules established by
    taxation authorities upon which income taxes are payable.

    a. Accounting Profit
    b. Taxable Profit
    c. Net Profit
    d. Accounting profit subject to tax

    9. It is the amount of income tax payable in respect of taxable profit.

    a. Current Tax Expense


    b. Total income tax expense
    c. Deferred Tax Expense
    d. Deferred Tax Benefit

    10. The deferred tax expense is equal to

    a. Increase in deferred tax asset less increase in deferred tax liability.


    b. Increase in deferred tax liability less increase in deferred tax asset.
    c. Increase in deferred tax asset.
    d. Increase in deferred tax liability.

    Answers: Chapter 15-1


    1. C 6. A
    2. C 7. A
    3. C 8. B
    4. A 9. A
    5. B 10. B

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