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    Ias

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    Nguyễn Lê Phương Uyên
    The document contains 12 multiple choice questions regarding IAS 12, which provides guidance on accounting for income taxes. Some key points covered are: 1) Taxable temporary differences result in a deferred tax liability and deductible temporary differences result in a deferred tax asset. 2) Permanent differences do not require a deferred tax liability or asset. 3) Temporary differences arise when the carrying amount of an asset or liability differs from its tax base. 4) IAS 12 prescribes the accounting treatment and tax consequences of transactions that are recorded in a company's financial statements as well as the future liquidation of assets and liabilities.

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    Ias

    Uploaded by

    Nguyễn Lê Phương Uyên
    10 views5 pages
    The document contains 12 multiple choice questions regarding IAS 12, which provides guidance on accounting for income taxes. Some key points covered are: 1) Taxable temporary differences result in a deferred tax liability and deductible temporary differences result in a deferred tax asset. 2) Permanent differences do not require a deferred tax liability or asset. 3) Temporary differences arise when the carrying amount of an asset or liability differs from its tax base. 4) IAS 12 prescribes the accounting treatment and tax consequences of transactions that are recorded in a company's financial statements as well as the future liquidation of assets and liabilities.

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    The document contains 12 multiple choice questions regarding IAS 12, which provides guidance on accounting for income taxes. Some key points covered are: 1) Taxable temporary differences result in a deferred tax liability and deductible temporary differences result in a deferred tax asset. 2) Permanent differences do not require a deferred tax liability or asset. 3) Temporary differences arise when the carrying amount of an asset or liability differs from its tax base. 4) IAS 12 prescribes the accounting treatment and tax consequences of transactions that are recorded in a company's financial statements as well as the future liquidation of assets and liabilities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    10 views5 pages

    Ias

    Uploaded by

    Nguyễn Lê Phương Uyên
    The document contains 12 multiple choice questions regarding IAS 12, which provides guidance on accounting for income taxes. Some key points covered are: 1) Taxable temporary differences result in a deferred tax liability and deductible temporary differences result in a deferred tax asset. 2) Permanent differences do not require a deferred tax liability or asset. 3) Temporary differences arise when the carrying amount of an asset or liability differs from its tax base. 4) IAS 12 prescribes the accounting treatment and tax consequences of transactions that are recorded in a company's financial statements as well as the future liquidation of assets and liabilities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    IAS 12

    Câu Hỏi 1 Which of the following statements is true?


    a.When carrying amount of an asset is greater than its tax base, then deductible temporary
    difference arises

    b.Taxable temporary differences result in a deferred tax asset and deductible temporary
    differences result in a deferred tax liability.

    c.Taxable temporary differences result in a deferred tax liability and deductible temporary
    differences result in a deferred tax asset

    d.When carrying amount of an asset is lower than its tax base, then taxable temporary difference
    arises

    Câu Hỏi 2 Permanent differences require:


    a.Provision

    b.Contingent liability

    c.Deferred tax liability (or deferred tax asset)

    d.None of these

    Câu Hỏi 3 The current liabilities of an entity include fines and penalties for environmental
    damage. The fines and penalties are stated at $10 million. The fines and penalties are not
    deductible for tax purposes. What is the tax base of the fines and penalties?
    a.Zero.

    b.$3 million.

    c.$10 million.
    d.$13 million.

    Câu Hỏi 4 Deferred tax shall never be recognized for:

    a.Goodwill arising on business combination.


    b.Research expenses paid in previous periods that are not shown in the statement of financial
    position but will be tax deductible in the future.
    c.Tax losses and tax credits
    d.Machinery revalued to its fair value.

    Câu Hỏi 5 The difference between the carrying amount of a revalued asset and its tax base is a:

    a.Permanent difference

    b.Temporary difference
    c.It can either be temporary difference or a permanent difference

    Câu Hỏi 6 The difference between the carrying amount of a revalued asset and its tax base is a:

    a.Temporary difference
    b.Permanent difference
    c.Either a or b

    Câu Hỏi 7 Temporary differences arise:


    a.When the carrying amount of an asset or liability differs from its tax base

    b.When deferred tax differs from current tax

    c. When deferred tax is applied

    Câu Hỏi 8 A tax base of an asset or a liability is:

    a.The amount that can be deductible in the future tax return with respect to that asset or liability
    b.The amount attributed to that asset or liability for tax purposes
    c.Difference between the temporary difference of that asset of liability and the present value of
    future cash flows derived from that asset or liability
    d.Difference between the temporary difference of that asset or liability and its fair value.

    Câu Hỏi 9 Deferred tax relates to: (i) Deductible temporary differences; (ii) Unused tax losses;
    (iii) Unused tax credits; (iv) Taxable temporary differences; (v) permanent differences

    a.(i) to (v) all;


    b.(i), (ii), (iii) and (iv) only
    c.(i) and (ii) only
    d.(i), (ii) and(iii) only
    Câu Hỏi 10 An entity is undertaking a reorganization. Under the plan, part of the entity’s
    business will be demerged and will be transferred to a separate entity, Entity Z. This also will
    involve a transfer of part of the pension obligation to Entity Z. Because of this, Entity Z will
    have a deductible temporary difference at its year-end of December 31, 20X4. It is anticipated
    that Entity Z will be loss-making for the first four years of its existence, but thereafter it will
    become a profitable entity. The future forecasted profit is based on estimates of sales to
    intergroup companies. Should Entity Z recognize the deductible temporary difference as a
    deferred tax asset?

    a. Management should not recognize a deferred tax asset as future profitability is not
    certain
    b. The entity should recognize a deferred tax asset if the intergroup profit in the budgeted
    profit is eliminated.
    c. The entity should recognize a deferred tax asset if the authenticity of the budgeted
    profits can be verified
    d. The entity should recognize a deferred tax asset.

    Câu Hỏi 11 Under IAS 12, if tax base of an asset is higher than its carrying amount, a temporary
    different is

    a. either taxable or decutible


    b. taxable
    c. neither taxable nor deductible
    d. Deductible

    Câu Hỏi 12 IAS 12 prescribes the accounting treatment for income taxes, and the tax
    consequences of: (1) Transactions of the current period that are recorded in an undertaking's
    financial statements; (2) The future liquidation of the of assets and liabilities that are recorded in
    an undertaking's statement of financial position; and (3) Tax planning opportunities

    a. 1 only
    b. 1 and 2 only
    c. 1,2 and 3 all
    d. 2 and 3

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