NCOME TAX ACCOUNTING - Preview

(BSA22M1_INTACC 2)
An asynchronous activity in INTACC 2 - May 20, 2021
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Points:
18/30
1.A taxable temporary differences arises in installment sales. This is because taxable
income is ___________ than financial income.Single line text.
(3/3 Points)
less

2.In relation to no. 1, financial income is ___________ because profit has to be realized
first in taxable income.Single line text.
(3/3 Points)
greater

3.Items 3 and 4 Prepayment give rise to a ____(3)_______ expense under ______(4)________

incomeSingle line text.
(0/3 Points)

Correct answers: lower
4.Put your answer in no. 4 here.Single line text.
(0/3 Points)

Correct answers: financial
5.Item 5 and 6. Interests received from Investment in treasury bills is an example of a
_____(5)______ differences. This means, they are ________(6)_______ when computing
taxable income.Single line text.
(3/3 Points)
permanent

6.Put your answer in no. 6 here.Single line text.

(3/3 Points)
excluded

7.A customer who paid in advance is income to be recognized in full by the entity
under ________ income.Single line text.
(3/3 Points)
 taxable

8.items 8 and 9. The amount received in no. 7 is to be treated as a _________ (8)________

under financial accounting, thus, financial income is ______ (9)________.Single line text.
(3/3 Points)
liability

9.Put your answer here for no. 9Single line text.

(0/3 Points)

Correct answers: lower
10.Deferred tax liabilities are considered future tax liabilities or __________ as compared
to deferred tax asset as advanced taxes paid. Single line text.
(0/3 Points)

Correct answers: Income tax payable

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