Which One of the following is true about intraperiod tax allocation?
A. It is required for extraordinary items and cumulative effect of accounting changes but not for prior period adjustments.
B. Its purpose is to allocate income tax expense evenly over a number of accounting periods.
C. It arises because certain revenue and expense items appear in the income statement either before or after they are included in the tax return.
D. Its purpose is to relate the income tax expense to the items which affect the amount of tax.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which One of the following is true about intraperiod tax allocation? A. It is required for extraordinary items and cumulative effect of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
During its first year of operations, Cupola Fan Corporation issued 43,000 of $1 par Class B shares for $450,000 on June 30, 2018. Share issue costs were $2,800.
Answers (1)
How are producers' payments for resources illustrated by the circular flow of the economy?
Answers (1)
Color can affect mood and even productivity in an office. · True or False
Answers (1)
The basic retailing equation states that the cost of an item is not equal to the selling price plus the markup.
Answers (1)
Continuous skills development
Answers (1)
New Questions in Business
Leilani enters into a contract with Metro Taxi Company to work as a cabdriver. Under the plain meaning rule, if the contract's writing is clear and unequivocal, the meaning of the terms must be determined from a. any relevant extrinsic evidence. b.
Answers (1)
Antonio would like to replace his golf clubs with a custom-measured set. A local sporting goods megastore is advertising custom clubs for $570 , including a new bag. In-store financing is available at 2.
Answers (1)
Conventional promotional efforts and "sale speak" should be used in all of a company's social media conversations to persuade the audience. true
Answers (1)
You have two investments. The value of Investment A at the end of April was $500, at the end of May was $600, and at the end of June was $400.
Answers (1)
2017 Sold $1,351,700 of merchandise (that had cost $981,800) on credit, terms n/30. Wrote off $21,500 of uncollectible accounts receivable. Received $670,400 cash in payment of accounts receivable.
Answers (1)