ACF2100 Deferred Tax Issues

A professional and engaging illustration depicting deferred tax concepts, journal entries, and accounting principles in a classroom or office setting.

Understanding Deferred Tax Issues

Welcome to the ACF2100 Deferred Tax Issues quiz! This quiz is designed to test your knowledge on key concepts related to deferred tax, including temporary differences and journal entries. Whether you are a student, teacher, or professional in the field, this quiz will help enhance your understanding of deferred tax accounting.

Key features of this quiz:

Four multiple-choice questions
Score your knowledge immediately
Great for refreshing concepts and preparing for exams

4 Questions1 MinutesCreated by CalculatingTax101

If an Assets carrying value is larger than the tax base it creates a

Taxable Temporary Difference

Deductible Temporary Difference

No temporary Difference

If we have Goodwill with a carry value of 20,000 and taxable base of 21,000 what will we have?

Taxable Temporary Difference

Deductible Temporary Difference

No Temporary Difference

What will be the 3rd journal entry?

Dr. Income tax expense Cr. Deferred Tax Liability

Dr. Deferred Tax Liability Cr. Income Tax Revenue

Dr. Income Tax Revenue Cr. Income Tax Expense

Dr. Deferred Tax Liability Cr. Income Tax Expense

What will be the 3rd journal entry?

Dr. Deferred Tax Asset Cr. Income Tax Expense

Dr. Deferred Tax Liability Cr. Income Tax Revenue

Dr. Income Tax Expense Cr. Deferred Tax Asset

Cr. Income Tax Revenue Cr. Deferred Tax Liability

ACF2100 Deferred Tax Issues

Understanding Deferred Tax Issues

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