ACF2100 Deferred Tax Issues
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
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
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