CM 4 Game 4 Income Taxation
Accounting for Income Taxation
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Topics of this game:
- Tax accounting is ONLY applicable to Public Establishments.
- ___________ is the net income for the period before deducting the income tax expense or the income tax due or the income appearing on the income statement and computed in accordance with the accounting standards.
- _____________ is the income for the period determined in accordance with the rules established by the taxation authorities (BIR/BOC) upon which income taxes are payable or recoverable or the income appearing on the income tax return and computed in accordance with the income tax law.
- Permanent differences between Accounting Income vs.Taxable Income give rise to future / deferred tax asset and tax liability because they have future tax consequences, example Tax penalties, surcharges and fines that non tax deductible expense.
- __________ are differences between the carrying amount of an asset or liability and its tax base.
- __________ are differences between accounting income and taxable income that originate in one period and reverse in one or more subsequent periods.
- ____________ will result in future taxable amount in determining taxable income of future periods when the carrying amount of the asset or liability is recovered or settled.
- ___________ will result in future deductible amount in determining taxable income of future periods when the carrying amount of the asset or liability is recovered or settled.
- __________ of an asset is the amount that will be deductible for tax purposes against future profits.
- _______of an asset or a liability is the amount attributable to the asset or liability for tax purposes.
- Temporary differences that result in accounting income higher than taxable income are known as taxable temporary differences or future taxable amounts and give rise to ___________.
- _________ is residual amount after recognizing assets and liabilities at fair value.
- Good will is ALLOWED as deduction for tax purposes in the entity's jurisdiction.
- Good will is not deductible for tax purposes.
- An entity purchased equipment for P 1,000,000, depreciation expense of this asset is not deductible for tax purposes.
- _______ is the amount of income tax recoverable in future periods with respect to deductible temporary difference and operating loss carry forward.
- ______ is an excess of tax deductions over gross income in a year that may be carried forward to reduce taxable income payable in the next year or the future year.
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