CM 4: Game 3 Income Taxation
Accounting for Income Taxation Theory
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Topics of this game:
- Which entities are required to apply deferred tax accounting? I. Public entities II. Nonpublic entities
- _________ are differences that will result in future taxable amounts in determining taxable profit of future periods when the carrying amount of the asset or liability is settled.
- _________ are differences that result in future deductible amounts in determining taxable profit in future periods when the carrying amount of the asset or liability is settled.
- _______ is the future/deferred tax consequence attributable to a taxable temporary difference.
- _______ is the future/deferred tax consequence attributable to a deductible temporary difference and operating loss carry forward.
- ______ is the amount of profit for a period before deducting tax expense.
- ______is the aggregate/total amount included in the determination of net profit for the period with respect of current tax and deferred tax.
- ______ is the profit for a period determined in accordance with the rules established by taxation authorities upon which income taxes are payable.
- ______ is the amount of income tax payable in respect of taxable profit.
- The future tax expense is equal to _____.
- _________ is the amount attributable to an asset or liability for tax purposes.
- A future tax liability (tax payable) shall be recognized for all ______.
- The tax rate of 30% is applicable to the taxable year 2022. By the end of December 31, 2022, a new tax rates has been enacted imposing a 25% new tax rate effective immediately in taxable year 2023. What will be the tax rate applicable for all transactions made in the first month of 2023?
- ____ is the allocation of income tax expense to the various revenues that brought about the tax.
- _____ is the current tax expense or the amount of income tax actually payable.
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