46. The tax base for an asset equals:
carrying amount – future taxable amount + future deductible amount;
carrying amount + future taxable amount – future deductible amount;
carrying amount – future taxable amount – future deductible amount;
carrying amount + future taxable amount + future deductible amount;
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47. The tax-effective method of accounting for a company’s income tax is based on an assumption that:
income tax expense is equal to income tax payable;
income tax expense is not equal merely to current tax liability (asset) but is also a function of the company’s deferred tax liabilities and assets;
an accounting balance sheet and a tax balance sheet are the same;
a tax balance sheet is prepared according to the income tax legislation and accounting standards.
48. Which of the following items give rise to a taxable temporary difference? I Prepayments II Rent received in advance III Provision for employee benefits IV Research & development V Goodwill VI Provision for warranty
I, II, and II.
I, II, and VI.
I, IV, and V.
II, III, and VI.
49. Current and deferred tax assets lead to the recognition of:
50. Where the impairment of goodwill is not tax-deductible, AASB 112 Income Taxes:
does not permit the application of deferred tax accounting to goodwill;
allows the recognition of a deferred tax item in relation to goodwill;
requires that any deferred tax items in relation to goodwill be recognized directly in equity;
requires that any deferred tax items for goodwill be capitalized in the carrying amount of goodwill;
UGC NET PAPER 1
UGC NET Management
UGC NET COMPUTER SCIENCE
UGC NET COMMERCE
GATE COMPUTER SCIENCE
CFA Level 1
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