Day 24 Flashcards
1
Q
GAAP does not require intraperiod income tax allocation to:
A
Operating Income
MCQ-08249
2
Q
What is the primary objective of accounting for income taxes?
A
To recognize the amount of deferred tax liabilities and deferred tax assets reported for future tax consequences
MCQ-05635
3
Q
Municipal bond interest is a ______ difference that is _____ treatment
A
Permanent difference
Not given deferred tax treatment
MCQ-05070
4
Q
With consolidated FS, parent companies should include how much of subs liabilities?
A
If 50% of the sub is owned by the parent, include all of subs liabilities
MCQ-08497
