Deferred Taxes - Temp vs Permanent Flashcards
1
Q
What approach does deferred taxes use
A
Balance Sheet Approach
Current accounts get combined
Non Current accounts get combined
2
Q
Use of Installment Sales for tax Reporting
A
Temporary differences
3
Q
Payment of Federal Income Taxes
A
permanent differences
4
Q
Life Insurance Proceeds Collection upon death
A
permanent differences
5
Q
Bad Debt Expense
A
Temporary differences
6
Q
Municipal Bonds
A
permanent differences
7
Q
Warranty Expense
A
Temporary differences
8
Q
Cash Dividends received from another corporation
A
permanent differences
9
Q
Violation of Laws expenses
A
permanent differences
