IAS 12 Deferred Tax

Question 1

____________ defines a deferred tax liability as being the amount of income tax payable in future periods in respect of taxable temporary differences.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 1

IAS 12

Question 2

IAS 12 defines a ________________ as being the amount of income tax payable in future periods in respect of taxable temporary differences.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 2

deferred tax liability

Question 3

IAS 12 defines a deferred tax liability as being the ________________ in future periods in respect of taxable temporary differences.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 3

amount of income tax payable

Question 4

IAS 12 defines a deferred tax liability as being the amount of income tax payable _______________ in respect of taxable temporary differences.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 4

in future periods

Question 5

IAS 12 defines a deferred tax liability as being the amount of income tax payable in future periods __________________________.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 5

in respect of taxable temporary differences

Question 6

IAS 12 defines a deferred tax liability as being the __________________________________________________________________________.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 6

amount of income tax payable in future periods in respect of taxable temporary differences

Question 7

_________________ are defined as being differences between the carrying amount of an asset (or liability) within the Statement of Financial Position and its tax base ie the amount at which the asset (or liability) is valued for tax purposes by the relevant tax authority.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 7

Temporary differences

Question 8

Temporary differences are defined as being differences between the ___________________ within the Statement of Financial Position and its tax base ie the amount at which the asset (or liability) is valued for tax purposes by the relevant tax authority.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 8

the carrying amount of an asset (or liability)

Question 9

Temporary differences are defined as being differences between the ____________________ within the Statement of Financial Position and its tax base ie the amount at which the asset (or liability) is valued for tax purposes by the relevant tax authority.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 9

the carrying amount of an asset (or liability)

Question 10

Temporary differences are defined as being _______________________________________ and its tax base ie the amount at which the asset (or liability) is valued for tax purposes by the relevant tax authority.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 10

differences between the carrying amount of an asset (or liability) within the Statement of Financial Position

Question 11

Temporary differences are defined as being differences between the carrying amount of an asset (or liability) within the Statement of Financial Position and its _________ ie the amount at which the asset (or liability) is valued for tax purposes by the relevant tax authority.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 11

tax base

Question 12

Temporary differences are defined as being differences between the carrying amount of an asset (or liability) within the Statement of Financial Position and its tax base ie ____________________________________ by the relevant tax authority.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 12

the amount at which the asset (or liability) is valued for tax purposes

Question 13

Temporary differences are defined as being differences between the carrying amount of an asset (or liability) within the Statement of Financial Position and its tax base ______________________ is valued for tax purposes by the relevant tax authority.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 13

ie the amount at which the asset (or liability)

Question 14

Temporary differences are defined as being differences between the carrying amount of an asset (or liability) within the Statement of Financial Position and its tax base ie the amount at which the asset (or liability) ______________ by the relevant tax authority.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 14

is valued for tax purposes

Question 15

Temporary differences are defined as being differences between the carrying amount of an asset (or liability) within the Statement of Financial Position and its tax base ie the amount at which the asset (or liability) is valued for tax purposes _________________.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 15

by the relevant tax authority

Question 16

IAS 12 requires that a deferred tax liability is recorded in respect of _____taxable temporary differences that exist at the year-end – this is sometimes known as the full provision method.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 16

all

Question 17

IAS 12 requires that a deferred tax liability is recorded in respect of all taxable temporary differences that exist at the year-end – this is sometimes known as the __________________.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 17

full provision method

Question 18

Within financial statements, non-current assets with a limited economic life are subject to depreciation. However, within tax computations, non-current assets are subject to _______________ (also known as tax depreciation) at rates set within the relevant tax legislation.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 18

capital allowances

Question 19

Within financial statements, non-current assets with a limited economic life are subject to depreciation. However, within tax computations, non-current assets are subject to capital allowances (also known as ______________) at rates set within the relevant tax legislation.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 19

tax depreciation

Question 20

Where at the year-end the cumulative depreciation charged and the cumulative capital allowances claimed are different, the ________________________ (cost less accumulated depreciation) will then be different to its tax base (cost less accumulated capital allowances) and hence a taxable temporary difference arises
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 20

carrying value of the asset

Question 21

Where at the year-end the cumulative depreciation charged and the cumulative capital allowances claimed are different, the carrying value of the asset (__________________) will then be different to its tax base (cost less accumulated capital allowances) and hence a taxable temporary difference arises
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 21

cost less accumulated depreciation

Question 22

Where at the year-end the cumulative depreciation charged and the cumulative capital allowances claimed are different, the carrying value of the asset (cost less accumulated depreciation) will then be different to its __________ (cost less accumulated capital allowances) and hence a taxable temporary difference arises
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 22

tax base

Question 23

Where at the year-end the cumulative depreciation charged and the cumulative capital allowances claimed are different, the carrying value of the asset (cost less accumulated depreciation) will then be different to its tax base (______________________) and hence a taxable temporary difference arises
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 23

cost less accumulated capital allowances

Question 24

Where at the year-end the cumulative depreciation charged and the cumulative capital allowances claimed are different, the carrying value of the asset (cost less accumulated depreciation) will then be different to its tax base (cost less accumulated capital allowances) and hence a _______________________ arises
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 24

taxable temporary difference

Question 25

In the above example, when the capital allowances are greater than the depreciation expense in years 1 and 2, the entity has received tax relief early.
At the end of year 1, the entity has a temporary difference of $300, which will result in tax being payable in the future (in years 3 and 4). In accordance with the concept of ____________, a liability is therefore recorded equal to the expected tax payable. Assuming that the tax rate applicable to the company is 25%, the deferred tax liability that will be recognised at the end of year 1 is 25% x $300 = $75. This will be recorded by crediting (increasing) a deferred tax liability in the Statement of Financial Position and debiting (increasing) the tax expense in the statement of profit or loss.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 25

prudence

Question 26

In the above example, when the capital allowances are greater than the depreciation expense in years 1 and 2, the entity has received tax relief early.
At the end of year 1, the entity has a temporary difference of $300, which will result in tax being payable in the future (in years 3 and 4). In accordance with the concept of prudence, a liability is therefore recorded equal to the expected tax payable. Assuming that the tax rate applicable to the company is 25%, the deferred tax liability that will be recognised at the end of year 1 is ______________________. This will be recorded by crediting (increasing) a deferred tax liability in the Statement of Financial Position and debiting (increasing) the tax expense in the statement of profit or loss.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 26

25% x $300 = $75

Question 27

In the above example, when the capital allowances are greater than the depreciation expense in years 1 and 2, the entity has received tax relief early.
At the end of year 1, the entity has a temporary difference of $300, which will result in tax being payable in the future (in years 3 and 4). In accordance with the concept of prudence, a liability is therefore recorded equal to the expected tax payable. Assuming that the tax rate applicable to the company is 25%, the deferred tax liability that will be recognised at the end of year 1 is 25% x $300 = $75. This will be recorded by ___________________________________ and debiting (increasing) the tax expense in the statement of profit or loss.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 27

crediting (increasing) a deferred tax liability in the Statement of Financial Position

Question 28

In the above example, when the capital allowances are greater than the depreciation expense in years 1 and 2, the entity has received tax relief early.
At the end of year 1, the entity has a temporary difference of $300, which will result in tax being payable in the future (in years 3 and 4). In accordance with the concept of prudence, a liability is therefore recorded equal to the expected tax payable. Assuming that the tax rate applicable to the company is 25%, the deferred tax liability that will be recognised at the end of year 1 is 25% x $300 = $75. This will be recorded by crediting (increasing) a deferred tax liability in the Statement of Financial Position and ________________________________.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 28

debiting (increasing) the tax expense in the statement of profit or loss.

Question 29

In the above example, when the capital allowances are greater than the depreciation expense in years 1 and 2, the entity has received tax relief early.
At the end of year 1, the entity has a temporary difference of $300, which will result in tax being payable in the future (in years 3 and 4). In accordance with the concept of prudence, a liability is therefore recorded equal to the expected tax payable. Assuming that the tax rate applicable to the company is 25%, the deferred tax liability that will be recognised at the end of year 1 is 25% x $300 = $75. This will be recorded by ________________________________________.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 29

crediting (increasing) a deferred tax liability in the Statement of Financial Position and debiting (increasing) the tax expense in the statement of profit or loss.

Question 30

Revaluations of non-current assets (______) are a further example of a taxable temporary difference. When an _______is revalued to its current value within the financial statements, the revaluation surplus is recorded in equity (in a revaluation reserve) and reported as other comprehensive income. While the carrying value of the asset has increased, the tax base of the asset remains the same and so a temporary difference arises.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 30

NCA

Question 31

Revaluations of non-current assets (NCA) are a further example of a taxable temporary difference. When an NCA is revalued to its current value within the financial statements, the revaluation surplus is recorded in ______________ (in a revaluation reserve) and reported as other comprehensive income. While the carrying value of the asset has increased, the tax base of the asset remains the same and so a temporary difference arises.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 31

equity

Question 32

Revaluations of non-current assets (NCA) are a further example of a taxable temporary difference. When an NCA is revalued to its current value within the financial statements, the revaluation surplus is recorded in equity (in a ____________________) and reported as other comprehensive income. While the carrying value of the asset has increased, the tax base of the asset remains the same and so a temporary difference arises.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 32

revaluation reserve

Question 33

Revaluations of non-current assets (NCA) are a further example of a taxable temporary difference. When an NCA is revalued to its current value within the financial statements, the revaluation surplus is recorded in equity (in a revaluation reserve) and reported as other _________________. While the carrying value of the asset has increased, the tax base of the asset remains the same and so a temporary difference arises.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 33

comprehensive income

Question 34

Revaluations of non-current assets (NCA) are a further example of a taxable temporary difference. When an NCA is revalued to its current value within the financial statements, the revaluation surplus is recorded in equity (in a revaluation reserve) and reported as other comprehensive income. While the ____________ of the asset has increased, the tax base of the asset remains the same and so a temporary difference arises.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 34

carrying value

Question 35

Revaluations of non-current assets (NCA) are a further example of a taxable temporary difference. When an NCA is revalued to its current value within the financial statements, the revaluation surplus is recorded in equity (in a revaluation reserve) and reported as other comprehensive income. While the carrying value of the asset has increased, the ____________ of the asset remains the same and so a temporary difference arises.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 35

tax base

Question 36

Revaluations of non-current assets (NCA) are a further example of a taxable temporary difference. When an NCA is revalued to its current value within the financial statements, the revaluation surplus is recorded in equity (in a revaluation reserve) and reported as other comprehensive income. While the carrying value of the asset has increased, the tax base of the asset remains the same and so a __________________ arises.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 36

temporary difference

Question 37

As _______________ considers deferred tax from the perspective of temporary differences between the carrying value and tax base of assets and liabilities, the standard can be said to take a valuation approach. However, it will be helpful to consider the effect on the statement of profit or loss.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 37

IAS 12

Question 38

As IAS 12 considers deferred tax from the perspective of temporary differences between the carrying value and tax base of assets and liabilities, the standard can be said to take a ___________________. However, it will be helpful to consider the effect on the statement of profit or loss.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 38

valuation approach

Question 39

It is important to be aware that temporary differences can result in needing to record a __________________instead of a liability. Temporary differences affect the timing of when tax is paid or when tax relief is received. While normally they result in the payment being deferred until the future or relief being received in advance (and hence a deferred tax liability) they can result in the payment being accelerated or relief being due in the future.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 39

deferred tax asset

Question 40

It is important to be aware that temporary differences can result in needing to record a deferred tax asset instead of a liability. Temporary differences affect the timing of when tax is paid or when tax relief is received. While normally they result in the payment being deferred until the future or relief being received in advance (and hence a deferred tax liability) they can result in the _________________ or relief being due in the future.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 40

payment being accelerated

Question 41

It is important to be aware that temporary differences can result in needing to record a deferred tax asset instead of a liability. Temporary differences affect the timing of when tax is paid or when tax relief is received. While normally they result in the payment being deferred until the future or relief being received in advance (and hence a deferred tax liability) they can result in the payment being accelerated or ______________ in the future.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 41

relief being due

Question 42

It is important to be aware that temporary differences can result in needing to record a deferred tax asset instead of a liability. Temporary differences affect the timing of when tax is paid or when tax relief is received. While normally they result in the payment being deferred until the future or relief being received in advance (and hence a deferred tax liability) they can result in the payment being accelerated or relief being due________________.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 42

in the future

Question 43

It is important to be aware that temporary differences can result in needing to record a deferred tax asset instead of a liability. Temporary differences affect the timing of when tax is paid or when tax relief is received. While normally they result in the payment being deferred until the future or relief being received in advance (and hence a deferred tax liability) they can result in the payment being accelerated or ___________________.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 43

relief being due in the future

Question 44

It is worth noting here that ________________, which increase the carrying value of the asset and leave the tax base unchanged, result in a deferred tax liability. Conversely, impairment losses, which decrease the carrying value of the asset and leave the tax base unchanged, result in a deferred tax asset
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 44

revaluation gains

Question 45

It is worth noting here that revaluation gains, which increase the carrying value of the asset and leave the tax base ________________, result in a deferred tax liability. Conversely, impairment losses, which decrease the carrying value of the asset and leave the tax base unchanged, result in a deferred tax asset
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 45

unchanged

Question 46

It is worth noting here that revaluation gains, which increase the carrying value of the asset and leave the tax base unchanged, result in a __________________. Conversely, impairment losses, which decrease the carrying value of the asset and leave the tax base unchanged, result in a deferred tax asset
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 46

deferred tax liability

Question 47

It is worth noting here that revaluation gains, which increase the carrying value of the asset and leave the tax base unchanged, result in a deferred tax liability. Conversely,_________________, which decrease the carrying value of the asset and leave the tax base unchanged, result in a deferred tax asset
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 47

, impairment losses

Question 48

It is worth noting here that revaluation gains, which increase the carrying value of the asset and leave the tax base unchanged, result in a deferred tax liability. Conversely, impairment losses, which decrease the ___________________ of the asset and leave the tax base unchanged, result in a deferred tax asset
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 48

carrying value

Question 49

It is worth noting here that revaluation gains, which increase the carrying value of the asset and leave the tax base unchanged, result in a deferred tax liability. Conversely, impairment losses, which decrease the carrying value of the asset and leave the tax base unchanged, result in a ______________________
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 49

deferred tax asset

Question 50

Example 4 At the reporting date, inventory which cost $10,000 has been ___________________ to its net realisable value of $9,000. The write down is ignored for tax purposes until the goods are sold. The write off of inventory will generate tax relief, but only in the future when the goods are sold. Hence the tax base of the inventory is not reduced by the write off. Consequently, a deferred tax asset of 25% x $1,000 = $250 as shown in Table 8 should be recorded at the reporting date.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 50

written down

Question 51

Example 4 At the reporting date, inventory which cost $10,000 has been written down to its ___________________ of $9,000. The write down is ignored for tax purposes until the goods are sold. The write off of inventory will generate tax relief, but only in the future when the goods are sold. Hence the tax base of the inventory is not reduced by the write off. Consequently, a deferred tax asset of 25% x $1,000 = $250 as shown in Table 8 should be recorded at the reporting date.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 51

net realisable value

Question 52

Example 4 At the reporting date, inventory which cost $10,000 has been written down to its net realisable value of $9,000. The write down is _______________ for tax purposes until the goods are sold. The write off of inventory will generate tax relief, but only in the future when the goods are sold. Hence the tax base of the inventory is not reduced by the write off. Consequently, a deferred tax asset of 25% x $1,000 = $250 as shown in Table 8 should be recorded at the reporting date.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 52

ignored

Question 53

Example 4 At the reporting date, inventory which cost $10,000 has been written down to its net realisable value of $9,000. The write down is ignored for tax purposes until the goods are sold. The write off of inventory will generate tax relief, but only in the future when the goods are sold. Hence the tax base of the inventory is not reduced by the write off. Consequently, a ___________________ of 25% x $1,000 = $250 as shown in Table 8 should be recorded at the reporting date.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 53

deferred tax asset

Question 54

Example 5 At the reporting date, an entity has recorded a liability of $25,000 in respect of pension contributions due. Tax relief is available on pension contributions only when they _____________. The contributions will only be recognised for tax purposes when they ____________ in the future. Hence the pension expense is currently ignored within the tax computations and so the liability has a nil tax base, as shown in Table 8. The entity will receive tax relief in the future and so a deferred tax asset of 25% x $25,000 = $6,250 should be recorded at the reporting date.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 54

are paid

Question 55

Example 5 At the reporting date, an entity has recorded a liability of $25,000 in respect of pension contributions due. Tax relief is available on pension contributions only when they are paid. The contributions will only be recognised for tax purposes when they are paid in the future. Hence the pension expense is currently ignored within the tax computations and so the liability has a nil tax base, as shown in Table 8. The entity will receive ____________ in the future and so a deferred tax asset of 25% x $25,000 = $6,250 should be recorded at the reporting date.

https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 55

tax relief

Question 56

When dealing with deferred tax in group accounts, it is important to remember that a group does not legally exist and so is not subject to tax. Instead, tax is _________ on the individual legal entities within the group and their individual tax assets and liabilities are cross-cast in the consolidation process.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 56

levied

Question 57

When dealing with deferred tax in group accounts, it is important to remember that a group does not legally exist and so is not subject to tax. Instead, tax is levied on the individual legal entities within the group and their individual tax assets and liabilities are _________ in the consolidation process.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 57

cross-cast

Question 58

When dealing with deferred tax in group accounts, it is important to remember that a group does not legally exist and so is not subject to tax. Instead, tax is levied on the individual legal entities within the group and their individual tax assets and liabilities are cross-cast in the ______________________.
https://www.accaglobal.com/an/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html

Answer 58

consolidation process

Question 59

In Accounting Glossary, ________ means to add up a column of figures. When we make accounting data column in ms excel and with sum formula, we know its total, it will be __________. We can also each column’s total’s verification by crossing __________ in which we add the totals of numbers of columns to check whether they reconcile with gross total or not.
http://www.svtuition.org/2010/05/casting-in-accounting.html

Answer 59

casting

Question 60

In Accounting Glossary, casting means to add up a column of figures. When we make accounting data column in ms excel and with sum formula, we know its total, it will be casting. We can also each column’s total’s verification by __________ in which we add the totals of numbers of columns to check whether they reconcile with gross total or not.
http://www.svtuition.org/2010/05/casting-in-accounting.html

Answer 60

cross casting

Question 61

Following example shows the data of company’s customers in UK and their sales in different sections. We can find each column’s total. This will be ________. We also find gross total of all column’s totals. This will be cross ___________.
http://www.svtuition.org/2010/05/casting-in-accounting.html

Answer 61

Following example shows the data of company’s customers in UK and their sales in different sections. We can find each column’s total. This will be ________. We also find gross total of all column’s totals. This will be cross ___________.
http://www.svtuition.org/2010/05/casting-in-accounting.html

Question 62

Following example shows the data of company’s customers in UK and their sales in different sections. We can find each column’s total. This will be casting. We also find gross total of all column’s totals. This will be _____________.
http://www.svtuition.org/2010/05/casting-in-accounting.html

Answer 62

cross casting

Question 63

What is cross casting in MS Excel?
if you can give me any links to sites that would be great. Thanks in advance
Best Answer: __________ is an accounting term for adding up a column of figures. Cross _______, also an accounting term, means adding up the totals of a number of columns, to verify they add back to the ‘grand total’.
In other words, cross-__________ is verifying that the sum of all of the rows equals the sum of the columns.

For example, assume you had a worksheet listing Sale Reps expenses by month for the year. The Rows contain names and the columns B-M list the months of the year.

If you calculate the total of all the expenses by month (columns) it must equal the total of all of the expenses by Sales Rep (rows).

This is cross ___________, and many errors are identified using this.
https://answers.yahoo.com/question/index?qid=20100504053116AAYs5tF

Answer 63

Casting

Question 64

What is cross casting in MS Excel?
if you can give me any links to sites that would be great. Thanks in advance
Best Answer: Casting is an accounting term for _____________. Cross Casting, also an accounting term, means adding up the totals of a number of columns, to verify they add back to the ‘grand total’.
In other words, cross-casting is verifying that the sum of all of the rows equals the sum of the columns.

For example, assume you had a worksheet listing Sale Reps expenses by month for the year. The Rows contain names and the columns B-M list the months of the year.

If you calculate the total of all the expenses by month (columns) it must equal the total of all of the expenses by Sales Rep (rows).

This is cross casting, and many errors are identified using this.
https://answers.yahoo.com/question/index?qid=20100504053116AAYs5tF

Answer 64

adding up a column of figures

Question 65

What is cross casting in MS Excel?
if you can give me any links to sites that would be great. Thanks in advance
Best Answer: Casting is an accounting term for adding up a column of figures. ___________, also an accounting term, means adding up the totals of a number of columns, to verify they add back to the ‘grand total’.
In other words, ___________ is verifying that the sum of all of the rows equals the sum of the columns.

For example, assume you had a worksheet listing Sale Reps expenses by month for the year. The Rows contain names and the columns B-M list the months of the year.

If you calculate the total of all the expenses by month (columns) it must equal the total of all of the expenses by Sales Rep (rows).

This is ___________, and many errors are identified using this.
https://answers.yahoo.com/question/index?qid=20100504053116AAYs5tF

Answer 65

Cross Casting

Question 66

What is cross casting in MS Excel?
if you can give me any links to sites that would be great. Thanks in advance
Best Answer: Casting is an accounting term for adding up a column of figures. Cross Casting, also an accounting term, means adding up the totals of a number of columns, to verify they add back to the ‘grand total’.
In other words, cross-casting is ______________________ equals the sum of the columns.

For example, assume you had a worksheet listing Sale Reps expenses by month for the year. The Rows contain names and the columns B-M list the months of the year.

If you calculate the total of all the expenses by month (columns) it must equal the total of all of the expenses by Sales Rep (rows).

This is cross casting, and many errors are identified using this.
https://answers.yahoo.com/question/index?qid=20100504053116AAYs5tF

Answer 66

verifying that the sum of all of the rows

Question 67

What is cross casting in MS Excel?
if you can give me any links to sites that would be great. Thanks in advance
Best Answer: Casting is an accounting term for adding up a column of figures. Cross Casting, also an accounting term, means adding up the totals of a number of columns, to verify they add back to the ‘grand total’.
In other words, cross-casting is verifying that the sum of all of the rows ______________.

For example, assume you had a worksheet listing Sale Reps expenses by month for the year. The Rows contain names and the columns B-M list the months of the year.

If you calculate the total of all the expenses by month (columns) it must equal the total of all of the expenses by Sales Rep (rows).

This is cross casting, and many errors are identified using this.
https://answers.yahoo.com/question/index?qid=20100504053116AAYs5tF

Answer 67

equals the sum of the columns

Question 68

What is cross casting in MS Excel?
if you can give me any links to sites that would be great. Thanks in advance
Best Answer: Casting is an accounting term for adding up a column of figures. Cross Casting, also an accounting term, means adding up the totals of a number of columns, to verify they add back to the ‘grand total’.
In other words, cross-casting is _______________________________.

For example, assume you had a worksheet listing Sale Reps expenses by month for the year. The Rows contain names and the columns B-M list the months of the year.

If you calculate the total of all the expenses by month (columns) it must equal the total of all of the expenses by Sales Rep (rows).

This is cross casting, and many errors are identified using this.
https://answers.yahoo.com/question/index?qid=20100504053116AAYs5tF

Answer 68

verifying that the sum of all of the rows equals the sum of the columns