Topic 9 - Income Taxes

Question 1

Define accounting profit;

Answer 1

Question 2

Define taxable profit;

Answer 2

Question 3

Define current tax;

Answer 3

Question 4

Define tax allowance;

Answer 4

Question 5

Describe the accounting entries for current tax;

Answer 5

Question 6

Define deferred tax;

Answer 6

Question 7

What are the 2 x reasons for the differences between accounting profit and tax profit; (HINT - temp vs perm);

Answer 7