external reporting

Navas 28 April 2020 at 14:42 PM

Which one of the following statements describes the asset-liability method of accounting for deferred income taxes?

A) The amount of deferred income tax is based on the tax rates expected to be in effect during the periods in which the temporary differences reverse
B) The amount of deferred income tax is based on tax rates in effect when temporary differences originate.
C) The tax effects of temporary differences are not reported separately but are reported as adjustments to the amounts of specific assets and liabilities and the related revenues and expenses.
D) The appropriate tax rate to be reported on the income statement is the tax actually levied in that year, meaning no deferred taxes would be reported.

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FACULTY 19 May 2020 at 03:24 PM

The amount of deferred income tax is based on the tax rates expected to be in effect during the periods in which the temporary differences reverse(option A)

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