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Calculating Corporate Income Taxes by Deferred Tax Benefits

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The term deductible amount refers to:

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1. The term taxable amount refers to:

2. Methods used in the United States' GAAP guidance to address the issue of interperiod tax allocation include _____ and _____.

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About This Quiz & Worksheet

These questions will test what you know about calculating tax payable income. Important topics on the quiz/worksheet include the meaning of a 'deductible amount' and 'taxable amount'.

Quiz & Worksheet Goals

Consider the following before taking the multiple-choice quiz:

  • Generally Accepted Accounting Principles (GAAP) methods regarding interperiod tax allocation
  • Requirement of a Valuation Allowance against the value of a deferred tax asset
  • Calculation of a deferred tax expense

Skills Practiced

  • Defining key concepts - make sure you can accurately define 'taxable amount' and 'deductible amount'
  • Knowledge application - use your knowledge to answer questions about the issue of interperiod tax allocation and the way a deferred tax expense is calculated
  • Information recall - access the knowledge you've gained regarding the reason a Valuation Allowance is required against a deferred tax asset's value

Additional Learning

For more on tax values, review the accompanying lesson entitled Calculating Corporate Income Taxes by Deferred Tax Benefits. These bullet points will be the focus of the lesson:

  • Differences between the GAAP and U.S. tax principles
  • Taxable amounts example
  • Income items and expense items
  • Documentation on a balance sheet of expected tax rates
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