IV. Operating loss carrybacks Select one: a.I and III only. b.I and IV only. c.II and III only. d.I, II, and III. 3. In determining whether to adjust a deferred tax asset, a company should Select one: a.pass a recognition threshold, after assuming that it will be audited by taxing authorities. b.take an aggressive approach in its tax planning. c.consider only the positive information in determining the need for an adjustment. d.consider all positive and negative information in determining the need for an adjustment
IV. Operating loss carrybacks Select one: a.I and III only. b.I and IV only. c.II and III only. d.I, II, and III. 3. In determining whether to adjust a deferred tax asset, a company should Select one: a.pass a recognition threshold, after assuming that it will be audited by taxing authorities. b.take an aggressive approach in its tax planning. c.consider only the positive information in determining the need for an adjustment. d.consider all positive and negative information in determining the need for an adjustment
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter10: Long-term Liabilities
Section: Chapter Questions
Problem 10.12E
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1. Under IFRS companies are required to provide a reconciliation between actual tax expense and the applicable tax rate. The purpose(s) of this reconciliation include
I. Making better prediction of future cash flow.
II. Predicating future
III. Assessing the composition of the net
IV. Assessing quality of earnings.
Select one:
b.I, III, and IV only.
c.I, II and IV only.
d.I and IV only.
2. Under IFRS deferred tax assets are recognized for
I. Deductible temporary differences.
II. Deductible permanent differences.
III. Operating loss carryforwards.
IV. Operating loss carrybacks
Select one:
a.I and III only.
b.I and IV only.
c.II and III only.
d.I, II, and III.
3. In determining whether to adjust a deferred tax asset, a company should
Select one:
a.pass a recognition threshold, after assuming that it will be audited by taxing authorities.
b.take an aggressive approach in its tax planning.
c.consider only the positive information in determining the need for an adjustment.
d.consider all positive and negative information in determining the need for an adjustment.
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