TAILIEUCHUNG - Issues in Financial Accounting (22)

PART II: Corporate Accounting Concepts and . Issues Lecture 22 Accounting for Income. Learning. Learning Objectives. Objectives. 1. Identify differences between pretax financial income and taxable income. 2. Describe a temporary difference that results in future taxable amounts. 3. Describe a temporary difference that results in future deductible amounts. 4. Explain the purpose of a deferred tax asset valuation allowance. 5. Describe the presentation of income tax expense in the income statement. 6. Describe various temporary and permanent differences. 7. Explain the effect of various tax rates and tax rate changes on deferred. income taxes. 8. Apply accounting procedures for a loss carryback and a loss carryforward. 9. Describe the presentation of deferred income taxes in financial statements. 10. Indicate the basic principles of the asset-liability method2 Accounting. Accounting for. for Income. Income Taxes. TaxesFundamentals of Accounting for Financial. Review of Asset-. Accounting for Net Operating Statement. Liability Method. Income Taxes Losses Presentation Future taxable Loss carryback Balance sheet. amounts and Loss Income. deferred taxes carryforward statement. Future Loss carryback Uncertain tax. deductible example positions. amounts and Loss. deferred taxes carryforward. Income example. statement. presentation. Specific. differences. . of. of Accounting. Accounting for. for Income. Income Taxes. Taxes Corporations must file income tax returns following the. guidelines developed by the Internal Revenue Service (IRS),. thus they: calculate taxes payable based upon IRS code,. calculate income tax expense based upon GAAP. Amount reported as tax expense will often differ from the. amount of taxes payable to the IRS4 LO 1 Identify differences between pretax financial income and taxable of. of Accounting. Accounting for. for Income. Income Taxes. Taxes. Illustration 19-1 Financial Statements Tax Return vs. Exchanges Investors and Creditors Pretax Financial Income Taxable Income. GAAP Tax Code. Income Tax Expense Income Tax LO 1 Identify differences between pretax financial income and taxable of. of Accounting. Accounting for. for Income. Income Taxes. Taxes Illustration: Chelsea, Inc. reported revenues of $130,000. and expenses of $60,000 in each of its first three years of. operations. For tax purposes, Chelsea reported the same. expenses to the IRS in each of the years. Chelsea reported. taxable revenues of $100,000

• Sáng kiến kinh nghiệm
• Issues in economics today
• Lecture Issues in economics today
• Macroeconomic issues
• International issues
• Price control issues
• Opportunity cost
• Demand model
• Elasticity of demand
• Firm production
• Perfect competition
• Gross domestic product
• Federal spending
• Fiscal policy
• Monetary policy
• Flaws in the CPI
• International trade
• International monetary fund
• Trade agreements
• Economic model
• Environmental problems
• Economic models of health care
• Medicaid costs
• Public insurance
• Prescription drugs
• Economics of crime
• Human capital
• Measuring poverty
• Social security
• Head start
• Affirmative action