Quiz 2.1 Accounting for income tax and employee benefits | Download for quality grades | Correct answers indicated |

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Question 1 1 / 1 pts What is Accounting profit? The profit after current tax expense determined following tax law The profit for a period after deducting tax expense The profit for a period ... following tax law The profit for a period before deducting tax expense Correct! Question 2 1 / 1 pts What is a Taxable income? Is reported in the income statement Differs from accounting income due to differences in interperiod tax allocation Is based on IFRS Differs from accounting income due to differences in interperiod tax allocation and permanent differences Correct! Question 3 1 / 1 pts Which is not a temporary difference? The advanced collection received by the entity. Dividends received by the entity Correct! The prepaid expenses made by the entity. The Life insurance premium paid in advance by the entity when the immediate family is the beneficiary. Question 4 1 / 1 pts When should an entity offset a deferred tax asset and a deferred tax liability? [Show More]

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