0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Deferred tax assets?
Deferred tax assets is a companies asset that may reduce their income tax expenses. These can arise from net loss carryovers and can be applied to future fiscal periods.
Can deferred tax asset offset against deferred tax liability?
Yes, but only if the entity has the legal right to settle on a net basis and they are levied by the same taxing authority on the same entity or different entities that intend to realise the asset and settle the liability at the same time.
Where to put deferred tax assets in the balance sheet?
Defferred tax asset is shown in assets side of balance sheet under head of other assets.
The result of interperiod tax allocation is that?
The income tax expense on the income statement is the sum of the income taxes payable for the year and the changes in deferred tax asset or liability balances for the year.
When do you debit the deferred tax asset?
When there is a difference between the carrying amounts and tax bases of: 1. Assets 2. Liabilities 3. Expenses which leads to a reduction in your future tax liability.
Are all temporary differences that exist at balance date recognised as deferred tax assets or deferred tax liabilities?
yes - either a deferred tax asset (DTA) or a deferred tax liability (DTL).
Is deferred income tax current asset?
yes
What does DTA stands for in banking?
Deferred Tax Asset
What circumstances lead to recording of deferred tax asset?
jfhg
Deferred tax assets?
Deferred tax assets is a companies asset that may reduce their income tax expenses. These can arise from net loss carryovers and can be applied to future fiscal periods.
Can deferred tax asset offset against deferred tax liability?
Yes, but only if the entity has the legal right to settle on a net basis and they are levied by the same taxing authority on the same entity or different entities that intend to realise the asset and settle the liability at the same time.
Where to put deferred tax assets in the balance sheet?
Defferred tax asset is shown in assets side of balance sheet under head of other assets.
Is fixed asset a fixed cost?
A fixed asset is an item/asset that can or does generate income/revenue and its value does not flutuate in the short term. A fixed cost is an expense that is repetative such as your real estate tax and utility bills So the short answer is no. These are two different and opposite items
The result of interperiod tax allocation is that?
The income tax expense on the income statement is the sum of the income taxes payable for the year and the changes in deferred tax asset or liability balances for the year.
When do you debit the deferred tax asset?
When there is a difference between the carrying amounts and tax bases of: 1. Assets 2. Liabilities 3. Expenses which leads to a reduction in your future tax liability.
What Types of fixed asset?
1)Tangible fixed asset 2)Intangible fixed asset 1)Tangible fixed asset 2)Intangible fixed asset
Why is deferred cost treated as asset?
Deferred cost has similar treatment to prepayment.
