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Why do companies use different depreciation methods for tax reporting and financial reporting?
Answer:Companies make different accounting choices for tax reporting and general financial reporting, because different incentives are in place. A profitable firm will most likely want to minimize income tax. As a result, management will make accounting choices that minimize net income, and as a result, minimize tax payments. Accounting choices that reduce taxable income include for example accelerated depreciation (instead of straight line) and LIFO (as opposed to FIFO).For general purpose financial reporting, management may want to show a more realistic picture of firm profitability (instead of showing the (legally) lowest possible net income number). So, accounting choices that are made for tax purposes are not always repeated for the general financial reporting.
What is the inventory system in accounting?
Inventory system is more likely recorded in the Balance Sheet section in accounting. It will not be at the Profit and Loss section.
What is most likely to be a user of information in a managerial accounting setting?
Creditors
What are the typical responsibilities of an accounting manager?
An accounting manager, who generally is required to have at least a BA in Accounting, Finance or Business, likely will report to the CFO of a company. While there are various types of accounting managers, in most cases they are responsible for overseeing the accounting staff across the various accounting areas and making certain that the appropriate financial documents are prepared and completed with integrity, security and in a timely fashion in compliance with state and federal regulations.
What is tax implications?
When someone states that something has or may have tax implications, that simply means that it may affect the taxes you pay. It's generally used in reference to your federal income tax return filed with the IRS (& state tax return if your state has an income tax). If receiving a prize has tax implications, it would likely mean that you need to report the income on your federal tax return.
Explain how can creative accounting affect the cost of capital and what are the likely implications?
is the process where by the accountant to use wrongly rule and finincial standard by manipulating figure
How does employee number affect company's net income?
If the company's gross income does not increase, but you add employees, then the next reporting period most likely will show a loss of net income. However, if adding employees causes a company to increase revenues, financial reports might show an increase in net income. This question needs more specific information to provide a specific answer about how employee number will affect net income.
How much is a job in accounting likely to pay?
40,000
How does Income Inequality hurt the economy?
Excessive income inequality can hurt the economy in the following ways:If people are unable to ascend the economic ladder no matter how hard or long they work they are less likely to work more.Incremental income of the lower class is more likely to spent directly on the economy. Incremental income of upper class is less likely to contribute to the economy.If people are unable to afford essentials like food, shelter, health insurance, etc, in can affect their productivity.
What is the equation that has a solution of X4.3?
X4.3 is not likely to be the solution of a normal equation.
Why do companies use different depreciation methods for tax reporting and financial reporting?
Answer:Companies make different accounting choices for tax reporting and general financial reporting, because different incentives are in place. A profitable firm will most likely want to minimize income tax. As a result, management will make accounting choices that minimize net income, and as a result, minimize tax payments. Accounting choices that reduce taxable income include for example accelerated depreciation (instead of straight line) and LIFO (as opposed to FIFO).For general purpose financial reporting, management may want to show a more realistic picture of firm profitability (instead of showing the (legally) lowest possible net income number). So, accounting choices that are made for tax purposes are not always repeated for the general financial reporting.
What is the inventory system in accounting?
Inventory system is more likely recorded in the Balance Sheet section in accounting. It will not be at the Profit and Loss section.
What is most likely to be a user of information in a managerial accounting setting?
Creditors
How would a 2007 recession affect lower income families?
Redundancies often affect lower income people more both because they might be more likely to be made redundant and redundancy pay-offs are usually linked to income. With a larger pool of unemployed, pressure to raise the minimum wage will be reduced so those in work are likely to have smaller or no pay increases. Employers often use recessions as an opportunity to worsen the terms of employment so non-wage benefits might also be reduced.
If income increases demand is likely to?
Increase
Which quantity in the equation will most likely be the largest?
E
What type of equation has a graph that is horizontal?
It is likely that a horizontal line on a graph will have the equation y=c, where c is a variable.
