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PAS 12 Income Taxes: Quiz

The document is a quiz on income tax concepts from PAS 12 Income Taxes. It contains 5 multiple choice questions testing understanding of key deferred tax terms and calculations including permanent versus temporary differences, deferred tax assets and liabilities, and how changes in deferred tax amounts affect financial statements. The Bible verse at the end encourages the reader not to be anxious but instead make requests to God through prayer.

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Hassanhor Guro Bacolod
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3K views1 page

PAS 12 Income Taxes: Quiz

The document is a quiz on income tax concepts from PAS 12 Income Taxes. It contains 5 multiple choice questions testing understanding of key deferred tax terms and calculations including permanent versus temporary differences, deferred tax assets and liabilities, and how changes in deferred tax amounts affect financial statements. The Bible verse at the end encourages the reader not to be anxious but instead make requests to God through prayer.

Uploaded by

Hassanhor Guro Bacolod
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PAS 12 Income Taxes


QUIZ:

1. These are differences that have future tax consequences.


a. Permanent differences c. Taxable differences
b. Temporary differences d. Deductible differences

2. This type of difference will give rise to deferred tax liability.


a. Taxable temporary difference
b. Permanent difference
c. Deductible temporary difference
d. Deferred difference

3. Deferred tax assets and deferred tax liabilities do not alter the tax to be paid in the current
period. However, they cause tax payments to either increase or decrease when they reverse in a
future period. The reversal of which of the following will cause an increase in tax payment?
a. Deferred tax liability c. Deferred tax expense
b. Deferred tax asset d. Deferred tax benefit

4. During the period, deferred tax assets increase by ₱400 while deferred tax liabilities increase by
₱500. The net change of ₱100 is a
a. deferred tax expense c. deferred tax liability
b. deferred tax income d. deferred tax asset

5. At the end of the period, Entity A has taxable temporary difference of ₱100,000. Entity A’s
income tax rate is 30%. Entity A’s statement of financial position would report which of the
following?
a. 30,000 deferred tax asset
b. 30,000 deferred tax liability
c. 30,000 deferred tax expense
d. 30,000 income tax expense

“Do not be anxious about anything, but in everything by prayer and supplication with thanksgiving let your
requests be made known to God. And the peace of God, which surpasses all understanding, will guard your
hearts and your minds in Christ Jesus.” (Philippians 4:6-7)

- END -

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