Trick Tips Flashcards
1
Q
DEFFERED PORTION OF TAX
A
THE MAIN TRICK IS THE WORD CURRENT “PORTION” EXPENSE AND CURRENT -YEAR INCOME TAX EXPENSE.
TWO DIFFERENT MEANINGS!
CURRENT PORTION (PROVISION) IS JUST TAXABLE INCOME TIMES THE TAX RATE.
CURRENT-YEAR INCOME TAX IS THE CURRENT PORTION PLUS DEFFERED TAX .
