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Essay

accounting for income taxes

Essay specific features

 

Issue:

Business

 

Written by:

Melissa R

 

Date added:

March 29, 2012

 

Level:

University

 

Grade:

A

 

No of pages / words:

6 / 1660

 

Was viewed:

9101 times

 

Rating of current essay:

 
Essay content:

When the accounting net income exceeded taxable net income, balancing credit should be recognized, when the taxable net income exceeded the accounting, a balancing debit should be recognized. This was considered a deferred credit and a deferred debit. Deferred charges and credits were default classification and were placed on the Balance Sheet in what was called "no man's land," or some undefined region, between liabilities and owner's equity for deferred credits and between assets and liabilities for deferred charges...
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Under APB Opinion #11 it was believed that the balancing credits and debits would eventually reverse and cancel out and therefore it was to be treated as a temporary measure. From 1967 thru 1980, firms followed the comprehensive tax allocation procedures under APB Opinion #11 and reported deferred charges and credits...
displayed 300 characters

General issues of this essay:
Accounting Definitions accounting for income taxes Financial Statements Financial Statements Financial Statements financial statements Income Taxes The Four Financial Statements The ISAB argues that the accruals and going concern concepts are key underlying assumption in the preparation of financial statements. Discuss the problems for companies in applying these accounting concepts and explain why other concepts might al... accounting - finanatial statements comparison of Medtronic's financial statements to Baxter's financial statements Financial Statements financial statements financial statements financial statements
 

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