38494679
Description
Mind Map by Lucille Lamberson, updated more than 1 year ago
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Created by Lucille Lamberson
over 1 year ago
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Chapter 17: Accounting for Income
Taxes
- Deferred tax asset
- Amount of future income taxes refundable
- Amount of future income taxes refundable
- Deferred tax liability
- Amount of future income taxes payable
- Amount of future income taxes payable
- Total income tax provision = Current
income tax expense (benefit) + Deferred
income tax expense (benefit)
- Taxable temporary difference
- Arises when the financial reporting (book) basis of an asset
exceeds its corresponding tax basis
- Arises when the financial reporting (book) basis of a liability is less
than its corresponding tax basis
- Arises when the financial reporting (book) basis of a liability is less
than its corresponding tax basis
- Arises when the financial reporting (book) basis of an asset
exceeds its corresponding tax basis
- Deductible temporary differences
- Arises when revenues or gains are taxable BEFORE they
are recognized in net income
- Arises when expenses or losses are deductible on the tax return AFTER
they reduce net income
- Arises when expenses or losses are deductible on the tax return AFTER
they reduce net income
- Arises when revenues or gains are taxable BEFORE they
are recognized in net income
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