Give two examples of permanent differences that are caused by expenses that are recognized under GAAP for
Question:
Give two examples of permanent differences that are caused by expenses that are recognized under GAAP for financial reporting purposes but are never deductible for income tax purposes.
GAAPGenerally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
The cap on top management compensation life ins...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Question Posted:
Students also viewed these Business questions
-
Give two examples of products that are traded on international markets for which there are dynamic increasing returns. In each of your examples, show how innovation and learning-by-doing are...
-
What are the most important differences between perfectly competitive markets and monopolistically competitive markets? Give two examples of products sold in perfectly competitive markets and two...
-
Give two examples of an administrative decision that would be based on performance management information. Give two examples of developmental decisions based on this type of information.
-
where a bank's liabilities can be withdrawn in the short-term while its assets are being repaid in the long-term.
-
See Problem 9. During Michaela's travel from Killarney to Cork via Mallow, her actual travel time in the car is 48 min. (a) What is her average speed in m/s? (b) What is the magnitude of her average...
-
For each pair of functions, find A (/g) (x) and give any x-values that are not in the domain of the quotient function. f(x) = 8x-27, g(x) = 2x - 3
-
An often-ignored concept in breach of contract is the availability, if any, of the award of punitive damages. Often, cases incorporate both breach of contract and tort actions. The tort actions...
-
(Politicization of GAAP ) Some accountants have said that politicization in the development and acceptance of generally accepted accounting principles (i.e., rule-making) is taking place. Some use...
-
Various people in the movie turn to Warren Buffett for advice and/or financial assistance, including Dick Fuld (Lehman Brothers), Lloyd Blankfein (Goldman-Sachs), Hank Paulson (Secretary of the...
-
What are the elements of the Wattpad platform? What drives cross-platform economic value? Assess the progress of artificial intelligence efforts to match readers and writers. How does Wattpad build a...
-
What is a permanent difference? Give two examples of revenues that are recognized under GAAP for financial reporting purposes but are never taxable.
-
How is a corporations effective tax rate calculated?
-
According to Figure 1, a Fauna H rock would most likely form under which of the following pressure and temperature conditions? Pressure Temperature A. 4 psi 200 C B. 8 psi 500 C C. 12 psi 350 C D....
-
Acton Corporation reports the following items in the "Assets" section of its balance sheet at year-end: Cash $57,000 Land 95,000 Mining deposits 250,000 Patents 105,000 Goodwill 545,000 What is the...
-
Sawyer Manufacturing Corporation purchases a patent for $810,000. The patent does not expire for another 13 years, but the estimated life is nine years. What is the remaining unamortized balance of...
-
Company X uses FIFO for internal purposes, but LIFO for external reporting purposes. At the beginning of the year, the LIFO reserve was $20,000. At the end of the year, the LIFO reserve was $23,000....
-
Holiday Ltd. has one class of shares. The company issued its first 110000 shares at a price of $1.50 each. Two years later, an additional 42000 shares were issued for 1.70 per share. During the...
-
How can we be sure that an audit opinion rendered by one CPA firm is comparable to the same opinion rendered by another CPA firm? Kindly provide reference if any.
-
Imported beer is not the only product whose labeling may be misleading. For instance, although BMW is a German brand, most BMW X3s and X5s purchased in the United States are actually manufactured in...
-
Calculate the electrical conductivity of a fiber-reinforced polyethylene part that is reinforced with 20 vol % of continuous, aligned nickel fibers.
-
Noble Companys accounting records provided the following changes in account balances and other information for 2016: Additional information'. Net income was $9,900. Dividends were declared and paid....
-
Hyde Companys records for 2016 provide the following information: a. Amortization of premium on bonds payable, $600 b. Purchase of equipment, $6,000 c. Depreciation expense, $7,400 d. Decrease in...
-
Statement of Cash Flows The following is a list of items for Witts Companys 2016 statement of cash flows: a. Receipt from sale of equipment, $2,700 b. Increase in inventory, $3,900 c. Net income,...
-
1. Match the part of the microscope to the description on the right. 2. What is the total magnification if the ocular lens is 10x, and the objective lens is 100x? Show the calculations. 10 x 100 = 3....
-
ACC 550 Cost Accounting Module 4-1 Discussion Another Take on Flexible Budgets and Variance Analysis Comprehensive Variance Analysis Based on Ex Post Optimal Budget. The author presents a new...
-
What is a functional group? Why is it important to recognize functional groups in organic chemistry? 2. Draw the structure of octane. 3. Name this compound. 4. When are hyphens and commas used in...
Study smarter with the SolutionInn App