1. The aggregate amount included in the determination of profit or loss for the period in respect of current tax and deferred tax is called

a. Deferred tax benefit

b.. Tax expense

c. Deferred tax expense

d. Current tax expense

2. It is the amount of income tax p aid or payable for the year as determined in applying the provisions of the enacted law to the taxable income.

a. Income tax expense

b. Current tax expense

c. Deferred tax benefit

d. Deferred tax expense

3. It is the amount attributed to the asset or liability for tax purposes. a. Carrying amount

b. Tax base

c. Measurement base

d. Taxable amount

4. It is the excess of taxable revenues over tax-deductible expenses and exemptions for the year as defined by the BIR. a. Pretax financial income b.Gross income c. Taxable income d. Financial income subject to tax

5. It is the amount of income tax payable in future periods in respect of taxable temporary difference. a. Deferred tax liability

b. Deferred tax equity

c. Tax income

d. Deferred tax asset

Answer rating: 100% (QA)

The detailed answer for the above question is provided below 1 b Tax expense ... View the full answer