The objective of
Ind AS 12 is to prescribe the accounting treatment for
a)
Income
taxes
b) Taxes
c) Indirect
Taxes
d) None of
the above
Ind AS 12 requires
an entity to account for the tax consequences of transactions and other events
in the same way that it accounts for the transactions and other events
themselves.
a)
True
b) False
Ind AS 12 deals
with the recognition of deferred tax assets arising from unused tax losses or
unused tax credits
a)
True
b) False
For the purposes
of Ind AS 12, income taxes includes
a)
All domestic
and foreign taxes which are based on taxable profits.
b) Sales
tax
c) Entry
Tax
d) All of
the above
For the purposes
of Ind AS 12, income taxes includes
a) All
domestic and foreign taxes which are based on taxable profits.
b) Withholding
taxes, which are payable by a subsidiary, associate or joint arrangement on
distributions to the reporting entity.
c)
All of
the above
d) None of
the above
Tax expense (tax income) is the aggregate amount included in the
determination of profit or loss for the period in respect of:
a) Current
tax
b) Deferred
tax
c)
Both a
and b
d) Only a
The amount of income taxes payable (recoverable) in respect of the
taxable profit (tax loss) for a period.
a) Income
tax
b)
Current
tax
c) Deferred
tax
d) None of
the above
The amounts of
income taxes payable in future periods in respect of taxable temporary
differences.
a)
Deferred tax
liabilities
b)
Deferred tax asset
c)
Current tax
d)
None of the above
Deferred tax
assets are the amounts of income taxes recoverable in future periods
in respect of:
a)
Deductible temporary differences;
b)
Carry forward of unused tax losses
c)
Carry forward of unused tax credits.
d)
All of the
above
The differences between the carrying amount of an asset or liability in
the balance sheet and its tax base are known as
a)
Temporary
differences
b)
Timing differences
c)
Permanent differences
d)
None of the above
The carrying amount an asset is Rs 100. The tax base amount is Rs 50. The
difference of Rs 50 is known as:
a)
Temporary
difference
b)
Timing difference
c)
Permanent difference
d)
None of the above
The carrying amount an asset is Rs 100. The tax base amount is Rs 60. Calculate
the temporary
difference.
a)
100
b)
160
c)
60
d)
40
Temporary differences that will result in taxable
amounts in determining taxable profit (tax loss) of future periods when the carrying
amount of the asset or liability is recovered or settled are known as:
a)
Taxable
temporary differences
b)
Deductible temporary differences
c)
Taxable timing differences
d)
None of the above
Temporary differences that will result in amounts
that are deductible in determining taxable profit (tax loss) of future periods
when the carrying amount of the asset or liability is recovered or settled are
known as:
a)
Taxable temporary differences
b) Deductible temporary differences
c) Deductible timing
differences
d)
None of the above
The tax base of an asset
or liability is the amount attributed to that asset or liability for tax
purposes.
a)
True
b) False
As per Ind AS 12, Income Taxes, tax expense (tax income)
comprises:
a) Current
tax expense
b) Current
tax income
c) Deferred
tax expense
d) Deferred
tax income
e)
All of
the above
