AS 22
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Questions and Answers

Which statement best describes the objective of Accounting Standard 22?

  • To provide general instructions for financial reporting
  • To explain the concept of matching in accounting
  • To highlight the differences between taxable income and accounting income
  • To prescribe accounting treatment for taxes on income (correct)

    • According to the matching concept, when should taxes on income be accrued?

  • In the period when the tax return is filed
  • In the same period as the revenue and expenses they relate to (correct)
  • In the period when the tax liability is assessed
  • In the period when the tax payment is made

    • What is one of the significant items in the statement of profit and loss of an enterprise?

  • Equity
  • Liabilities
  • Assets
  • Taxes on income (correct)

    • Why does the matching of taxes against revenue for a period pose special problems?

    <p>Taxable income may be significantly different from accounting income</p> Signup and view all the answers

    What should Accounting Standard 22 be read in the context of?

    <p>Its objective and the General Instructions</p> Signup and view all the answers

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