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Questions and Answers
Which statement best describes the objective of Accounting Standard 22?
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?
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?
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?
Why does the matching of taxes against revenue for a period pose special problems?
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What should Accounting Standard 22 be read in the context of?
What should Accounting Standard 22 be read in the context of?
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