Which of the Following Is True About Intraperiod Tax Allocation

question 8

Multiple Choice

Which of the following is true about intraperiod tax allocation?

• A)It arises because certain revenue and expense items appear in the income statement either before or after they are included in the tax return.
• B)It is required for extraordinary items and cumulative effect of accounting changes but not for discontinued operations.
• C)Its purpose is to allocate income tax expense evenly over a number of accounting periods.
• D)Its purpose is to relate the income tax expense to the items which affect the amount of tax.

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Definitions:

Uncertainties

Situations or conditions where the outcomes are unpredictable or unknown.

High Performance Team

A high performance team refers to a group of individuals who are highly focused on their goals and achieve superior results through collaboration, commitment, and excellent interpersonal dynamics.

Timely Decisions

The action of making choices or judgments at the right moment to avoid delay and capitalize on effectiveness.

Group Goals

Objectives or targets set by a group that are intended to be achieved collectively.