ACC 422 Exam 2 - Chapter 18 Deferred Taxes

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11 Terms

1
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Who sets the tax laws?

Congress

2
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Permanent Differences

Items recognized for financial Accounting purposes, but not for income tax purposes

3
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Interest Income from Tax Exempt securities

Deductible

4
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Fines and Expenses related to violations of the law

Non-Deductible

5
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Premiums Paid for Life insurance on key officers/employees

Non-Deductible

6
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Warranty Expense

  • DTA

  • GAAP = Down

  • Tax = No Impact

7
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Unearned Revenue

  • DTA

  • GAAP = no impact

  • Tax

8
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Depreciation

  • DTL

9
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Receivables

  • DTL

  • GAAP = Up

  • Tax = No Impact

10
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Carryback JE

Dr. Income Tax Refund Receivable

Cr. Benefit on Carryback

11
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Carryforward JE

Dr. Deferred Tax Asset

Cr. Benefit on Carryforward