Typical U.S. GAAP disclosures for deferred income taxes include all of the following except:
a. Components of income tax expense
b. Components of income before taxes
c. Reconciliation of income taxes at statutory rate with income tax expense
d. Components of permanent tax differences
D
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Explain the use of purchase orders as a measure of internal control.
What will be an ideal response?
Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $966,000 to be paid during January of the following year. The journal entry on December 31 to record the bonuses is:
A. Debit Unearned Bonuses $966,000; credit Bonus Payable $966,000. B. No entry since the bonuses are not paid until January. C. Debit Employee Bonus Expense $966,000; credit Bonus Payable $966,000. D. Debit Estimated Bonus Payable $966,000; credit Cash $966,000. E. Debit Employee Bonus Expense $966,000; credit Prepaid Employee Bonus $966,000.
If the cost of indirect materials needed for production is insignificant, it should not be included in the budgeting process
Indicate whether the statement is true or false
The more rapidly receivables turn over, the more funds the firm has tied up in accounts receivable.?
Answer the following statement true (T) or false (F)