Answer the following questions: (1) What four principles did FASB conclude were necessary to implement the comprehensive

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Answer The Following Questions 1 What Four Principles Did Fasb Conclude Were Necessary To Implement The Comprehensive 1 (46.97 KiB) Viewed 22 times

Answer the following questions: (1) What four principles did FASB conclude were necessary to implement the comprehensive assets and liability approach? (2) What are the three characteristics of a liability, and why does a referred tax liability of a corporation meet these characteristics? (3) What are the three characteristics of an assets, and why does a referred tax assets of a corporation meet these characteristics? (4) How does a corporation determine its deferred taxes under GAAP? (5) Briefly describes the adjustment of a deferred tax liability (or assets) and the related income statement disclosure for a change in the income tax rate? (6) What is the permanent difference? Give two examples of revenues that are recognized under GAAP for financial reporting purposes but are never taxable. (7) Briefly summarize the GAAP for the financial reporting of operating loss carry forwards. How is a corporate efectives tax tax rate calculated? (8) What is interaperiod income tax allocation? (9) How is income tax expense reported on a corporation's income statement and retained earning statement? (10) What are the two steps that a company must complete for an uncertain tax position?