Financial Reporting and Analysis 【Reading 31】Sample
Which of the following statements is CORRECT? Income tax expense:A)
| is the amount of taxes due to the government. |
| B)
| is the reported net of deferred tax assets and liabilities. |
| C)
| includes taxes payable and deferred income tax expense. |
|
Income tax expense is defined as expense resulting from current period pretax income. It includes taxes payable and deferred income tax expense. Taxes payable are the amount of taxes due the government. |