Please describe the differences of how IFRS differs from U.S. GAAP in respect to deferred taxes.

February 17, 2020/in Feeds /by Munene david

Please describe the differences of how IFRS differs from U.S. GAAP in respect to deferred taxes.

You

have only 2 hours to answer the above question. Please answer it asap within the time frame.

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If the two columns of a trial balance are equal, does it mean that there are no errors in the accounting records?

February 17, 2020/in Feeds /by Munene david

If the two columns of a trial balance are equal, does it mean that there are no errors in the accounting records?

Explain.

If the totals of the trial balance columns do not equal, what are some corrective actions that might be taken to find the error?

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Inventory valuation methods determine the cost of goods sold and the inventory balance

February 17, 2020/in Feeds /by Munene david

Inventory valuation methods determine the cost of goods sold and the inventory balance. Explain how the Average

Cost method is applied.

Give an example of the application of this method

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This semester, we learned that Congress designed the Code to include various deductions from income. (NOTE: We are not discussing the deductions that may arise from losses.

February 17, 2020/in Feeds /by Munene david

This semester, we learned that Congress designed the Code to include various deductions from income. (NOTE: We are

not discussing the deductions that may arise from losses.) There are two deductions that are particularly important to corporations: (1) the Section 162 deduction for business expenses and (2) the dividend-received deduction. How does the IRS generally interpret deductions (i.e., broadly or narrowly)? How do we determine whether a taxpayer is entitled to each of these two deductions? What is the purpose of each of these deductions? How is each calculated, and are there any limits on the deduction? Finally, what generally governs when a taxpayer may take each of these two deductions?