What does the exemption method of giving double taxation relief mean?
Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?
On 1 July 20X7, VWX enters into a 12-month lease for personal computers paying a non-refundable deposit of $600. Lease payments of $500 are paid monthly in arrears. VWX chooses to recognise the assets in the lease as short life and low value
Which of the following gives the correct value for the expense in the statement of profit or loss and corresponding prepayment and accrual in VWX's statement of financial position for the year ended 31 December 20X7?
A
B
C
D
XYZ's accounting profit for the last reporting period is $200,000. This is after deduction of:
• Accounting depreciation of $40,000.
• Entertaining expenses of $10,000 which are disallowable for tax purposes
• Directors' salaries of 530.000
Tax depreciation allowances of $60,000 are available and the rate of corporate income tax is 20%.
What is the corporate tax liability of XYZ for the reporting period?
TESTED 04 May 2024
