1.Most corporations make quarterly tax payments based on:

a)actual taxable income for the quarter.

b)estimated taxable income for the quarter.

c)estimated total annual tax liability.

d)actual annual tax liability.

2.The current ratio is defined as total liabilities divided by total assets.

a)True

b)False

3.Under IFRS, a provision is the same as:

a)a contingent liability.

b)a contingent liability or a contingent asset.

c)a contingent asset.

d)an estimated expense.

4.Undistributed stock dividends are reported as a current liability.

a)True

b)False