A) rent receivable O) prepaid insurance B) prepaid rent D) none of the above 10) If a company has estimated its tax payable for the year to be $10000 at the end of the financial year, the appropriate jounal entry to record the tax payable is A) Dr Income tax payable B) Dr Income tax expense C) Dr Income tax payable D) Dr Income tax expense 10000 Cr Cash at bank Cr Cash at bank Cr Income tax expense Cr Income tax pavable 10 000 10000 10 000 10 000 10 000 10 000 11) If the temporary difference is expected to lead to the payment of more tax in the future, it is described as B) excluded temporary difference D) taxable temporary difference C) deductible temporary difference 12) Assuming that a company's accounting profit before tax is $150000, its taxable income is $45000 and a tax rate of 30%, the current tax liability for the company would be A) $58 500 B) $13 500 C) $31 500 D) $45 000 13) The tax base for a liability is calculated as A) Carrying amount minus Future taxable amount minus Future deductible amount B) Carrying amount minus Any further deductible amount for tax C) Carrying amount minus Future taxable amount plus Future deductible amount D) Carrying amount plus Any further deductible amount for tax 15) A loss is reported for tax purposes when A) allowable deductions are greater than assessable income B) expenses are greater than revenues C) allowable deductions are less than assessable income D) none of the above 16) Deductible temporary differences lead to the recognition of A) deferred tax expenses C) deferred tax assets B) deferred tax revenues D) deferred tax liabilities 17) AASB 112 Income Taxes applies to an entity that is: A) a reporting entity B) not a reporting entity C) is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act 2001 D) both A and C