Crown Limited has net accounts receivable balance of $25,000 (the allowance for doubtful debt balance is $5,000) as shown in their balance sheet. The tax rate is 30%. The deferred tax item to be recognised by Crown Limited is:

Select one:

a. Deferred tax asset of $1,500.

b. Deferred tax asset of $5,000.

c. Deferred tax liability of $1,500.

d. Deferred tax liability of $25,000.

2.

A deductible temporary difference leads to the payment of:

Select one:

a. less tax in the future and gives rise to a deferred tax asset.

b. less tax in the future and gives rise to a deferred tax liability.

c. more tax in the future and gives rise to a deferred tax liability.

d. more tax in the future and gives rise to a deferred tax asset.

3.

As defined by AASB 13/IFRS 13 Fair Value measurement, the price that would be received to sell an asset or paid to transfer a liability is called the:

Select one:

a. net realisable value

b. current exit price

c. market price

d. entry price

4.

Quoted prices for identical items in inactive markets are called:

Select one:

a. Level 2 inputs

b. Level 1 inputs

c. Level 3 inputs

d. Unobservable inputs

5.

Quoted prices in active markets for identical assets or liabilities are called:

Select one:

a. Unobservable inputs

b. Level 3 inputs

c. Level 1 inputs

d. Level 2 inputs

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