Intraperiod tax allocation
A)is used to allocate a company's total income tax expense to the components of net income, comprehensive income, and retained earnings
B)involves temporary (timing)differences between financial and taxable incomes
C)requires allocation of deferred taxes across accounting periods
D)results from differences between tax regulations and the principles followed to determine financial income

Question

Quizplus · Accepted Answer

Intraperiod tax allocation is used to allocate a company's total income tax expense to the components of net income, comprehensive income, and retained earnings. It is used to properly show the tax effect on each component of a company's financial statements.

Intraperiod Tax Allocation