Which of the following is incorrect regarding the Income Tax Payable account?
A) The account represents income tax incurred,but not yet paid by the company.
B) This is a liability account.
C) The adjusting entry involving this account also requires an entry to Income Tax Expense.
D) The account represents tax refunds due to the company.
Correct Answer:
Verified
Q138: What are the effects on the accounting
Q139: The adjusting entry to record services earned
Q140: The purpose of recording an adjusting entry
Q141: Which of the following statements about adjusting
Q142: An adjusted trial balance should be prepared
Q144: The unadjusted trial balance is a key
Q145: The balance of which of the following
Q146: Which of the following statements about the
Q147: Which of these accounts would normally be
Q148: Which of the following statements is correct
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents