The amount of income taxes recognized on the income statement but not yet payable to the government are found on the
A)balance sheet in the account Deferred Income Taxes.
B)balance sheet in the account Income Taxes Payable.
C)income statement in the account Income Tax Expense Current.
D)income statement in the account Income Tax Expense DeferreD.

Question

Quizplus · Accepted Answer

Income taxes recognized on the income statement but not yet payable to the government are deferred income taxes. Therefore, the correct option is A) balance sheet in the account Deferred Income Taxes. Option B is incorrect because it refers to income taxes that are both recognized on the income statement and payable to the government. Option C is incorrect because it refers to income taxes that have been expensed in the current period. Option D is incorrect because it refers to income taxes that have been recognized but not yet expensed.

The Amount of Income Taxes Recognized on the Income Statement