[jeff]

– The NINJAs are giving away a NINJA MCQ section of the winner’s choice.

– To enter the drawing, simply post an answer – (you don’t have to get it correct to be picked).

– The winner will be randomly selected

– You can gift your winning section to someone else (i.e. people who already passed can participate)

– Deadline: Today – 4pm Eastern

Today’s NINJA MCQ Question:

Permanent differences between taxable income and pre-tax accounting income affect:

A interperiod income tax allocation.

B intraperiod income tax allocation.

C both interperiod and intraperiod income tax allocation.

D neither interperiod nor intraperiod income tax allocation.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[lexisavannah]

D

BEC 7/3/14 - 79
FAR 8/30/14 - 64, 85 (used Becker and Ninja MCQ)
AUD 10/3/14 - 82
REG 11/25/14 - 85

[natnathill41]

D

[markeckerle]

D

FAR - 66, 76
AUD - 71, 63, 84
REG - 68 , JAN 15
BEC - FEB 15

[cathypierce]

D

[Gillitl11]

B

[jackaroe]

D

[dnjacksn]

D

[jeff]

Update:

Answer: D neither interperiod nor intraperiod income tax allocation.

FASB ASC 740-10-10-1 notes: “Certain revenues are exempt from taxation and certain expenses are not deductible.”

The items referred to in this passage are commonly called permanent differences. A permanent difference affects only the current reconciliation of book income to taxable income, and the permanent difference has no effect on the computation of deferred taxes. Permanent differences do not affect either interperiod or intraperiod income tax allocation.

***

Winner: natnathill41!

Please email jeff@another71.com and let me know what section of NINJA MCQ you'd like.

Thank you everyone we'll do this again this week.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Author]

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