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1. What element should be multiplied by the prevailing tax rate to derive Tax Expense?
Accounting Taxable Profit
Net Profit After Tax
Net Profit Before Tax
2. Which of these would not be a permanent difference?
Revaluation of a building
Sales made by a subsidiary in a tax-exempt jurisdiction
Payment of fine for non-payment of taxes
3. What does “Tax Effected” mean?
It refers to a business that had to pay tax
It denotes the post-tax element of a cash generating item
It refers to Balance Sheet items and assesses their worth in offsetting or increasing the tax liability
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