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1. What element should be multiplied by the prevailing tax rate to derive Tax Expense?
Net Profit Before Tax
Net Profit After Tax
Accounting Taxable Profit
2. Which of these would not be a permanent difference?
Revaluation of a building
Payment of fine for non-payment of taxes
Sales made by a subsidiary in a tax-exempt jurisdiction
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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