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1. In calculating taxation, what is the primary purpose of this interim control account computation?
It calculates Tax Paid
It makes it clear to the end user that the Tax Payable and Paid calculations have been completed
It provides a sense check to ensure that Tax Payable does not go negative
2. How many lines from this interim Taxation control account must be directly referenced in the financial statements to make the Balance Sheet balance?
3. When tax paid is delayed by one period and one period only (as in this example), what is the simplest formula to calculate Tax Paid?
=IF(Counter = 1, Initial Closing Tax Payable, Previous Period’s Tax Payable for Period)
=-Opening Tax Payable
=Previous Period’s Tax Paid
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