Question

Accounting Standards are to be used
(a) For computation of taxable income
(b) For calculating net profits available for payment of dividends
In the presentation of general purpose financial statements
(d) For preparing only the cash flow statement​

Answer 1

Answer:

The objective of this Standard is to prescribe the accounting treatment for income taxes. The

principal issue in accounting for income taxes is how to account for the current and future tax

consequences of:

(a) the future recovery (settlement) of the carrying amount of assets (liabilities) that are

recognised in an entity’s balance sheet; and

(b) transactions and other events of the current period that are recognised in an entity’s

financial statements

Explanation:

Answer 2

for computation. of taxation income