SOLVED:Accounting for income taxes and the differences between financial income and taxable income




ACC 423 Week 3 Individual Assignment Assignments From the TextACC 423 Week 3 Learning Team Assignment Assignments From the Text   Week 3 Summary This week went much smoother for me than last. Because of our assignments, I feel that I have really retained last week’s learning about debt and equity securities. This week’s discussions and reading involved the accounting for income taxes and the differences between financial income and taxable income. I am hoping that after next week’s assignment I have a better understanding. I found the discussions about NOL and carry forward/carryback very interesting. I am enjoying the class discussions because there seems to always be active participation among the classmates. I am also finding the investing discussions fascinating. I have wanted to invest for quite some time, but have been very nervous because of my lack of understanding. This class is really clarifying loose-end questions I had about examining financial statements, etc.   Week 3 DQ2         How are deferred tax assets and deferred tax liabilities derived? How do they relate to the difference between tax expense and taxes payable? How could an organization have a tax receivable? Why is the tax expense reported on the income statement comprised of current and deferred tax? Week 3 DQ3 How are the tax benefits of net operating losses (NOL) disclosed on financial statements? Which is more beneficial to an organization, an NOL carryforward or an NOL carryback? Explain why. When would a company decide to forego a carryback?   Week 3 DQ4 Read one of the articles on the electronic readings.  Summarize the main points of the article and discuss how this relates to this week’s reading topics.  (Don’t forget to cite your article.)