FLASH BACK- TAX TERMS

deferred tax?def tax liab?def tax asset?temp difference?deductible temp dif?taxable temp diff??? ~mode: dizzy~am I truly accountg graduate?NOT SURE!

YA ALLAH..betapa lamanya aku meninggalkn term2 ni..rsa liat sgt kepala otak ni nk berputar kembali utk memahami term2 ni..ok wani, kt cb slow2 k..

1. def tax: future tax liability/asset kesan drp Temp Diff antara acccountg value of asset dgn value for tax purposes.
2. def tax asset: tax relief is provided after an expense is deducted for accounting purposes eg: company accrue expenses related to provision; eg for bad debt.but tax relief may not be obtained until d provision is utilised.
3. def tax liabilty: tax relief is provided in advance of an accounting expense, or income is accrued but not taxed until received eg: company makes pension contributions for which tax relief is provided on a paid basis, whereas accounting entries are determine in accordance with actuarial valuations
4. temp diff : perbezaan antara CA Asset dgn Tax Base (Amount attributed to the asset/liab for Tax purposes)
5. taxable temp dif: result in taxable amounts in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled
6. deductible temp dif: result in deductible amounts in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.

PAHAM? X PAHAM? BUAT2 PAHAM JE LA K!