Asked by

Lydia Clogger
on Nov 02, 2024

verifed

Verified

Current tax consequences of business operations are recognised as:

A) a current liability for income tax payable.
B) a non-current liability for taxes payable.
C) a contingent liability for taxes payable.
D) a deferred liability for income tax payable.

Current Liability

Financial obligations or debts that are due within one year or within the normal operating cycle of the business.

Income Tax Payable

The amount of income tax that a company or individual owes to the government, but has not yet paid.

Business Operations

Encompasses the day-to-day activities that a business engages in to run smoothly and efficiently, aiming at generating revenue.

  • Determine current tax due based on income subject to taxation.
verifed

Verified Answer

LM
Libanshu MalhotraNov 06, 2024
Final Answer:
Get Full Answer