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Week 9 class 1 - Week 9 class 1 Chapter 11 8 Income tax...

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Week 9 class 1 - Chapter 11 8. Income tax expense is based on pretax accounting income on the income statement; it is an expense used to measure net income and is reported on the income statement. Income tax payable is based on taxable income from the income tax return filed with Canada Revenue Agency or, in the case of Alberta, Ontario, and Quebec, with the province. Income tax payable is a liability reported on the balance sheet. 9. Creditors seek to restrict dividends and treasury share repurchases because outlays for these transactions decrease the corporation’s assets available to pay liabilities. 11. Top management bears primary responsibility for the company’s financial statements. The auditors audit the financial statements to express a professional opinion whether the statements conform to GAAP, are free from material misstatement, and can be relied upon. The independent audit lends credibility to the financial statements and results in consistency in the financial statements from one company to another.
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