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    Question

    The term ‘current tax’ in financial statements

    refers to:
    A Tax expense payable/refundable for the current year based on enacted tax laws Correct Answer Incorrect Answer
    B Deferred tax only Correct Answer Incorrect Answer
    C Tax paid in previous years only Correct Answer Incorrect Answer
    D Future expected tax liabilities Correct Answer Incorrect Answer
    E Tax on capital gains only Correct Answer Incorrect Answer

    Solution

    Current tax is the amount of income taxes payable for current year.

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