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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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