Companies use intraperiod tax allocation for all of the following items except
A) discontinued operations.
B) extraordinary items.
C) changes in accounting estimates.
D) income from continuing operations.

Question

Quizplus · Accepted Answer

Intraperiod tax allocation is used to allocate income tax expense among different parts of the income statement, such as discontinued operations, extraordinary items, and income from continuing operations. It does not apply to changes in accounting estimates, as these are not separate components of the income statement that require tax allocation.

Companies Use Intraperiod Tax Allocation for All of the Following