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ADMS 3595 (21)
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ch19.doc

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Department
Administrative Studies
Course
ADMS 3595
Professor
Rebecca Jubis
Semester
Fall

Description
CHAPTER 19 ACCOUNTING FOR INCOME TAXES IFRS questions are available at the end of this chapter. TRUE-FALSE Conceptual Answer No. Description F 1. Taxable income. F 2. Use of pretax financial income. T 3. Taxable amounts. T 4. Deferred tax liability. F 5. Deductible amounts. T 6. Deferred tax asset. F 7. Need for valuation allowance account. T 8. Positive and negative evidence. F 9. Computation of income tax expense. T 10. Taxable temporary differences. F 11. Taxable temporary difference examples. T 12. Permanent differences. T 13. Applying tax rates to temporary differences. F 14. Change in tax rates. F 15. Accounting for a loss carryback. T 16. Tax effect of a loss carryforward. T 17. Possible source of taxable income. T 18. Classification of deferred tax assets and liabilities. F 19. Classification of deferred tax accounts. F 20. Method used for accounting for income taxes. MULTIPLE CHOICE Conceptual Answer No. Description b 21. Differences between taxable and accounting income. c 22. Differences between taxable and accounting income. b 23. Determination of deferred tax expense. a 24. Differences arising from depreciation methods. a P25. Temporary difference and a revenue item. b S26. Effect of future taxable amount. P c S27. Causes of a deferred tax liability. d S28. Distinction between temporary and permanent differences. b 29. Identification of deductible temporary difference. c S30. Identification of taxable temporary difference. d S31. Identification of future taxable amounts. c 32. Identify a permanent difference. d 33. Identification of permanent differences. d 34. Identification of temporary differences. d 35. Difference due to the equity method of investment accounting. b 36. Difference due to unrealized loss on marketable securities. a 37. Identification of deductible temporary differences. 19 - 2 Test Bank for Intermediate Accounting, Thirteenth Edition d 38. Identification of temporary difference. Accounting for Income Taxes 19 - 3 MULTIPLE CHOICE Conceptual (cont.) Answer No. Description c 39. Accounting for change in tax rate. c 40. Appropriate tax rate for deferred tax amounts. b 41. Recognition of tax benefit of a loss carryforward. a 42. Recognition of valuation account for deferred tax asset. d 43. Definition of uncertain tax positions. c 44. Recognition of tax benefit with uncertain tax position. d 45. Reasons for disclosure of deferred income tax information. c 46. Classification of deferred income tax on the balance sheet. b 47. Classification of deferred income tax on the balance sheet. d 48. Basis for classification as current or noncurrent. d 49. Income statement presentation of a tax benefit from NOL carryforward. S c 50. Classification of a deferred tax liability. c 51. Procedures for computing deferred income taxes. PThese questions also appear in the Problem-Solving Survival Guide. S These questions also appear in the Study Guide. *This topic is dealt with in an Appendix to the chapter. MULTIPLE CHOICE Computational Answer No. Description c 52 Calculate book basis and tax basis of an asset. b 53. Calculate deferred tax liability balance. a 54. Calculate current/noncurrent portions of deferred tax liability. a 55. Calculate income tax expense for the year. d 56. Calculate amount of deferred tax asset to be recognized. c 57. Calculate current deferred tax liability. b 58. Determine income taxes payable for the year. d 59. Calculate amount of deferred tax asset to be recognized. c 60. Calculate current/noncurrent portions of deferred tax liability. d 61. Calculate amount deducted for depreciation on the tax return. b 62. Calculate amount of deferred tax asset to be recognized. d 63. Calculate deferred tax asset with temporary and permanent differences. a 64. Calculate amount of DTA valuation account. a 65. Calculate current portion of provision for income taxes. a 66. Calculate deferred portion of income tax expense. c 67. Computation of total income tax expense. a 68. Calculate installment accounts receivable. b 69. Computation of pretax financial income. a 70. Calculate deferred tax liability amount. a 71. Calculate income tax expense for the year. d 72. Calculate income tax expense for the year. b 73. Computation of income tax expense. c 74. Computation of income tax expense. d 75. Computation of warranty claims paid. b 76. Calculate taxable income for the year. d 77. Calculate deferred tax asset amount. b 78. Calculate deferred tax liability balance. b 79. Calculate income taxes payable amount. 19 - 4 Test Bank for Intermediate Accounting, Thirteenth Edition MULTIPLE CHOICE Computational (cont.) Answer No. Description a 80. Calculate deferred tax asset amount. b 81. Calculate taxable income for the year. b 82. Calculate pretax financial income. a 83. Calculate deferred tax liability with changing tax rates. c 84. Calculate deferred tax liability amount. d 85. Calculate income tax expense with changing tax rates. b 86. Determine change in deferred tax liability. b 87. Calculate deferred tax liability with changing tax rates. d 88. Calculate loss to be reported after NOL carryback. d 89. Calculate loss to be reported after NOL carryback. b 90. Calculate loss to be reported after NOL carryforward. a 91. Determine income tax refund following an NOL carryback. a 92. Calculate income tax benefit from an NOL carryback. d 93. Calculate income tax payable after NOL carryforward. c 94. Calculate deferred tax asset after NOL carryforward. MULTIPLE CHOICE CPA Adapted Answer No. Description a 95. Determine current income tax liability. a 96. Determine current income tax liability. c 97. Deferred tax liability arising from depreciation methods. d 98. Deferred tax liability when using equity method of investment accounting. d 99. Calculate deferred tax liability and income taxes currently payable. b 100. Determine current income tax expense. a 101. Deferred income tax liability from temporary and permanent differences. a 102. Deferred tax liability arising from installment method. c 103. Differences arising from depreciation and warranty expenses. c 104. Deferred tax asset arising from warranty expenses. EXERCISES Item Description E19-105 Computation of taxable income. E19-106 Future taxable and deductible amounts (essay). E19-107 Deferred income taxes. E19-108 Deferred income taxes. E19-109 Recognition of deferred tax asset. E19-110 Permanent and temporary differences. E19-111 Permanent and temporary differences. E19-112 Temporary differences. E19-113 Operating loss carryforward.
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