Acct 312

. (TCO 1) SFAS 109 requires the future(a) procedure. (Points: 5)
enumeration of deferred tax revenue revenue assets and liabilities based on passing differences.
reckoning of deferred income tax based on permanent differences. Computation of income tax expense based on assessable income.
Computation of deferred income tax based on temporary and permanent differences.

2. (TCO 1) Which of the following commonly results in an increase in a deferred tax liability? (Points: 5)
Accrual of estimated operating expenses
Revenue collected in advance
Prepaid operating expenses
Accumulated depreciation.

3. (TCO 1) For its first family of trading operations Tringali Corporations reconciliation of pretax method of accounting income to taxable income is as follows: Pretax accounting income $300,000 minus permanent difference 15,000 equals 285000 minus temporay difference 20000 equals taxable income $265000 Tringalis tax rate is 40%. What should Tringali report as its deferred income tax liability as of the end of its first year of operations? (Points: 5)
$35,000.
$20,000.
$14,000.
$ 8,000. ($20,000* x 40%)

*$300,000 -15,000 = 285,000 265,000 = $20,000

4. (TCO 2/3) Which of the following is not usually part of the tribute formula under a delimitate benefit propose? (Points: 5)
Age at retirement.
Number of long time of service.




Seniority at time of retirement.
Compensation level.

5. (TCO 2/3) To dish assess the uncertainties that surround a defined benefit subvention plan, corporations frequently hire a(n): (Points: 5)
CPA.
Attorney.
Investment analyst.
Actuary.

6. (TCO 2/3) Interest price will: (Points: 5)
Increase the PBO and increase pension expense.
Increase pension expense and reduce plan assets.
Increase the PBO and reduce plan assets.
Increase pension expense and reduce the return on plan assets.

7. (TCO 4) The changes in account balances for Allen Inc. for 2009 are as follows: Assets/ calculate $225,000 Common stock/Credit $125,000 Liabilities/Credit...If you want to get a full essay, order it on our website: Ordercustompaper.com



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