Intermed AC 12e- Ch 19- Test Bank

Intermed AC 12e- Ch 19- Test Bank - Intermediate Accounting...

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Intermediate Accounting 12th Edition (by D. E. Kieso, J. J. Weygandt, T. D. Warfield © 2007 CHAPTER 19 ACCOUNTING FOR INCOME TAXES 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. a 23. Determination of income tax expense. b 24. Determination of deferred tax expense. a 25. Rationale for interperiod tax allocation. d 26. Causes of a deferred tax liability. c 27. Situation requiring interperiod tax allocation. d 28. Permanent differences and interperiod tax allocation. b 29. Permanent differences. a 30. Differences arising from depreciation methods. a P 31. Temporary difference and a revenue item. b S 32. Effect of future taxable amount. c P 33. Causes of a deferred tax liability. d S 34. Distinction between temporary and permanent differences. b S 35. Identification of deductible temporary difference. c S 36. Identification of taxable temporary difference. d S 37. Identification of future taxable amounts. c 38. Identify a permanent difference.
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Test Bank for Intermediate Accounting, Twelfth Edition MULTIPLE CHOICE —Conceptual (cont.) Answer No. Description d 39. Identification of permanent differences. d 40. Identification of temporary differences. d 41. Difference due to the equity method of investment accounting. b 42. Difference due to unrealized loss on marketable securities. c S 43. Accounting for change in tax rate. c 44. Appropriate tax rate for deferred tax amounts. b 45. Recognition of tax benefit of a loss carryforward. d 46. Reasons for disclosure of deferred income tax information. c 47. Classification of deferred income tax on the balance sheet. b 48. Classification of deferred income tax on the balance sheet. d 49. Basis for classification as current or noncurrent. d 50. Income statement presentation of a tax benefit from NOL carryforward. c S 51. Classification of a deferred tax liability. c 52. Procedures for computing deferred income taxes. P These questions also appear in the Problem-Solving Survival Guide.
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