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Acct 312 ch 16, 17, 19spr06

Acct 312 ch 16, 17, 19spr06 - Accounting 312 Test 19 Spring...

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Accounting 312 Test: Chapters 16, 17, 19 Spring 2006 A. Smith Name: ___________________________ Multiple Choice. Write the letter of the best answer. 3 points each. ____ 1. Each off the following creates a difference between pre-tax financial income and taxable income. Which one ordinarily creates a deferred tax asset? a) Cash received in advance before revenue is earned and recognized. b) Highly accelerated depreciation allowed for taxes but not for financial reporting. c) Sales revenue recognized in the current period on the income statement but not reported on the tax return until cash is collected in later periods. d) Interest on municipal bonds. ____ 2. Each off the following creates a difference between pre-tax financial income and taxable income. Which of the following items creates a permanent difference? a) Death benefits received from a corporate officer’s life insurance policy. b) Interest on municipal bonds. c) Estimated warranty expense. d) Both “A” and “B” create permanent differences. ____ 3.Which of the following statements typifies defined contribution plans?
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