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Practice Exam #2 %286332%29 - Practice Exam#2 AIM 6332...

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Practice Exam #2 AIM 6332 Spring 2011 1. Which of the following causes a temporary difference between taxable and pretax accounting income? A. Investment expenses incurred to generate tax-exempt income. B. MACRS used for depreciating equipment. C. The dividends received deduction. D. Life insurance proceeds received due to the death of an executive. AACSB: Reflective thinking Bloom's: Knowledge Learning Objective: 16-01 Describe the types of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes. Level of Learning: Easy 2. Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax liability? AACSB: Reflective thinking Bloom's: Comprehension Learning Objective: 16-01 Describe the types of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes. Level of Learning: Medium
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3. A result of interperiod tax allocation is that: AACSB: Reflective thinking Bloom's: Comprehension Learning Objective: 16-01 Describe the types of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes. Level of Learning: Medium 4. Which of the following usually results in an increase in a deferred tax liability? AACSB: Reflective thinking Bloom's: Comprehension Learning Objective: 16-01 Describe the types of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes. Level of Learning: Medium
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