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C HAPTER 16 Income Taxes M ULTIPLE C HOICE Q UESTIONS Theory/Definitional Questions 1 Example of permanent difference 2 Example of temporary difference 3 Rationale for interperiod tax allocation 4 Determination of income tax expense 5 Example of differences resulting in deferred tax asset 6 Example of a deductible temporary difference 7 Situation requiring interperiod tax allocation 8 Identifying a permanent difference 9 Concepts behind a deferred tax asset 10 Supporting arguments for allocation of income taxes 11 Example of temporary difference resulting in deferred tax liability 12 Recognition of rate change under asset/liability method 13 Recognition of tax benefit of a loss carryforward 14 NOL carryforwards 15 Temporary differences between financial income and taxable income 16 Example of temporary difference deductible amount 17 Example of temporary difference taxable amount 18 GAAP recognition of benefits derived from investment credits 19 Reasons for intraperiod tax allocation 20 Effect of inter- and intraperiod tax allocations on net income 21 Reporting deferred tax assets and liabilities on the balance sheet 22 Reporting deferred tax assets and liabilities on the balance sheet 23 International accounting standards approach to interperiod tax allocation 24 Approaches to interperiod tax allocation 25 Approaches to interperiod tax allocation 26 Meaning of U.K. term “crystallise” 27 Deferred taxes the statement of cash flows using the indirect method Computational Questions 28 Computation of income tax expense 29 Computation of tax benefit from carryback 30 Computation of pretax accounting income 31 Computation of deferred tax liability with changing tax rates 32 Computation of amount deducted for depreciation on the tax return 93
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94 Chapter 16 Income Taxes 33 Computation of net income tax expense 34 Computation of deferred tax expense 35 Computation of taxable income 36 Computation of deferred tax asset with temporary and permanent differences 37 Computation of loss to be reported after NOL carryback 38 Computation of total deferred tax liability 39 Computation of increase in tax expense arising from tax rate increase 40 Computation of income taxes payable 41 Computation of total noncurrent deferred tax liability 42 Determination of income tax refund following an NOL carryback 43 Deferred tax liability arising from depreciation methods 44 Deferred income tax liability from temporary and permanent differences 45 Computation of current federal income tax liability 46 Computation of income tax payable 47 Computation of total income tax expense 48 Intraperiod tax allocation 49 Intraperiod tax allocation 50 Intraperiod tax allocation 51 Intraperiod tax allocation 52 Intraperiod tax allocation 53 Intraperiod tax allocation 54 Intraperiod tax allocation P ROBLEMS 1 Computation of net amount of taxes paid applying carrybacks 2 Computation of taxable income for current year 3 Computation of tax assets/liabilities, journal entries, prepare income statement 4
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