Final Exam-S11-Soln

Final Exam-S11-Soln - Name Section: Final Exam Tentative...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Name Section: Final Exam Tentative Solution Management 351 Spring Final 2011 1. This exam consists of 15 multiple choice items and 3 problems (with several parts each). The exam is 15 pages plus this cover page. Please check to see that your exam document is complete. The point value for each type of problem is: A. MULTIPLE CHOICE 60 points B. NUMERICAL AND WORKOUT PROBLEMS140 points TOTAL POINTS 200 points 2. You have 2 hours to complete this exam. At the end of the 2 hours, please give me your exam document. It is important that all students cooperate in promptly turning in the exams to insure that no student has any advantage over another. 3. This exam is closed book, closed notes, no laptop--you may use your own calculator. 4. Show all of your calculations when solving numerical problems. Correct answers to numerical problems which are not accompanied by work indicating how the answer was derived will not receive any credit. Even if the answer can be computed in your head, indicate your thought process on paper. Partial credit will be given only where the logic and handwriting can be easily followed . 5. If you think that an additional assumption is necessary to complete a problem, clearly state your extra assumption and continue working the problem. As long as your assumption does not contradict information in the problem and is plausible/justifiable, your answer will be graded using that assumption. 6. If you have a question, please come and ask me Remember: Cash + OCA + NCA = CL + NCL + PIC + BRE + R X + G L D A. (60 points) MULTIPLE CHOICE ITEMS 1. Assuming a 40% statutory tax rate applies to all years involved, which of the following situations will give rise to reporting a deferred tax liability on the balance sheet? I. A revenue is deferred for financial reporting purposes but not for tax purposes. II. A revenue is deferred for tax purposes but not for financial reporting purposes. III. An expense is deferred for financial reporting purposes but not for tax purposes. IV. An expense is deferred for tax purposes but not for financial reporting purposes. a. item II only b. items I and II only c. items II and III only d. items I and IV only C 2. Which of the following are temporary differences that are normally classified as expenses or losses that are deductible after they are recognized in financial income? a. Advance rental receipts. b. Product warranty liabilities. c. Depreciable property. d. Fines and expenses resulting from a violation of law. B 3. Stuart Corporation's taxable income differed from its accounting income computed for this past year. An item that would create a permanent difference between accounting and taxable incomes for Stuart would be a. a balance in the Unearned Rent account at year end....
View Full Document

Page1 / 16

Final Exam-S11-Soln - Name Section: Final Exam Tentative...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online