ACT 444 Spring 2015
Take Home Part
1.You may use your book and notes for this exam take home part, but you may not discuss the
questions or related ideas with any other person while you are taking the exam.
2.If you have to ma
1. Pacific Gas and Electric: low positive operating and investing cash flows, negative finance
cash flows, low inventories
2. Sun Microsystems: low operating cash flows, high financing cash flows
d. Able shows insurance expense earlier for financial reporting than for tax reporting,
increasing deferred tax assets for the future savings in income taxes when actual losses occur.
The decline in the defe