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Course 171035- Accounting For Income Taxes
  Final Exam
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171035v - Accounting For Income Taxes

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4 CPE Credit Hours

Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. The relationship between income tax currently payable and income tax expense is that income tax currently payable
2. Temporary differences arise when expenses are deductible for tax purposes in a period
3. Which of the following is a temporary difference classified as a revenue or gain that is taxable after it is recognized in financial income?
4. A temporary difference arises when a revenue item is reported for tax purposes in a period
5. A company uses the equity method to account for a business investment. This would result in what type of difference and in what type of deferred income tax?
6. Machinery was acquired at the beginning of the year. Depreciation recorded during the life of the machinery could result in
7. Orleans Co., a cash-basis taxpayer, prepares accrual-basis financial statements. In its current year balance sheet, Orleans's deferred income tax liabilities increased compared with those reported for the prior year. Which of the following changes would cause this increase in deferred income tax liabilities? 1: An increase in prepaid insurance; 2: An increase in rent receivable; 3: An increase in warranty obligations.
8. Taxable income of a corporation
9. At the December 31, 2X12 balance sheet date, Unruh Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2X13, a future taxable amount will occur and
10. 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?
11. A company records an unrealized loss on short-term securities. This would result in what type of difference and in what type of deferred income tax?
12. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Which of the following kinds of evidence is considered in making this determination?
13. Uncertain tax positions: 1. Are positions for which the tax authorities may disallow a deduction in whole or in part; 2. Include instances in which the tax law is clear and in which the company believes an audit is likely; 3. Give rise to tax expense by increasing payables or increasing a deferred tax liability.
14. With regard to uncertain tax positions, GAAP requires that companies recognize a tax benefit when
15. Taxable income of a corporation differs from pretax financial income because of
16. A major distinction between temporary and permanent differences is
17. An example of a permanent difference is
18. Deferred taxes should be presented on the balance sheet
19. Recognition of tax benefits in the loss year due to a loss carryforward requires
20. The manner of reporting the tax benefit of an operating loss carryforward or carryback is determined by the source of the
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