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Acct 312 Week 4 Midterm Exam Answers

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ACCT 312 Week 4 Midterm Exam Answers
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ACCT 312 Week 4 Midterm Exam Answers

1. Question : (TCO 1) Which event will result in a deferred tax liability?

Student Answer: Accelerated depreciation in the tax return
Interest income on municipal bonds
Subscriptions collected in advance
Estimated warranty expense
Instructor Explanation: See Chapter 16.


Points Received: 20 of 20
Comments:



Question 2. Question : (TCO 1) Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset?

Student Answer: Tax depreciation in excess of book depreciation
The installment sales method for tax purposes
Revenue collected in advance
None of the above
Instructor Explanation: See Chapter 16.


Points Received: 20 of 20
Comments:



Question 3. Question : (TCO 2) Interest cost is calculated by multiplying the

Student Answer: ABO by the expected return on the plan assets.
ABO by the discount rate.
PBO by the expected return on plan assets.
PBO by the discount rate.
Instructor Explanation: See Chapter 17.


Points Received: 20 of 20
Comments:



Question 4. Question : (TCO 3) Accounting for postretirement healthcare benefits is similar, in most respects, to accounting for

Student Answer: payroll taxes.
health insurance costs for current employees.
pension benefits.
sick pay and vacation pay.
Instructor Explanation: See Chapter 17.


Points Received: 20 of 20
Comments:



Question 5. Question : (TCO 4) Retained earnings represents a company’s

Student Answer: undistributed net assets.
undistributed net income.
extra paid-in capital.
undistributed cash.
Instructor Explanation: See Chapter 18.


Points Received: 20 of 20
Comments:



Question 6. Question : (TCO...

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