ACCT 312 Week 4 Midterm Exam Answers

ACCT 312 Week 4 Midterm Exam Answers

  • Submitted By: sileno
  • Date Submitted: 03/24/2016 12:24 AM
  • Category: Business
  • Words: 636
  • Page: 3

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:...

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