question archive 1) Prepayments made by the lessee on an operating lease are considered to be: A lease expense
1) Prepayments made by the lessee on an operating lease are considered to be: A lease expense
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1) Prepayments made by the lessee on an operating lease are considered to be:
A lease expense.
A depreciable asset.
Deferred revenue.
A prepayment of rent expense.
2) Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset?
Depreciation early in the life of an asset.
Municipal bond interest income.
Subscriptions collected in advance.
None of these answer choices are correct.
3)Which of the following circumstances creates a future taxable amount?
Service fees collected in advance from customers: taxable when received, recognized for financial reporting when earned.
Accrued compensation costs for future payments.
Straight-line depreciation for financial reporting and accelerated depreciation for tax reporting.
Investment expenses incurred to obtain tax-exempt income (not tax deductible).
4) Of the following temporary differences, which one ordinarily creates a deferred tax asset?
Fines paid for violating environmental laws.
Installment sales for tax reporting.
Accrued warranty expense.
Accelerated depreciation for tax reporting.
5) The projected benefit obligation (PBO) is best described as the
Present value of benefits accrued to date based on future salary levels.
Present value of benefits accrued to date based on current salary levels.
Increase in retroactive benefits at the date of the amendment of the plan.
Amount of the adjustment necessary to reflect the difference between actual and estimated actuarial returns.
6) The component of pension expense that results from amending a pension plan to give recognition to previous service of currently enrolled employees is the amortization of:
Prior service costs.
Amendment costs.
Retiree service costs.
Transition costs.
1) Prepayments made by the lessee on an operating lease are considered to be:
A lease expense.
A depreciable asset.
Deferred revenue.
A prepayment of rent expense.
2) Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset?
Depreciation early in the life of an asset.
Municipal bond interest income.
Subscriptions collected in advance.
None of these answer choices are correct.
3)Which of the following circumstances creates a future taxable amount?
Service fees collected in advance from customers: taxable when received, recognized for financial reporting when earned.
Accrued compensation costs for future payments.
Straight-line depreciation for financial reporting and accelerated depreciation for tax reporting.
Investment expenses incurred to obtain tax-exempt income (not tax deductible).
4) Of the following temporary differences, which one ordinarily creates a deferred tax asset?
Fines paid for violating environmental laws.
Installment sales for tax reporting.
Accrued warranty expense.
Accelerated depreciation for tax reporting.
5) The projected benefit obligation (PBO) is best described as the
Present value of benefits accrued to date based on future salary levels.
Present value of benefits accrued to date based on current salary levels.
Increase in retroactive benefits at the date of the amendment of the plan.
Amount of the adjustment necessary to reflect the difference between actual and estimated actuarial returns.
6) The component of pension expense that results from amending a pension plan to give recognition to previous service of currently enrolled employees is the amortization of:
Prior service costs.
Amendment costs.
Retiree service costs.
Transition costs.
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