ACCT 312 Week 1 Quiz

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ACCT 312 Week 1 Quiz

 1.Question :(TCO 1) Which causes a temporary difference between taxable and pretax accounting income?
Student Answer: Investment expenses incurred to generate tax-exempt income
 Prepaid rent, tax-deductible when paid
 The dividends received deduction
 Life insurance proceeds received due to the death of an executive

 

Question 2.Question :(TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability?
Student Answer: Interest income on municipal bonds
 Prepaid rent
 Proceeds from life insurance received due to the death of an executive
 None of the above

 

Question 3.Question :(TCO 1) Which temporary difference ordinarily creates a deferred tax asset?
Student Answer: Completed-contract method for long-term construction contracts for tax reporting
 Accrued warranty expense
 Installment sales for tax reporting
 Accelerated depreciation for tax reporting
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Question 4.Question :(TCO 1) Under current tax law, a net operating loss may be carried forward up to
Student Answer: 5 years.
 10 years.
 15 years.
 20 years.

 

Question 5.Question :(TCO 1) Which causes a permanent difference between taxable income and pretax accounting income?
Student Answer: Advance collections of revenues
 MACRS depreciation method used for equipment
 The installment method used for sales of merchandise
 Interest earned on municipal securities

 

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