TAKE MY CLASS

ACCT 312 Week 1 Quiz

Name: Devry ACCT 312 Week 1 Quiz - Pay To Take Class
Price: 5.00 USD
Availability: InStock

$5.00

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
	I

Question 4.

Question :

(TCO 1) Under current tax law, a net operating loss may be carried forward up to

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