Intacc Reviewer
Intacc Reviewer
Intacc Reviewer
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D. the present value of lease 2. Which of the following creates a
payments plus the present value of any temporary difference between financial and
unguaranteed residual value taxable income?
16. Lease bonus under an operating lease B. Accelerated depreciation on plant
and equipment
B. is initially treated as unearned
rent by a lessor 3. Which of the following temporary
differences ordinarily creates a deferred tax
17. Initial direct costs incurred by the lessor
asset?
under an operating lease
A. Accrued warranty costs
A. are expensed outright
4. An example of a “deductible temporary
18. Rent income (lease income) under
difference” occurs when
operating leases are normally recognized
using C. Warranty expenses are recognized
on the accrual basis for financial reporting
B. straight line method
purposes but
19. Rent (lease) income under an operating
5. An item that would create a permanent
lease may be computed as
difference in pretax financial and taxable
A. sum of lease payments over the incomes would be
lease term, excluding payments for non-
D. Paying fines for violation of laws
lease components of the contract, plus
lease bonus received divided by the lease 6. Which of the following is the most likely
term item to result in a deferred tax asset?
20. Which of the following is correct D. Unearned revenues
regarding the accounting for operating
7. Recognizing tax benefits in a loss year due
leases?
to a loss carryforward requires
A. initial direct costs incurred by the
C. Creating a deferred tax asset
lessor are expensed immediately.
8. A deferred tax liability arising from the
INCOME TAXES
use of an accelerated method of
1. Which of the following creates a depreciation for tax purposes and the
permanent difference between financial straight line method for
income and taxable income?
B. A noncurrent liability
A. Interest received on government
9. The asset-liability method of interperiod
bonds
tax allocation currently required by PAS 12
D. Comprehensive recognition
approach
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10. The purpose of an interperiod income 18. If the increase in deferred tax asset
tax allocation is to exceeds the increase in deferred tax liability
during the period
C. Recognize an asset or liability for
the tax consequences of temporary C. Deferred tax benefit
differences that exist at the balance sheet
19. If the current tax expense is greater than
data
the income tax expense during the period
11. If the carrying amount of an asset
A. Deferred tax benefit
exceeds its tax base
20. If the current tax expense is less than
A. Taxable temporary difference
the income tax expense during the period
12. This causes the profit determined under
B. Deferred tax expense
PFRS to be greater than the taxable profit
determined under tax laws
B. Taxable temporary difference
13. This causes the profit determined under
PFRS to be less than the taxable profit
determined under tax laws
A. Deductible temporary difference
14. Taxable temporary difference multiplied
by the tax rate equals
D. Deferred tax liability
15. Deductible temporary difference
multiplied by the tax rate equals
C. Deferred tax asset
16. It is the sum of the net changes in
deferred tax liabilities and deferred tax
assets during the period
D. Deferred tax expense (benefit)
17. If the increase in deferred tax liability
exceeds the increase in deferred tax asset
during the period
D. Deferred tax expense
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