acct312 Week 1 quiz latest 2017

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Question # 00515106 Subject Accounting Topic Accounting Tutorials: 1
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Week 1 quiz

1.Question Which causes a temporary difference between taxable and pretax accounting income?

The dividends received deduction

Life insurance proceeds received due to the death of an executive

Investment expenses incurred to generate tax-exempt income

MACRS used for depreciating equipment


Question 2.Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability?

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. Which temporary difference ordinarily creates a deferred tax asset?

Installment sales for tax reporting

Accelerated depreciation for tax reporting

Completed-contract method for long-term construction contracts for tax reporting

Rent collected in advance


Question 4. Under current tax law, generally a net operating loss may be carried back

2 years.

5 years.

15 years.

20 years.


Question 5. In reconciling net income to taxable income, interest earned on municipal bonds is

ignored.

a temporary difference.

a permanent difference.

a reversing difference.

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