acctg 334 learnsmart final

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both the service cost and interest cost increase the

APBO

bart company has a pbo balance of 400 million and a plan assets balance of 500 million. bart will report

a 100 million asset

the two items that are required for a cash dividend to be declared are

a sufficient balance in retained earnings cash

a deferred tax ______ occurs when there is a future deductible amount

asset

what numbers are combined to determine income tax expense

changes in valuation allowance for deferred tax assets changes in deferred tax assets and liabilities changes in liability for uncertain tax positions income tax payable

defined _________ pension plans use straightforward accounting that requires little explanation

contribution

initial direct costs include

costs associated with completing the lease agreement costs that would not have been incurred if the lease agreement did not exist costs necessary to acquire the lease

in year 1, rim corporation purchases 1,000 shares of treasury stock for $10 per share. In year 2, rim reissues 100 shares of the treasury stock for $12 per share. In year 3, rim reissues 500 shares of its treasury stock for $9 per share. The journal entry to record the reissuance of treasury stock in year 3 will include which of the following?

debit paid in capital- treasury shares $200 debit retained earnings $300

which of the following account balances provides information about a company's future revenue?

deferred revenue

which of the following items are classified as deferred tax liabilities?

depreciation deducted for tax in excess of depreciation expense bad debt deductions in excess of bad debt expense

Corr inc. leases equipment from LM leasing corp. the lease requires rental payments of $20,000 per year for 5 years. Title of the property transfers at the end of the lease term. The equipment has a useful life of 10 years. How should the lease be classified by Corr?

finance lease

the most common reasons for a sale-leaseback transaction are to

generate cash refinance at a lower rate

which items on the income statement require separate income tax allocation?

income from continuing operations discontinued operations

which of the following items are permanent differences

interest on municipal bonds life insurance proceeds on the death of insured executive premiums paid for life insurance on key officers

recognizing deferred tax assets and liabilities is referred to as __________ tax allocation

interperiod

allocating income taxes within a particular reporting period is referred to as what?

intraperiod tax collection

a valuation allowance is needed If _______ that some portion or all of a deferred tax asset will not be realized

it is more likely than not

when the lessor's implicit rate is unknown, which rate should be used to calculate the present value of the lease payments for the lessee?

lessee's incremental borrowing rate

in an operating lease, the ________ records no asset or liability at the inception of the lease and the _______ records both

lessor; lessee

which of the following are uncertainties related to funding a defined benefit pension plan?

life expectancy retirement age return on plan assets employee turnover

in a corporation, shareholders' liability is

limited to the amount of the investment

when the dividend exceeds the balance in retained earnings, the excess is referred to as a _________ dividend

liquidating

a credit balance in retained earnings indicates that

net income has exceeded the dividends distributed to shareholders

how are deferred tax assets and liabilities classified on the balance sheet?

noncurrent

which of the following are included in comprehensive income

other comprehensive income net income

which item creates a future deductible amount?

receipt of rental revenue in advance

a net operating loss carryforward

reduces taxable income in future years

which of the following would be included in the lessor's gross investment in the lease?

residual value periodic lease payments

which of the following cause a deferred tax liability to occur?

revenue being reported on the tax return after the income statement expense being reported on the tax return before the income statement

mueller company issues one share in exchange for two outstanding shares of common shares. Mueller must have had a

reverse stock split

The rights of common stockholders typically include which of the following?

right to dividends when declared right to distribution of assets in liquidation right to vote for corporate directors

which of the following costs will change the APBO

service cost interest cost

the term treasury stock refers to

stock that is repurchased and not retired

which of the following items would create a deferred tax asset?

subscriptions collected in advance

companies with sizeable unrecognize pension costs will exhibit a relatively high _____ earnings component

temporary

which return is used to calculate pension expense

the expected return

which of the following represent common reasons for the curtailment or settlement of defined pension plans

the inherent risk of the plans for employers the cost and burden of paperwork and reporting requirement related to the plans

Royce has 100,000 shares of $10 par issued and outstanding. Royce declares a 2 for 1 stock split in the form of a stock dividend. Which of the following are true?

the number of shares outstanding increases the par value will not change

the lessee records the right of use asset as

the present value of lease payments

if a lease contains a bargain purchase option, the lessee should amortize the right of use asset over

the useful life of the asset

which of the following are required disclosure for deferred tax assets and liabilities in the notes to the financial statements?

total valuation allowance for deferred tax assets total of all deferred tax assets effect of each type of temporary difference

which of the following items would create a deferred tax liability?

unrealized gains from recording investments at fair value accelerated depreciation on the tax return in excess of depreciation on the income statement

victor inc rewards its managers for achieving certain target sales. Victor should recognize the related bonuses

when the targets are met


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