intermediate acct. II

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a company may carry back a tax loss for _____ years and carry forward a tax loss for ________ years

2;20

the amount of income a company reports in its financial statements is known as

book income

which statement below is correct about defined benefit pension plans?

deferring actuarial gains and losses tends to smooth earnings

one characteristic of a defined contribution pension plan is

employer contributions are typically based upon salary levels of employees

when accounting for pensions which of the following is true of interest cost?

increases PBO and increases pension expense

the _____ date is when the lease agreement is signed. the ________ date is the date on which the lessee is allowed to begin using the leased asset

lease inception; lease commencement

under a defined benefit pension plan, how is interest cost calculated?

multiply beginning balance PBO by the settlement rate

when a company has a net loss from continuing operations, it should include

no potentially dilutive securities in diluted EPS

Dante Inc. reported fines and penalties on their income statement this year. what book-tax difference will result?

permanent difference; book income less than taxable income

which of the items below is not considered when calculating a defined benefit for a pension?

return on plan assets

when accounting for operating lease, the lessee will record a(n) ____________ and an associated lease liability on the balance sheet.

right of use asset

if the lessor meets any one of the five Group I criteria, then the lessor classifies the lease as a ________. if the lessor meets both of the Group II criteria but none of the Group I criteria, then the lessor classifies the lease as a __________. if the transaction does not meet either of the group I or group II criteria, then the lessor classifies the lease as a ______________

sales type lease; direct financing lease; operating lease

a deferred tax asset exists when

the book basis of liabilities is greater than the tax basis of liabilities

a company is most likely to choose the carry forward option for a net operating loss when

the company expects higher tax rates in the future compared to the past

choose which situation listed below is one where employee compensation is not classified as a liability

the option is granted for the acquisition of securities classified as equity securities

the denominator of EPS equation contains

weighted number of shares common stock outstanding


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