Bruno Bilotta
Nino Benvenuti

Kieso15e Testbank Ch19

Topics: Taxation, Income tax, Tax Pages: 48 (13073 words) Published: March 28, 2015
CHAPTER 19

ACCOUNTING FOR INCOME TAXES

IFRS questions are available at the end of this chapter.

TRUe-FALSe—Conceptual
AnswerNo.Description
F1. Taxable income.
F2. Use of pretax financial income.
T3.Deferred tax expense.
T4. Deferred tax liability.
F5.Deductible amounts.
T6.Deferred tax asset.
F7.Need for valuation allowance account.
T8.Positive and negative evidence.
F9.Computation of income tax expense.
T10.Taxable temporary differences.
F11.Taxable temporary difference examples.
T12. Permanent differences.
T13.Applying tax rates to temporary differences.
F14.Change in tax rates.
F15.Accounting for a loss carryback.
T16.Tax effect of a loss carryforward.
T17.Possible source of taxable income.
T18.Classification of deferred tax assets and liabilities.
F19.Classification of deferred tax accounts.
F20.Method used for accounting for income taxes.

Multiple Choice—Conceptual
AnswerNo.Description
b21.Differences between taxable and accounting income.
c22.Differences between taxable and accounting income.
b23.Determination of deferred tax expense.
a24.Differences arising from depreciation methods.
aP25.Temporary difference and a revenue item.
bS26.Effect of future taxable amount.
cP27.Causes of a deferred tax liability.
dS28.Distinction between temporary and permanent differences.
bS29.Identification of deductible temporary difference.
cS30.Identification of taxable temporary difference.
dS31.Identification of future taxable amounts.
c32.Identify a permanent difference.
d33.Identification of permanent differences.
d34.Identification of temporary differences.
d35.Difference due to the equity method of investment accounting.
b36.Difference due to unrealized loss on marketable securities.
a37.Identification of deductible temporary differences.
d38.Identification of temporary difference.
Multiple Choice—Conceptual (cont.)
AnswerNo.Description
cS39.Accounting for change in tax rate.
c40.Appropriate tax rate for deferred tax amounts.
b41.Recognition of tax benefit of a loss carryforward.
a42.Recognition of valuation account for deferred tax asset.
d43.Definition of uncertain tax positions.
c44.Recognition of tax benefit with uncertain tax position.
d45.Reasons for disclosure of deferred income tax information.
c46.Classification of deferred income tax on the balance sheet.
b47.Classification of deferred income tax on the balance sheet.
d48.Basis for classification as current or noncurrent.
d49.Income statement presentation of a tax benefit from NOL carryforward.
cS50.Classification of a deferred tax liability.
c51.Procedures for computing deferred income taxes.
P These questions also appear in the Problem-Solving Survival Guide. S These questions also appear in the Study Guide.
*This topic is dealt with in an Appendix to the chapter.

Multiple Choice—Computational
AnswerNo.Description
c52Calculate book basis and tax basis of an asset.
b53.Calculate deferred tax liability balance.
a54.Calculate current/noncurrent portions of deferred tax liability.
a55.Calculate income tax expense for the year.
d56.Calculate amount of deferred tax asset to be recognized.
c57.Calculate current deferred tax liability.
b58.Determine income taxes payable for the year.
d59.Calculate amount of deferred tax asset to be recognized.
c60.Calculate current/noncurrent portions of deferred tax liability.
d61.Calculate amount deducted for depreciation on the tax return.
b62.Calculate amount of deferred tax asset to be recognized.
d63.Calculate deferred tax asset with temporary and permanent differences.
a64.Calculate amount of DTA valuation account.
a65.Calculate current portion of provision for income taxes.
a66.Calculate deferred portion of income tax expense.
c67....
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