cfa一级investmenttools∶financialstatementanalysis∶liabilities(编辑修改稿)

cfa一级investmenttools∶financialstatementanalysis∶liabilities(编辑修改稿)内容摘要：

. Question ID: 24715 Which of the following will NOT result in a permanent difference in taxable and pretax ine? A. Taxexempt interest expense. B. Goodwill amortization. C. Taxexempt interest revenue. D. Post retirement benefit expense. D The post retirement benefits will not result in a permanent difference. However, a temporary difference will result if the benefit in pretax ine exceeds that allowed for by a deduction on the tax return. Taxexempt interest expense and revenue, as well as goodwill amortization are all recognized on financial statements but do not affect tax returns and will result in permanent differences. 11 Question ID: 24721 Permanent differences in taxable and pretax ine: A. can be deferred in some cases. B. are reported on both tax returns and financial statements. C. are considered as changes in the effective tax rate. D. are reported on tax returns only. C The permanent differences are never deferred but are considered increases or decreases in the effective tax rate. If the only difference between the taxable and pretax ines were a permanent difference, then tax expense would simply be taxes payable. Question ID: 24725 Temporary differences in taxable and pretax ine: A. result only in current deferred tax assets and liabilities. B. will always be reversed. C. may result in lower current taxes payable and higher future taxes payable. D. are not reported on the balance sheet. C Temporary differences will result in current lower (higher) taxes payable and future higher (lower) taxes payable. These differences will be categorized as deferred tax assets and liabilities and will be stated on the balance sheet. The temporary differences must be reversed, but in some cases management does have discretion over the time and amount of reversal. Question ID: 14976 Temporary differences arise when expenses are deductible for tax purposes: 12 A. After They are Recognized in Ine Statement Before They are Recognized in Ine Statement Yes Yes B. After They are Recognized in Ine Statement Before They are Recognized in Ine Statement No Yes C. After They are Recognized in Ine Statement Before They are Recognized in Ine Statement Yes No D. After They are Recognized in Ine Statement Before They are Recognized in Ine Statement No No A Question ID: 24723 Which of the following statements regarding differences in taxable and pretax ine is TRUE? Differences in taxable and pretax ine that: A. are not reversed for five or more years are called permanent differences. B. result in deferred taxes are called temporary differences. C. result in deferred taxes are called permanent differences. D. are reversed within two years are called temporary differences. B The permanent differences are never reversed, while there is no time limit on temporary differences to reverse. Permanent differences never result in tax deferrals。 temporary differences always result in deferred tax assets or liabilities. Setup Text: 13 Year: 1998 1999 2020 Ine Statement: Revenues after all expenses other than depreciation $200 $300 $400 Depreciation expense 50 50 50 Ine before ine taxes $150 $250 $350 Tax return: Taxable ine before depreciation expense $200 $300 $400 Depreciation expense 75 50 25 Taxable ine $125 $250 $375 Assume an ine tax rate of 40 percent Question ID: 14987 The deferred taxes liability to be shown in the December 31, 1999, balance sheet is: A. $30. B. $10. C. $0. D. $20. B [$6050] Question ID: 14987 The deferred tax liability to be shown in the December 31, 2020, balance sheet is: A. $20. B. $10. C. $0. D. $30. C [$1010] 14 Question ID: 14977 For the year ended December 31, 2020, Pick Co39。 s pretax financial statement ine was $400,000 and its taxable ine was $300,000. The difference is due to the following: Interest on municipal bonds $140,000 Premium expense on key person life insurance $(40,000) Total $100,000 Pick39。 s enacted ine tax rate is 30 percent. In its 2020 ine statement, what amount should Pick report as current provision for ine tax expense? A. $120,000 B. $102,000 C. $90,000 D. $132,000 C Question ID: 24677 Camphor Associates uses accrual basis for financial reporting purposes and cash basis for tax purposes. Cash collections from customers is $238,000, and accrued revenue is only $188,000 . Assume expenses at 50 percent in both cases (., $ 119,000 on cash basis and $ 94,000 on accrual basis), and a tax rate of 34 percent. What would be the deferred tax asset/liability in this case? A deferred tax: A. liability of $8,500. B. asset of $48,960. C. asset of $8,500. D. liability of $48,960. C 15 Since taxable ine ($119,000) exceeds pretax ine ($94,000), Camphor will have a deferred tax asset of $8,500 = [($119,000 $94,000)(.34)]. Question ID: 24675 United Technologies uses accrual basis for financial reporting purposes and cash accounting for tax purposes. So far this year, United Technologies has recorded $195,000 in revenue for financial reporting purposes, but, on a cash basis, revenue was only $131,000. Assume expenses at 50 percent in both cases (., $ 97,500 on accrual basis and $ 65,500 on cash basis), and a tax rate of 34 percent. What is the deferred tax liability or asset? A deferred tax: A. liability of $10,880. B. asset of $16,320. C. asset of $10,880. D. liability of $16,320. A Since pretax ine ($97,500) exceeds the taxable ine ($65,500), United Technologies will have a deferred tax liability of $10,880 = [( $97,500 $65,500)(.34)] Setup Text: An analyst has gathered the following tax information: Year 1 ?????。