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ACCT 312 DeVry Complete Quiz Package
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ACCT 312 DeVry Week 1 Quiz Latest
1. Question: (TCO 1) which causes a temporary difference between taxable and pretax accounting income?
Investment expenses incurred to generate tax-exempt income
Prepaid rent, tax-deductible when paid
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The dividends received deduction
Life insurance proceeds received due to the death of an executive
Question 2. Question : (TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability?
Interest income on municipal bonds
Proceeds from life insurance received due to the death of an executive
Accelerated depreciation on the tax return in excess of straight-line depreciation in the income statement
None of the above
Question 3. Question : (TCO 1) Which temporary difference ordinarily creates a deferred tax asset?
Completed-contract method for long-term construction contracts for tax reporting
Subscriptions collected in advance
Accelerated depreciation for tax reporting
Installment sales for tax reporting
Question 4. Question : (TCO 1) Under current tax law, a net operating loss may be carried forward up to
Question 5. Question : (TCO 1) In reconciling net income to taxable income, interest earned on municipal bonds is
a temporary difference.
a permanent difference.
a reversing difference.
ACCT 312 DeVry Week 2 Quiz Latest
1. (TCO 2) Which causes a temporary difference between taxable and pretax accounting income? (Points : 4)
Unrealized loss from recording investment available for sale at fair value
Question 2.2. (TCO 2) Which statement typifies defined contribution plans? (Points : 4)
Investment risk is borne by the corporation sponsoring the plan.
The plans are more complex than defined benefit plans.
Present value factors are used to determine the annual contributions to the plan.
The employer's obligation is satisfied by making the periodic contribution to the plan.
Question 3.3. (TCO 2) Which is not a way of measuring the pension obligation? (Points : 4)
Accumulated benefit obligation
Vested benefit obligation
Retiree benefit obligation
Projected benefit obligation
Question 4.4. (TCO 2) The PBO is increased by (Points : 4)
Amortization of prior service cost.
an increase in the actuary's assumed discount rate.
an increase in the average life expectancy of employees.
a return on plan assets that is lower than expected.
Question 5.5. (TCO 3) Our company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report: ending PBO, $220,000; benefits paid to retirees, $20,000; interest cost, $14,400. The discount rate applied by the actuary was 8%. Which was the beginning PBO? (Points : 4)
ACCT 312 DeVry Week 3 Quiz Latest
Question 1.1. (TCO 4) The common stock account in a company's balance sheet is measured as (Points : 4)
the number of common shares outstanding multiplied by the stock's par value per share.
the number of common shares outstanding multiplied by the stock's current market value per share.
the number of common shares issued multiplied by the stock's par value per share.
Question 2.2. (TCO 4) Issued stock refers to the number of shares (Points : 4)
issued for cash.
in the hands of shareholders.
outstanding plus treasury shares.
that may be issued under state law.
Question 3.3. (TCO 4) Our company declared a property dividend to give m
our company would have 100 million shares, $8 par per share.
the market price per share would be about $2.
fractional shares would be issued.
retained earnings would be reduced.
ACCT 312 DeVry Week 5 Quiz Latest
Question 1.1. (TCO 7) An accounting change that is reported by the prospective approach is reflected in the financial statements of (Points : 4)
prior years only.
prior years plus the current year.
the current year only.
current and future years.
Question 2.2. (TCO 7) Which is not an example of a change in accounting principle? (Points : 4)
A change from LIFO to FIFO for inventory costing
A change to the full costing method in the extractive industries
A change in the useful life of a depreciable asset
A change from the cost method to the equity method of accounting for investments
Question 3.3. (TCO 7) Our company switched from double-declining balance depreciation to straight-line depreciation. As a result, (Points : 4)
current income tax payable increases.
the cumulative effect decreases current period earnings.
prior periods' financial statements are restated.
Question 4.4. (TCO 7) A change that uses the prospective approach is accounted for by (Points : 4)
implementing it in the current year.
reporting pro forma data.
retrospective restatement of all prior financial statements in a comparative annual report.
giving current recognition of the past effect of the change.
Question 5.5. (TCO 7) Prior years' financial statements are restated under the (Points : 4)
None of the abovece.
Question 3.3. (TCO 4) Our company decl