Intacc Questions and Correct Answers

Which of the following is a valid statement regarding accounting for non-accumulating paid absences Ans No liability is recognized... The differences between accounting income and taxable income that do not have tax consequences are called Ans permanent differences Which of the following is not one of the criteria when determining whether a contract is or contains a lease Ans identified liability if the increase in deferred tax liability exceeds the increase in deferred tax asset during the period there is Ans deferred tax expense IN a defined contribution plan the post employment benefit expense is equal to Ans enterprise's contribution to the plan with respect to the services in a particular period Which of the following is an advantage of leasing Ans all of these Net investment in the lease is equal to Ans the pv of lease payments plus pv of any unguaranteed residual value The lease liability accounts should be disclosed as Ans current portion ... Which of the following is not a component of a post-employment benefit cost under the defined benefit plan Ans contributions to the plan which of the following will not be included in the lease receivable account Ans all would be inclu