INTACC FINAL EXAM (LATEST ) GRADED A+ WITH
ANSWERS (ALL 50 QUESTIONS)
Which of the following is a valid statement regarding accounting for non-
accumulating paid absences - ANSWER: No liability is recognized...
The differences between accounting income and taxable income that do not have
tax consequences are called - ANSWER: permanent differences
Which of the following is not one of the criteria when determining whether a
contract is or contains a lease - ANSWER: identified liability
if the increase in deferred tax liability exceeds the increase in deferred tax asset
during the period there is - ANSWER: deferred tax expense
IN a defined contribution plan the post employment benefit expense is equal to -
ANSWER: enterprise's contribution to the plan with respect to the services in a
particular period
Which of the following is an advantage of leasing - ANSWER: all of these
Net investment in the lease is equal to - ANSWER: the pv of lease payments plus pv
of any unguaranteed residual value
The lease liability accounts should be disclosed as - ANSWER: current portion ...
Which of the following is not a component of a post-employment benefit cost under
the defined benefit plan - ANSWER: contributions to the plan
which of the following will not be included in the lease receivable account -
ANSWER: all would be included
Profit or income determined after applyuing the provisions of the National Internal
Revenue is called - ANSWER: taxable income
Permanent dofferences between financial and taxable income do not create
accounting or reporting problems - ANSWER: TRUE
deductible temporary difference multiplied by the tax rate equals - ANSWER:
deferred tax asset
initial direct costs incurred by the lessee are - ANSWER: capitalized as cost of right of
use asset...
for sales type lease - ANSWER: the gross profit will be the same whether the residual
value is guaranteed or unguaranteed
, if the current tax expense is less than the income tax expense during the period,
there must be a - ANSWER: deferred tax expense
in a lease that is appropriately recorded as a direct financing lease by the lessor,
unearned income - ANSWER: should be amortized over the period of the lease using
the interest method
Unrealized Losses on rquity investments at fair value through profit or loss, result in
lower taxable income than financial accounting income - ANSWER: FALSE
when a lease trasfers ownership to the lessse by the end of the lease term, the
underlying asset is depreciated - ANSWER: over the shorter of useful life and lease
term
if during the current year, taxable profit is greater than accounting profit and the
difference is a temporary difference - ANSWER: a deferred tax asset is recognized at
the end of the current year
a lessor recognizes interest (finance) income on a finance lease in a - ANSWER: any
of these
the actuarially computed cost of a post-employment benefit of an employer for the
services renderedd for the current period - ANSWER: current service cost
in computing depreciation of a leased asset, the lessee should subtract - ANSWER: a
guaranteed residual value and depreciate over the term of the lease
current tax laws in the Philippines require a 3 year carryback of any net operating
losses - ANSWER: FALSE
PAS12 Income Taxes requires reporting entities to use the asset and liability method
of accounting for income taxes - ANSWER: TRUE
A right of use asset is initially measured at cost and subsequently measured using
the - ANSWER: any of these
if the current tax expense is less than the income tax expense during the period,
there must be a - ANSWER: deferred tax expense
current tax laws in the Philippines permit a 3 year carryback of any net operating
losses - ANSWER: TRUE
the benefit that arises from the use of net operating loss carryforwards is used to
reduce the tax payments in the current period - ANSWER: TRUE
ANSWERS (ALL 50 QUESTIONS)
Which of the following is a valid statement regarding accounting for non-
accumulating paid absences - ANSWER: No liability is recognized...
The differences between accounting income and taxable income that do not have
tax consequences are called - ANSWER: permanent differences
Which of the following is not one of the criteria when determining whether a
contract is or contains a lease - ANSWER: identified liability
if the increase in deferred tax liability exceeds the increase in deferred tax asset
during the period there is - ANSWER: deferred tax expense
IN a defined contribution plan the post employment benefit expense is equal to -
ANSWER: enterprise's contribution to the plan with respect to the services in a
particular period
Which of the following is an advantage of leasing - ANSWER: all of these
Net investment in the lease is equal to - ANSWER: the pv of lease payments plus pv
of any unguaranteed residual value
The lease liability accounts should be disclosed as - ANSWER: current portion ...
Which of the following is not a component of a post-employment benefit cost under
the defined benefit plan - ANSWER: contributions to the plan
which of the following will not be included in the lease receivable account -
ANSWER: all would be included
Profit or income determined after applyuing the provisions of the National Internal
Revenue is called - ANSWER: taxable income
Permanent dofferences between financial and taxable income do not create
accounting or reporting problems - ANSWER: TRUE
deductible temporary difference multiplied by the tax rate equals - ANSWER:
deferred tax asset
initial direct costs incurred by the lessee are - ANSWER: capitalized as cost of right of
use asset...
for sales type lease - ANSWER: the gross profit will be the same whether the residual
value is guaranteed or unguaranteed
, if the current tax expense is less than the income tax expense during the period,
there must be a - ANSWER: deferred tax expense
in a lease that is appropriately recorded as a direct financing lease by the lessor,
unearned income - ANSWER: should be amortized over the period of the lease using
the interest method
Unrealized Losses on rquity investments at fair value through profit or loss, result in
lower taxable income than financial accounting income - ANSWER: FALSE
when a lease trasfers ownership to the lessse by the end of the lease term, the
underlying asset is depreciated - ANSWER: over the shorter of useful life and lease
term
if during the current year, taxable profit is greater than accounting profit and the
difference is a temporary difference - ANSWER: a deferred tax asset is recognized at
the end of the current year
a lessor recognizes interest (finance) income on a finance lease in a - ANSWER: any
of these
the actuarially computed cost of a post-employment benefit of an employer for the
services renderedd for the current period - ANSWER: current service cost
in computing depreciation of a leased asset, the lessee should subtract - ANSWER: a
guaranteed residual value and depreciate over the term of the lease
current tax laws in the Philippines require a 3 year carryback of any net operating
losses - ANSWER: FALSE
PAS12 Income Taxes requires reporting entities to use the asset and liability method
of accounting for income taxes - ANSWER: TRUE
A right of use asset is initially measured at cost and subsequently measured using
the - ANSWER: any of these
if the current tax expense is less than the income tax expense during the period,
there must be a - ANSWER: deferred tax expense
current tax laws in the Philippines permit a 3 year carryback of any net operating
losses - ANSWER: TRUE
the benefit that arises from the use of net operating loss carryforwards is used to
reduce the tax payments in the current period - ANSWER: TRUE
