ACCT 328 - Exam 3(100% Guaranteed)
Change in accounting principle correct answers Retrospective approach
Change in accounting estimate correct answers Prospective approach
Change in reporting entity correct answers Retrospective approach
Accounts receivable correct answers DTL
Unrealized holding gain correct answers DTL
Depreciating an asset on straight-line for book purposes and MACRS (accelerating depreciation)
for tax purposes. correct answers DTL
Prepaid expenses correct answers DTL
Product warranties liabilities correct answers DTA
Accrued/contingent litigation liabilities correct answers DTA
Unrealized holding loss (fair value option) correct answers DTA
Stock-based compensation correct answers DTA
Stock options are granted to employees on January 1, 2012 for one year of service. The options
are exercised on December 31, 2012. correct answers NE
Unearned revenue correct answers DTA
Paying the CEO a salary and bonus in excess of the $1,000,000 limit for tax deductions. correct
answers Permanent
Changing from LIFO to FIFO for book purposes (tax return uses LIFO) in a period of rising
inventory prices. correct answers DTL
Change in accounting principle correct answers Retrospective approach
Change in accounting estimate correct answers Prospective approach
Change in reporting entity correct answers Retrospective approach
Accounts receivable correct answers DTL
Unrealized holding gain correct answers DTL
Depreciating an asset on straight-line for book purposes and MACRS (accelerating depreciation)
for tax purposes. correct answers DTL
Prepaid expenses correct answers DTL
Product warranties liabilities correct answers DTA
Accrued/contingent litigation liabilities correct answers DTA
Unrealized holding loss (fair value option) correct answers DTA
Stock-based compensation correct answers DTA
Stock options are granted to employees on January 1, 2012 for one year of service. The options
are exercised on December 31, 2012. correct answers NE
Unearned revenue correct answers DTA
Paying the CEO a salary and bonus in excess of the $1,000,000 limit for tax deductions. correct
answers Permanent
Changing from LIFO to FIFO for book purposes (tax return uses LIFO) in a period of rising
inventory prices. correct answers DTL
