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Chapter 22 Quiz - ACCT 328 (Liu) || A+ Graded.
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---7april 20252024/2025A+
- Statement of Cash Flows provides useful information to help assess what? correct answers - An entity's ability to generate future cash flows 
- An entity's ability to pay dividends and meet obligations 
- Indicator of a company's financial flexibility or ability to use cash for unexpected needs and opportunities 
- Reasons for difference between net income and net cash flow from operating activities 
- Cash and noncash investing and financing transactions 
 
What are the 3 categories in...
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Insightfulsh3rry
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ACCT 328- accounting for income taxes(with Errorless answers)
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---4april 20252024/2025A+
- BTD correct answers difference between financial reporting versus reporting for income tax 
 
why would BTD arrise correct answers companies use the full accrual method to report revenue, but for tax purposes they use a modified cash basis 
 
what are the respective objecectives of GAAP and the internal revenue code (IRC) correct answers uniformity of financial reporting vs. generating taxable revenue 
 
implications of BTD correct answers pre tax "book" income (PTBI) =/ taxable income 
 
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Insightfulsh3rry
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ACCT 328 Special Accounting Problems in Leases(All Accurately solved)
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---1april 20252024/2025A+
- Unique Accounting Problems in Leases correct answers 1. Residual Values 
2. Sales-type leases (lessor) 
3. Bargain-purchase options 
4. initial direct costs 
5. current versus noncurrent classification 
6. disclosure 
 
Residual Value correct answers Estimated fair value of the leased asset at the end of the lease term. Usually a significant number, especially if lease term is less than economic life 
 
Guaranteed Residual Value correct answers Lessee agrees to make up any deficiency below a sta...
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Insightfulsh3rry
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acct 328 ch 23 questions(100% Everfree answers)
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---2april 20252024/2025A+
- what is the purpose of the statement of cash flows? what information does it provide? correct answers to provide information about a company's cash receipts and cash payments in a period 
 
of what use is the statement of cash flows? correct answers -assessing future cash flows 
-assessing reasons for differences between income and net cash flow from operations 
-assessing operating capacity 
-assessing financial flexibility and liquidity 
-providing information on cash and non-cash investing...
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Insightfulsh3rry
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one final round acct 328(A+ Guaranteed Answers)
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---13april 20252024/2025A+
- lease correct answers agreement where lessor (owner) of equipment (or other underlying asset) gives a lessee (renter) the right to use the equipment for a period of Time for consideration (payment) 
 
finance lease correct answers If at least one of the lease classification criteria ( ownership transfer, purchase option, lease term length, pv of lease payments, no alternative use ) is met, the lease is economically similar to a finance acquisition and is classifed as a 
 
operating lease correct...
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Insightfulsh3rry
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ACCT 328 - Exam 3(100% Guaranteed)
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---1april 20252024/2025A+
- 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 lia...
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Insightfulsh3rry
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Acct 328 – Taxes(Completely solved)
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---1april 20252024/2025A+
- A difference between accounting and taxable incomes that does not reverse. correct answers Permanent Difference 
 
A contra asset account used to reduce deferred tax assets to the portion more likely than not to be realized. correct answers valuation allowance 
 
An allocation of tax among the components in the income statement and the statement of comprehensive income. correct answers Intra period income tax allocation 
 
May result in a reduction of income tax paid to taxing authorities in fut...
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Insightfulsh3rry
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ACCT 328 Tax John Janiga(Correctly solved)
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---2april 20252024/2025A+
- Percentage of individual returns audited. correct answers The number of individual returns audited by the IRS is relatively small and has increased or decreased 
only slightly over the last decade or so. For the fiscal year ended September 30, 2014, the IRS audited 
only 0.86 percent of all individual income tax returns filed. The rate for higher income individuals was 
significantly higher. For e.g., for taxpayers with adjusted gross income (AGI) of $1M or more but less 
than $5M, the rate was ...
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Insightfulsh3rry
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ACCT 328 Exam 1 ~ Chapter 1(All solved)
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---4april 20252024/2025A+
- Ad valorem on realty correct answers Property tax: no Fed'l, yes state, yes local 
 
Ad valorem on personalty correct answers Property tax: no Fed'l, yes state, yes local 
 
Excise correct answers Transaction tax: Yes fed'l, yes state, few local 
 
General sales correct answers Transaction tax: no fed'l, most state, some local 
 
Severance correct answers Transaction tax: yes fed'l, most state, no local 
 
Estate correct answers Transaction tax: yes fed'l, some state, no local ...
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