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000 - FAR #3 > Day 31 > Flashcards

Day 31 Flashcards

1
Q

What tax rate is used to determine deferred tax liability?

A

Enacted Tax Rate

MCQ-00859

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2
Q

Equation for determining income tax expense:

A

Income Tax Payable - (Temporary Differences × Enacted Tax Rate) = Income Tax Expense

MCQ-00781

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3
Q

What is the current portion of provision for income taxes?

A

Taxable Income × Enacted Tax Rate

MCQ-00861

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4
Q

Types of Non-Cash investing and financing activities:

A
  1. Issuing stock for an asset
  2. Converting bonds to stock
  3. Issuing bonds for assets

Note: these transactions are reported in supplementary information of the Stmt of Cash Flows

MCQ-04518

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5
Q

How is the amount of capitalized interest calculated for a construction loan?

A

The amount of capitalized interest is based on the weighted average amount of accumulated Expenditures

MCQ-08592

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6
Q

Under LCM the inventory cost equals?

A

THE ACTUAL MIDDLE VALUE

Inventory cost is compared to the:

  • Market Ceiling/NRV = Selling Price - Cost to Complete
  • Replacement Cost
  • Market Floor = Selling Price - Cost to Complete - Normal Profit Margin

Pick the ACTUAL MIDDLE value

MCQ-06053

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000 - FAR #3 (70 decks)

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