Day 37 - 76%

Question 1

On the disposal of a business segment, what is the after tax net loss?

Answer 1

Loss on disposal × (1-Tax Rate)

MCQ-06955

Question 2

Are Unrealized losses on Trading Securities included in Net Income?

Answer 2

Yes

MCQ-15678

Question 3

Composite Life equals:

Answer 3

Depreciable Cost / Annual Depreciation Expense

MCQ-05117

Question 4

Requiring prepayment for service contacts results in what?

Answer 4

DTA - occurs when a temporary difference results in more taxes paid now and less taxes owed in the future

This occurs when income appears on the tax return before the Income Stmt, or when expenses appear on the Income Stmt before the tax return

MCQ-14857

Question 5

Are dividends paid by a subsidiary to the patent corporation reported in the consolidated Stmt of Cash Flows?

Answer 5

No

Only Dividends paid to Non-controling interests

MCQ-07471

Question 6

Goodwill Calculation

MCQ-07462

Question 7

When a Possible loss is Accrued is it disclosed?

Answer 7

Yes

Even though the PROBABLE loss is Accrued it needs to be added to the REASONABLY POSSIBLE loss that is disclosed

MCQ-08510