Generally Accepted Accounting Principles (GAAP), Finance And Accounting

Question: What FASB summary statement discusses the accounting treatment of income taxes?
A
FASB 144

B
FASB 201

C
FASB 123

D
FASB 109

Note: Answer not sure
1. Report
Question: What is a deferred tax asset?
A
A tangible asset which is tax deductible in the current year

B
A tangible asset which can be deducted in future years

C
Temporary differences which will be deductible in future years for tax purposes, creating a positive tax benefit

D
Permanent differences which can later be deducted

Note: Answer not sure
1. Report
Question: What is the date of abandonment?
A
The day the asset is purchased

B
The day the asset is fully depreciated

C
The day the asset is sold

D
The day the asset ceases to be utilized

Note: Answer not sure
1. Report
Question: When is the stock value of stock dividend determined?
A
On the date of issuance

B
On the date of declaration

C
On the date of record

D
On December 31st of the current year

Note: Answer not sure
1. Report
Question: What are "eliminating entries"?
A
Accounting entries which hide negative items

B
Accounting entries made on purpose to reduce tax expense

C
Accounting entries made to reflect accruals

D
Accounting entries made to cancel out the duplication of accounting impact on the books of two consolidating companies

Note: Answer not sure
1. Report
Question: Which FASB Statement addresses accounting for stock dividends?
A
FASB 144

B
FASB 201

C
FASB 99

D
FASB 123

Note: Answer not sure
1. Report
Question: What number of shares is used in calculating basic EPS?
A
Weighted average number of shares outstanding for the period

B
The closing number of shares outstanding

C
The opening number of shares outstanding

D
The total number of shares authorized

Note: Answer not sure
1. Report
Question: Why do firms distinguish income from continuing operations and income from discontinued operations?
A
Because it makes the firm look smart for discontinuing an operation

B
Because it increases the company's per share price

C
Because it reduces the tax effect if it is reported separately

D
Because it gives investors and stockholders insight into the impact that the sale of the discontinued operation will have on the company

Note: Answer not sure
1. Report
Question: Which FASB deals with the impairment of long lived assets?
A
FASB 201

B
FASB 144

C
FASB 101

D
FASB 99

Note: Answer not sure
1. Report
Question: What account is credited in accounting when impairment is booked?
A
Telephone Expense

B
Accumulated Depreciation

C
Loss on Impairment

D
The Asset itself

Note: Answer not sure
1. Report

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Question: What FASB summary statement discusses the accounting treatment of income taxes?

Question: What is a deferred tax asset?

Question: What is the date of abandonment?

Question: When is the stock value of stock dividend determined?

Question: What are "eliminating entries"?

Question: Which FASB Statement addresses accounting for stock dividends?

Question: What number of shares is used in calculating basic EPS?

Question: Why do firms distinguish income from continuing operations and income from discontinued operations?

Question: Which FASB deals with the impairment of long lived assets?

Question: What account is credited in accounting when impairment is booked?