Finance And Accounting

Question: How are income taxes calculated in general for the current period?
A
Using the highest tax bracket in the name of conservatism

B
Using the taxable net income multiplied by the estimated tax rate for the company

C
As an average for the year

D
Based on previous year's tax amount for the same period

Note: Answer not sure
1. Report
Question: What are the 3 important dates pertaining to the issuance of stock dividend?
A
Date of record, Date of payment, Date of distribution

B
Date of issuance, Date of delivery, Date of record

C
Date of payment, Date of record, Date of company formation

D
Date of declaration, Date of record, Date of distribution

Note: Answer not sure
1. Report
Question: What is a special purpose entity?
A
The same as a different product line

B
A subsidiary entity created for a specific reason

C
A subsidiary company in another country

D
An entity created solely to avoid taxes

Note: Answer not sure
1. Report
Question: What is the accounting treatment of stock dividend when it is issued (not declared)?
A
Dr: Cash, Cr: Stock Expense

B
Dr: Stock Expense, Cr: Cash

C
Dr: Equity, Cr: Dividend Payable

D
Dr: Dividend Payable Cr: Common Stock

Note: Answer not sure
1. Report
Question: Why would a company want to discontinue the operations of a division?
A
Because it generates too much income

B
Because it is not profitable and won't be in the future

C
Because it is located outside of the company's location

D
Because the tax rate is too high

Note: Answer not sure
1. Report
Question: Why would a company issue convertible debt?
A
The conversion factor makes the offering more attractive.

B
It has less tax implications than normal debt.

C
It gives the company more power to control its debt to equity structure.

D
It limits the owners liability.

Note: Answer not sure
1. Report
Question: What are direct costs?
A
Costs of management salaries

B
Rent and utilities

C
Costs which are directly attributable to the production of an inventory item

D
General office costs which are then allocated to the inventory as burden

Note: Answer not sure
1. Report
Question: What is a "permanent difference"
A
A difference in the management's perspective on all the earnings of the company

B
A difference in tax law and GAAP which will never be resolved

C
A difference in the tax rate between two different countries a firm operates in

D
A difference in the GAAP principles used on the books

Note: Answer not sure
1. Report
Question: What interest rate would be used to calculate interest capitalization if there is no specific loan associated with the asset except just the overall company debt?
A
The lowest rate of interest the company has on loans

B
The highest rate of interest the company has on loans

C
The Federal reserve rate

D
A weighted rate based on the amounts of loans and rates carried by the company

Note: Answer not sure
1. Report
Question: Which of the FASB statements discusses the accounting treatment of discontinued operations?
A
FASB 123

B
FASB 144

C
FASB 12

D
FASB 201

Note: Answer not sure
1. Report

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Question: How are income taxes calculated in general for the current period?

Question: What are the 3 important dates pertaining to the issuance of stock dividend?

Question: What is a special purpose entity?

Question: What is the accounting treatment of stock dividend when it is issued (not declared)?

Question: Why would a company want to discontinue the operations of a division?

Question: Why would a company issue convertible debt?

Question: What are direct costs?

Question: What is a "permanent difference"

Question: What interest rate would be used to calculate interest capitalization if there is no specific loan associated with the asset except just the overall company debt?

Question: Which of the FASB statements discusses the accounting treatment of discontinued operations?