In complying with GASB #34, a government will present separate fund financial statements for its governmental and proprietary funds. The purpose of this presentation is to:
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1 .Cahn Co. applies straight-line amortization to its organization costs for income tax purposes, but expenses all costs as incurred for financial statement reporting. For tax purposes a 15-year period is used. Cahn has no other temporary differences, has an operating cycle of less than 1 year, and has taxable income in all years. Cahn should report both current and noncurrent deferred income tax assets at the end of:
A Year 1Yes；Year 14Yes B Year 1No；Year 14Yes C Year 1Yes；Year 14No D Year 1No；Year 14No
2 .Bee Corp. prepared the following reconciliation between book income and taxable income for the year ended December 31, Year 1:Pretax accounting incomeUSD500,000Taxable income300,000DifferenceUSD200,000Differences:Interest on municipal bonds50,000Lower depreciation per financial statements150,000Total differencesUSD200,000Bee's effective income tax rate for Year 1 is 30%. The depreciation difference will reverse equally over the next three years at enacted tax rates as follows:YearsTaxratesYear 230%Year 325%Year 425%In Bee's Year 1 income statement, the deferred portion of its provision for income taxes should be:
A USD50,000 B USD60,000 C USD45,000 D USD40,000
3 .On February 10, Year 1, Ace Corp., a calendar-year corporation, elected S corporation status and all shareholders consented to the election. There was no change in shareholders in Year 1. Ace met all eligibility requirements for S status during the preelection portion of the year. What is the earliest date on which Ace can be recognized as an S corporation?
A January 1, Year 1. B February 10, Year 2. C February 10, Year 1. D January 1, Year 2.
4 .Brass Co. reported income before income tax expense of USD60,000 for Year 2. Brass had no permanent or temporary timing differences for tax purposes. Brass has an effective tax rate of 30% and a USD40,000 net operating loss carryforward from Year 1. What is the maximum income tax benefit that Brass can realize from the loss carryforward for Year 2?
A USD18,000 B USD12,000 C USD40,000 D USD20,000
5 .The private foundation status of an exempt organization will terminate if it:
A Is governed by a charter that limits the exempt purposes. B Is a foreign corporation. C Becomes a public charity. D Does not distribute all of its net assets to one or more public charities.
7 .The IRS often makes adjustments when there are transfer pricing issues. Transfer pricing issues exist under which of the following circumstances?
A A U.S.-based taxpayer sells tangible property to an affiliate that is subject to U.S. income tax. B A U.S.-based taxpayer enters into a service contract with an affiliate that is subject to U.S. income tax and files a consolidated income tax return with the U.S.-based taxpayer. C A U.S.-based taxp...
8 .Which of the following characteristics of service efforts and accomplishments is the most difficult to report for a governmental entity?
A Relevance. B Comparability. C Consistency. D Timeliness.
9 .A review of Bearing's Year 2 records disclosed the following tax information:WagesUSD18,000Taxable interest and qualifying dividends4,000Schedule C trucking business net income32,000Rental (loss) from residential property(35,000)Limited partnership (loss)(5,000)Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing's Year 2 adjusted gross income?
A USD 54,000 B USD 19,000 C USD 29,000 D USD 14,000
10 .The only fund that should show a positive amount in its unassigned fund balance classification would be the:
A Permanent fund. B General fund. C Special revenue fund. D Capital projects fund.
