CPA-00776Under current generally accepted accounting principles, which approach is used to determine income tax expense?
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1 .What information should be disclosed by a company providing health care benefits to its retirees?I. The assumed health care cost trend rate used to measure the expected cost of benefits covered by the plan.II. The accumulated postretirement benefit obligation.
A II only. B I and II. C Neither I nor II. D I only.
2 .Which of the following costs is unique to postretirement health-care benefits?
A Per capita claims. B Prior service. C Service. D Interest.
3 .If the payment of employees' compensation for future absences is probable, the amount can be reasonably estimated, and the obligation relates to rights that accumulate, the compensation should be:
A Accrued if attributable to employees' services not already rendered. B Accrued if attributable to employees' services already rendered. C Recognized when paid. D Accrued if attributable to employees' services whether already rendered or not.
4 .The following information pertains to Rik Co.'s two employees:NameWeeklysalaryNumber ofweeks workedVacation rightsvest oraccumulateRyanUSD 80052YesToddUSD 60052NoNeither Ryan nor Todd took the usual two-week vacation during the current year. In Rik's December 31 financial statements, what amount of vacation expense and liability should be reported?
A USD 1,400 B USD 0 C USD 1,600 D USD 2,800
5 .Ross Co. pays all salaried employees on a Monday for the five-day workweek ended the previous Friday. The last payroll recorded for the year ended December 31, Year 2, was for the week ended December 25, Year 2. The payroll for the week ended January 1, Year 3, included regular weekly salaries of USD 80,000 and vacation pay of USD 25,000 for vacation time earned in Year 2 not taken by December 31, Year 2. Ross had accrued a liability of USD 20,000 for vacation pay at December 31, Year 1. In its December 31, Year 2, balance sheet, what amount should Ross report as accrued salary and vacation pay?
A USD 68,000 B USD 89,000 C USD 64,000 D USD 69,000
7 .CPA-00828Justification for the method of determining periodic deferred tax expense is based on the concept of:
A Consistency of tax expense measurements with actual tax planning strategies. B Recognition of assets and liabilities. C Objectivity in the calculation of periodic expense. D Matching of periodic expense to periodic revenue.
8 .CPA-01043Cobb Co. purchased 10,000 shares (2% ownership) of Roe Co. on February 12, Year 1. Cobb received a stock dividend of 2,000 shares on March 31, Year 1, when the carrying amount per share on Roe's books was USD 35 and the market value per share was USD 40. Roe paid a cash dividend of USD 1.50 per share on September 15, Year 1. In Cobb's income statement for the year ended October 31, Year 1, what amount should Cobb report as dividend income?
A USD 18,000 B USD 98,000 C USD 15,000 D USD 88,000
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A Ignored. B Recognized only if they are anti-dilutive. C Recognized whether they are dilutive or anti-dilutive. D Recognized only if they are dilutive.
10 .CPA-01247How should a gain from the sale of used equipment for cash be reported in a statement of cash flows using the indirect method?
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