对外财务报表 上海对外贸易学院财管中加财务报表分析(答案见其他word)quiz 5.docVIP

对外财务报表 上海对外贸易学院财管中加财务报表分析(答案见其他word)quiz 5 导读：就爱阅读网友为您分享以下“上海对外贸易学院财管中加财务报表分析(答案见其他word)quiz 5”资讯，希望对您有所帮助，感谢您对92的支持! Quiz 5 Name: Student No.: 1. Which of the following statements is TRUE? The difference between taxes payable for the period and the tax expense recognized on the financial statements results from differences: A. in management control. B. between basic and diluted earnings. C. between financial and tax accounting. D. between stare and federal tax policies. 2. Which of the following tax definitions is FALSE? A. Taxable income is income based upon IRS rules. B. Taxes payable is the amount due to the government. C. Pretax income is income tax expense divided by one minus the statutory tax rate. D. Income tax expense is the amount listed on the firm’s financial statements. 3. Use the following data to answer Questions 3 through 8. A firm acquires an assetfor$120,000 with a 4-year useful life and no salvage value. The asset will generate $50,000 of cash flow for all four years. The tax rate is 40% each year. The firm will depreciate the asset over three years on a straight-line basis for tax purposes and over all four years on a SL basis for financial reporting purposes. Taxable income in year 1 is: A. $6,000. B. $10,000. C. $20,000. D. $50,000. 4. Taxes payable in year 1 are: A. $4,000. B. $6,000. C. $8,000. D. $20,000. 5. Pretax income in year 4 is: A. $6,000. B. $10,000. C. $20,000. D. $50,000. 1 6. Income tax expense in year 4 is: A. $4,000. B. $6,000. C. $8,000. D. $20,000. 7. Taxes payable in year 4 are: A. $4,000. B. $6,000. C. $8,000. D. $20,000. 8. At the end of year2, the firm’s balance sheet will report a deferred tax: A. asset of $4,000. B. asset of $8,000. C. liability of $4,000. D. liability of $8,000. 9. An analyst is comparing a firm to its competitors. The firm has a deferred tax liability and is expected to continue to grow in the foreseeable future. How should the liability be treated for analysis purposes? A