Chapter 18--Accounting for

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1、Chapter18--AccountingforIncomeTaxes3copyStudent:___________________________________________________________________________1.IncometaxexpenseasdeterminedbyGAAPdiffersfromamountdeterminedundertheInternalRevenueCode;thedifferencesariseduetomeasurementandtiming.  True    

2、False 2.Permanentdifferencesariseduetotimingdifferencesbetweenthecorporation’spretaxfinancialincomeandtaxableincome,whichresultsindeferredtaxassetsandliabilities.  True    False 3.Thetemporarydifferencewillresultinadeferredtaxliabilitywhenfuturetaxableincomewillbelesst

3、hanfuturepretaxfinancialincome.  True    False 4.Acorporationmustrecognizeavaluationallowance,ifbasedonavailableevidence;itismorelikelythannotthatthedeferredliabilitywillnotberealized.  True    False 5.Acorporation’sdeferredtaxexpenseorbenefitisthechangeinitsdeferredta

4、xliabilitiesorassetsduringtheyear.  True    False 6.Whencongressmakesataxlaworratechange,acorporationrecognizesfinancialstatementimpactbyadjustingthedeferredassetsorliabilitiesasofthebeginningoftheyearinwhichthechangeismade.  True    False 7.Interestreceivedonmunicipal

5、bondsistaxable;thisisbecausethebondspayalowerrateofinterestthancorporatebonds.Thefactthattheyaretaxablereducesthecostofborrowingforthemunicipalities.  True    False 8.DeductionsthatareallowedforincometaxpurposesbutdonotqualifyasexpensesunderGAAParepermanentdifferences.

6、  True    False 9.Itismorelikelythatacorporationwillnotneedavaluationallowanceforadeferredtaxassetrelatedtoanoperatinglosscarryforwardiftheoperatinglossitselfprovidesnegativeevidencetothelikelihoodoffuturetaxableincome.  True    False 10.Ifacorporationrecognizesanopera

7、tinglosscarryforwardintheyearoftheloss,itisagreedthatthecorporationshoulddeductthetaxbenefitfromitsoperatingloss.  True    False 11.Theintraperiodtaxallocationisusedtoprovideafaithfulrepresentationofthematchingofincometaxexpenseagainstthecomponentsofitspretaxincomewhic

8、hshowstheafter-taximpactofeachoftheseitems.  True    False 12.GAAPrequiresintraperiodincometaxallocationtoincomeorlos