ACCT 312 Intermediate Accounting III All Quizzes Devry

ACCT 312 Intermediate Accounting III All Quizzes

Week 1 Quiz

1. (TCO 1) Which causes a temporary difference between taxable and pretax accounting income?
2. (TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability?
3. (TCO 1) Which temporary difference ordinarily creates a deferred tax asset?
4. (TCO 1) Under current tax law, a net operating loss may be carried forward up to
5. (TCO 1) Which causes a permanent difference between taxable income and pretax accounting income?

Week 2 Quiz

1. (TCO 2) Which causes a temporary difference between taxable and pretax accounting income?
2. (TCO 2) Which statement typifies defined contribution plans?
3. (TCO 2) Which is not a way of measuring the pension obligation?
4. (TCO 2) The PBO is increased by
5. (TCO 3) Our company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report: ending PBO, $220,000; benefits paid to retirees, $20,000; interest cost, $14,400. The discount rate applied by the actuary was 8%. Which was the beginning PBO?

Week 3 Quiz

1. (TCO 4) Common shareholders usually have all of the following rights, except
2. (TCO 4) Outstanding common stock is
3. (TCO 4) Our company declared a property dividend to give marketable securities to its common stockholders. The securities had cost our company $14 million and currently have a fair value of $32 million. Which would be included in recording the property dividend declaration?
4. (TCO 4) When treasury shares are resold at a price below cost,
5. (TCO 4) Our company has outstanding 400 million shares, $2 par common shares, selling for $8 per share. After a 1 for 4 reverse stock split.

Week 5 Quiz

1. (TCO 7) An accounting change that is reported by the prospective approach is reflected in the financial statements of
2. (TCO 7) When the retrospective approach is used for a change to the FIFO method, which account is usually not adjusted?
3. (TCO 7) Our company switched from double-declining balance depreciation to straight-line depreciation. As a result,
4. (TCO 7) A change that uses the prospective approach is accounted for by
5. (TCO 7) Which change should be accounted for using the retrospective approach?