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Financial Reporting and Analysis 【Reading 31】Sample

Which of the following statements is CORRECT? Income tax expense:
A)
is the amount of taxes due to the government.
B)
is the reported net of deferred tax assets and liabilities.
C)
includes taxes payable and deferred income tax expense.



Income tax expense is defined as expense resulting from current period pretax income. It includes taxes payable and deferred income tax expense. Taxes payable are the amount of taxes due the government.

Which of the following statements about tax deferrals is NOT correct?
A)
A deferred tax liability is expected to result in future cash outflow.
B)
Income tax paid can include payments or refunds for other years.
C)
Taxes payable are determined by pretax income and the tax rate.



Taxes payable are the taxes due to the government and are determined by taxable income and the tax rate. Note that pretax income is income before tax expense and is used for financial reporting. Taxable income is the income based upon IRS rules that determines taxes due and is used for tax reporting.

TOP

The difference between income tax expense and taxes payable is a:
A)
deferred income tax expense.
B)
deferred tax liability.
C)
timing difference.



Taxes payable is defined as the taxes due to the government as determined by taxable income and the tax rate, while income tax expense is the amount actually recognized on the income statement. Deferred income tax expense is defined as the difference in income tax expense and taxes payable. Each individual deferred item is expected to be paid (or recovered) in future years.

TOP

A tax loss carryforward is best described as the:
A)
net taxable loss that can be used to reduce taxable income in the future.
B)
net taxable loss that can be used to refund paid taxes from the previous year.
C)
difference of deferred tax liabilities and deferred tax assets.



A tax loss carryforward is the net taxable loss that can be used to reduce taxable income in the future.

TOP

If a firm uses accelerated depreciation for tax purposes and straight-line depreciation for financial reporting, which of the following results is least likely?
A)
Income tax expense will be greater than taxes payable.
B)
A permanent difference will result between tax and financial reporting.
C)
A temporary difference will result between tax and financial reporting.



A permanent difference between tax and financial reporting is a difference that is expected to not reverse itself. Under normal circumstances, the effects of the different depreciation methods will reverse.

TOP

Which of the following best describes valuation allowance? Valuation allowance is a reserve:
A)
created when deferred tax assets are greater than deferred tax liabilities.
B)
against deferred tax assets based on the likelihood that those assets will not be realized.
C)
against deferred tax liabilities based on the likelihood that those liabilities will be paid.



Valuation allowance is a reserve against deferred tax assets based on the likelihood that those assets will not be realized. Deferred tax assets reflect the difference in tax expense and taxes payable that are expected to be recovered from future operations.

TOP

If timing differences that give rise to a deferred tax liability are not expected to reverse then the deferred tax:
A)
should be considered an increase in equity.
B)
must be reduced by a valuation allowance.
C)
should be considered an asset or liability.



If deferred tax liabilities are expected to reverse in the future, then they should be classified as liabilities.  If, however, they are not expected to reverse in the future, then they should be classified as equity.

TOP

Which of the following statements regarding deferred taxes is NOT correct?
A)
If deferred tax liabilities are not included in equity, debt-to-equity ratio will be reduced.
B)
Only those components of deferred tax liabilities that are likely to reverse should be considered a liability.
C)
If deferred taxes are not expected to reverse in the future then they should be classified as equity.



When deferred tax liabilities are included in equity, it will reduce the debt-to-equity ratio (by increasing the denominator), in some cases considerably.

TOP

When analyzing a company's financial leverage, deferred tax liabilities are best classified as:
A)
a liability.
B)
neither as a liability, nor as equity.
C)
a liability or equity, depending on the company's particular situation.



Depends on the "performance" of the timing difference.

TOP

For analytical purposes, if a deferred tax liability is expected to not be reversed, it should be treated as a(n):
A)
immaterial amount and ignored.
B)
liability.
C)
an addition to equity.



If deferred tax liabilities are expected to never reverse, they should be treated as equity for analytical purposes. This situation usually arises because of growth in capital expenditures.

TOP

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