1. Which of the following is included as part of APB 23?
(Points : 5)
A parent corporation can exclude a foreign subsidiary’s income if earnings will not be repatriated.
A parent corporation can exclude deferred taxes on foreign income if earnings will not be repatriated.
A parent must meet a more-likely-than not standard to determine the effect of a tax benefit.
A parent must disclose details relating to tax uncertainties of its subsidiaries.
2. If an expense is reported on the tax return before it is reported on the financial accounting books
(Points : 5)
the result is a deferred tax asset
the result is a deferred tax liability
there could be either a deferred tax asset or liability
there is no effect as this is not a timing difference
3. The more-likely-than-not standard (Points : 5)
is based on a more-than 50 percent probability.
applies only to contested liabilities
is used to determine if a deferred tax liability should be recognized.
is spelled out in APB 23.
4. Waldo bought two tickets for a Packers game on Ebay for $400. The tickets had a face value of $50 each. He took a client to the game and they had a dinner afterwards where they discussed business. The cost of the dinner was $70. What is Waldo’s deduction for these expenses? (Points : 5)
$470
$235
$170
$85
5. What is the purpose of a per diem allowance? (Points : 5)
Eliminate the substantiation requirement for business expenses.
Reduce the amount an employer must reimburse for employee business expenses.
Eliminate paper work for certain employee business expenses.
Reduce reimbursement disagreements between employer and employee.
6. Which of the following is a working condition fringe benefit? (Points : 5)
Flowers for an ill employee
A holiday cocktail party
A subscription to a professional journal
A bus pass
7. Howard is a cash-basis, calendar-year taxpayer. He works for Clyde Corporation, an accrual-basis, calendar-year corporation. Clyde authorizes a $10,000 bonus for Howard on December 20, year 1. It pays the bonus on March 31 of year 2. Which of the following is correct? (Points : 5)
Howard recognizes income in year 1 and Clyde takes a deduction in year 1.
Howard recognizes income in year 1 and Clyde takes a deduction in year 2.
Howard recognizes income in year 2 and Clyde takes a deduction in year 1.
Howard recognizes income in year 2 and Clyde takes a deduction in year 2
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