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Accounting for Income Taxes
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Intermediate Accounting Study Set 7

Business

Quiz 17 :
Accounting for Income Taxes

Quiz 17 :
Accounting for Income Taxes

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Book income refers to the amount of income reported on a company's tax return.
Free
True False
Answer:

Answer:

False

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Taxable income refers to the amount of income reported on a company's tax return.
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True False
Answer:

Answer:

True

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The amount of income a company reports in its financial statements is known as ________.
Free
Multiple Choice
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Answer:

A

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The amount of income that a company reports on its tax return is known as ________.
Multiple Choice
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Greene Co. has book income of $425,000, and a tax rate of 30%. Assuming there are no book-tax differences, what will the journal entry be to record the income tax expense?
Multiple Choice
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TLR Productions has book income of $450,000, and a tax rate of 35%. Assuming there are no book-tax differences, what is TLR's income tax expense?
Multiple Choice
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TNT Corporation's income tax payable is $230,000 and its tax rate is 30%. Assuming no book-tax differences, what is TNT's income before taxes? (Round your answer to the nearest whole dollar.)
Multiple Choice
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TNT Corporation's income tax payable is $240,000 and its tax rate is 30%. Assuming no book-tax differences, what is TNT's net income? (Round your answer to the nearest whole dollar.)
Multiple Choice
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S & C Inc.'s income tax payable is $290,000 and its tax rate is 30%. Assuming no book-tax differences, what is S & C's net income? (Round your answer to the nearest whole dollar.)
Multiple Choice
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Betta Group's net income is $400,000 and its tax rate is 25%. Assuming no book-tax differences, what is Betta's taxes payable? (Round your answer to the nearest whole dollar.)
Multiple Choice
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Brown Inc.'s net income is $300,000 and its tax rate is 25%. Assuming no book-tax differences, what is the journal entry to record income tax expense? (Do not round intermediate calculations. Only round your final answer to the nearest whole dollar.)
Multiple Choice
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The effective tax rate is the legally imposed rate in a given taxing jurisdiction.
True False
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The statutory tax rate is the legally imposed rate in a given taxing jurisdiction.
True False
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U.S. GAAP requires companies to reconcile the federal statutory income tax rate to the effective tax rate.
True False
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________ differences between book income and taxable income result in an effective tax rate that differs from the statutory tax rate.
Multiple Choice
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Which of the following statements best describes the effective tax rate?
Multiple Choice
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Caesar Corporation reports municipal interest income on their financial statements. What (if any) book-tax difference will result?
Multiple Choice
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Dante Inc. reported fines and penalties on their income statement this year. What (if any) book-tax difference will result?
Multiple Choice
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Olympics Inc. recorded a dividends received deduction on their tax return this year. What (if any) book-tax difference will result?
Multiple Choice
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Media Corporation incurred $25,000 in expenses associated with tax-exempt income this year. What (if any) book-tax difference will result?
Multiple Choice
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