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Liberty University > ACCOUNTING > ACCT 612 Exam 3

ACCT612 Exam 3 (Liberty University) 1. In the United States, GAAP comes under the purview of the: 2. Deferred tax assets represent: 3. Which statement is CORRECT regarding accounting for income taxes in a financial statement? 4. Which of the following are goals of the International Accounting Standards Board (IASB)? 5. The main advantage of the FASB Codification is: 6. Which of the following represents the correct Codification structure? 7. Which statement is CORRECT regarding the SEC? 8. Which of the following International Accounting Standards deals with international guidance for accounting for income taxes? 9. Which of the following statements is CORRECT regarding the FASB Accounting Standards Codification Research System (CRS)? 10. To assist with citation of the Accounting Standards Codification, the FASB created a numerical system that uses 11. Most research using the Codification is expected to be performed using the: 12. While browsing through Codification structure, all of the two-digit subtopics and three-digit intersection topics are 13. Which of the following functions provides a printer-friendly version of a document in the Codification Research 14. The Go To function works in a similar fashion to a: 15. Pre-codification literature issued by various standard setters include: 16. Under the FASB Codification, guidance for income taxes is found in: 17. A position taken in a previously filed return or expected to be taken in a future return is known as: 18. Subsequent to Codification, changes to guidance in the Codification are now made through: 19. Accounting Research Manager, an online database to provide accounting, auditing, and other SEC authoritative literature, is a product of: 20. A wide variety of materials and analysis on accounting topics is provided by LexisNexis through its: 21. Which of the following statements is INCORRECT regarding the International Financial Reporting Standards 22. Under both U.S. GAAP and IAS, the amount of tax expense reflected in the financial statements is made up of both current and deferred components. 23. The deferred tax model of taxes applies to all Federal, state, foreign and local taxes based on income. 24. Generally, non-income taxes are recognized in the financial statements in the period in which they are paid. 25. Prior to the 1970s, accounting standards were promulgated by groups formed under the umbrella of the American Institute of Certified Public Accountants (AICPA). 26. The International Accounting Standards Board (IASB) was formed to deal with the proliferation of country- or jurisdiction-specific accounting principles. 27. The Codification does not include material issued by the SEC applicable to public companies. 28. The main difference between U.S. GAAP and IFRS is that IFRS is much lengthier, with over 25,000 pages. 29. Using the Codification Research System (CRS), a researcher can join all related sections of a topic into a single document so that the guidance across all sections within a topic can be reviewed at one time. 30. The FASB Codification ‘Join Sections’ allows the related sections of a topic to be joined into a single document so that the guidance across all sections within a topic can be reviewed at the same time. 31. The Codification system provides a cross-referencing system that allows researchers to locate guidance in the Codification using the old guidance or to find the old guidance using the new Codification reference. 32. Accounting Statements of Position (SOPs) were brought into the FASB Accounting Standards Codification (ASC). 33. ASC 740 requires taxpayers to examine each and every ‘tax position’ taken. 34. Accounting Research Manager (ARM) is part of the Codification Research System (CRS) offering access to accounting, auditing, governmental and SEC authoritative literature 35. The application of ACS 740 to an uncertain tax position allows tax benefits to be recognized in financial statements only when it is determined that it is more likely than not that the tax position can be sustained or when the position is ultimately settled via an audit, a negotiation, or a court decision. 36. Exposure drafts issued for proposed updates of accounting standards in the Codification are indexed alphabetically. 37. What are the principal objectives of the International Accounting Standards Board (IASB)? 38. How is the Codification Research System’s “Join Sections” function useful to tax researchers? Give an example of how it works. 39. Even with the Codification, the “Financial Accounting Standards Board (FASB) is not the only standard setting authority in the United Sates.” Explain.40. Explain the basic principles of accounting for deferred taxes. 41. What is meant by “tax position”? Explain the requirements of ASC 740 for the reporting of tax positions.42. “A sound understanding of financial accounting is essential for tax professionals.” Discuss.

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