International Accounting 2 Trắc nghiệm tổng hợp PDF

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THU :Ế1 deferred tax expense is the a. Increase in balance of deferred tax liability minus the increase in balance of deferred tax asset b. Increase in balance of deferred tax asset minus the increase in balance of deferred tax liability c. Decrease in balance of deferred tax asset minus the increas...

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THUẾ: 1.The deferred tax expense is the a. Increase in balance of deferred tax liability minus the increase in balance of deferred tax asset b. Increase in balance of deferred tax asset minus the increase in balance of deferred tax liability c. Decrease in balance of deferred tax asset minus the increase in balance of deferred tax liability d. Increase in balance of deferred tax asset plus the increase in balance of deferred tax liability 2. To the extent that tax payable exists and has not yet been paid, a company will recognised a. non-current liability b. non-current asset c. current tax liability d. current tax asset 3. Accounting standards require disclosure of the amount of a. current tax expense (or revenue) b. all of the above c. deferred tax expense (or revenue) relating to changes in tax rates or tax laws d. any adjustments for the current tax of prior reporting periods 4. On 1 April 20x5, the company rate of income tax was changed from 35% to 30%. At the previous reporting date (30 June 20x4) Montgomery Limited had the following tax balances: Deferred tax assets: $26,250; Deferred tax liabilities: $21,000. What is the impact of the tax rate change on income tax expense? a. increase 875 b. decrease 875 c. increase 750 d. all are correct e. decrease 750 5. Deferred taxes should be presented on the statement of financial position a. as one net debit or credit amount b. as reductions of the related asset or liability accounts c. in two amount: one for the net debit amount and one for the net credit amount d. as a net amount in the non-current section 6. Recognition of tax benefits in the loss year due to a loss carryforward requires: a. the establishment of an income tax refund receivable

b. the establishment of a deferred tax asset c. the establishment of a deferred tax liability d. only a note to the financial statements 7. IAS 12 requires that: a. current tax expense is not identifiable in the financial reports b. deferred tax expense is not identifiable in the financial reports c. current and deferred tax expense are disclosed separately d. current and deferred tax expense are reported as one figured ‘income tax expense’ 8. Permanent differences (between revenues and expenses for accounting and tax purposes): a. can cause Deferred Tax Assets but not Deferred Tax Liabilities to arise b. can cause neither Deferred Tax Assets nor Deferred Tax Liabilities to arise c. can cause both Deferred Tax Assets and Deferred Tax Liabilities to arise d. can cause Deferred Tax Liabilities but not Deferred Tax Liabilities to arise 9. Which of the following statements is correct regarding permanent differences under IFRS? a. Permanent differences result from items that enter into taxable income but never into pretax financial income b. permanet differences result from items that enter into pretax financial income but never into taxable income c. Permanent differences affect only the period in which they occur d. All of these ANSWER choices are correct 10. Link Sink Manufacturing has a deferred tax asset account with a balance of £300,000 at the end of 2018 due to a single cumulative temporary difference of £750,000. At the end of 2019, this same temporary difference has increased to a cumulative amount of £1,000,000. Taxable income for 2019 is £1,700,000. The tax rate is 40% for 2019, but enacted tax rates for all future years are 35%. Assuming it’s probable that 70% of the deferred tax asset will be realized, what amount will be reported on Link Sink’s statement of financial position for the deferred tax asset at December 31, 2019? a. 262,500 b. 280,000 c. 595,000 d. all are incorrect e. 245,000 11. In determining whether to adjust a deferred tax asset, a company should: a. pass a recognition threshold, after assuming that it will be audited by taxing authorities b. consider only the positive information in determining the need for an adjustment c. consider all positive and negative information in determining the need for an adjustment

d. take an aggressive approach in its tax planning 12. Beta Limited has an accounting profit before tax of €200,000. All of the following items have been included in the accounting profit: depreciation of equipment €30,000 (tax deductible depreciation is €20,000); entertainment expenses €15,000 (non-deductible for tax purposes); Long service leave expense provided €6,000 (no employee took long service leave during the year). The tax rate is 30%. The amount of current tax liability is: a. 38,700 b. 81,300 c. 50,700 d. 69,300 e. all are incorrect 13. According to IAS 12, current tax for current and prior periods shall, to the extent unpaid, be recognised as a: a. contingent liability b. liability c. expense d. note to the financial statements 14. When assessing the probability that a deferred tax asset from a tax loss can be recognised an entity should consider: a. whether the unused tax losses result from identifiable causes which are likely to recur b. whether it is guaranteed that the entity will have future taxable profits before the tax losses expire c. whether tax planning opportunities are available to the entity that will create sufficient future taxable profits to recover the tax losses d. whether the entity has sufficient deductible temporary differences which will result in taxable amounts in future so that the tax losses can be used 15. In jurisdictions where the impairment of goodwill is not tax deductible, IAS 12 Income Taxes: a. allows the recognition of a deferred tax item in relation to goodwill b. requires that any deferred tax items in relation to goodwill be recognised directly in equity c. does not permit the application of deferred tax accounting to goodwill d. requires that any deferred tax items for goodwill be capitalised in the carrying amount of goodwill 16. An example of a permanent difference is: a. All of these ANSWER choices are correct b. percentage depletion of natural resources c. interest expense on money borrowed to invest in government bonds d. fine resulting from a violation of law

17. Stuart Corporation's taxable income differed from its accounting income computed for this past year. An item that would create a permanent difference in accounting and taxable incomes for Stuart would be: a. a balance in the Unearned Rent account at year end b. making installment sales during the year c. a fine resulting from violations of environmental regulations d. using accelerated depreciation for tax purposes and straight-line depreciation for book purposes 18. Unused (carried forward) tax losses: a. sometimes give rise to a deferred tax asset b. always give rise to a deferred tax liability c. always give rise to a deferred tax asset d. sometimes give rise to a deferred tax liability 19. A temporary difference arises due to: a. the timing difference between the end of the financial year and when the income tax payable is paid b. a difference in the amount of the deferred tax assets and the deferred tax liabilities c. a difference between the amounts of the accounting expenses and the tax deductions of a company which will never be reversed d. a difference between the amounts of the accounting expenses and the tax deductions of a company which will be reversed in future periods 20. A taxable temporary difference is expected to lead to the payment of: a. more tax in the future and gives rise to a deferred tax asset b. less tax in the future and gives rise to a deferred tax liability c. more tax in the future and gives rise to a deferred tax liability d. less tax in the future and gives rise to a deferred tax asset

Câu Hỏi 1 Sai Đạt điểm 0,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi

A company issues bonus shares for no consideration on 1 August 2014. For the reporting period ended 30 June 2015, the calculation of:

Select one: a. only the diluted earnings per share must be adjusted retrospectively for all periods that are presented in the financial statements b. both basic earnings per share and diluted earnings per share may be adjusted retrospectively at the option of the entity for all periods that are presented in the financial statements c. only basic earnings per share must be adjusted retrospectively for all periods that are presented in the financial statements

d. both basic earnings per share and diluted earnings per share must be adjusted retrospectively for all periods that are presented in the financial statements Phản hồi The correct answer is: both basic earnings per share and diluted earnings per share must be adjusted retrospectively for all periods that are presented in the financial statements

Câu Hỏi 2 Đúng Đạt điểm 1,00 trên 1,00

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In determining diluted earnings per share, dividends on nonconvertible cumulative preference shares should be: Select one: a. deducted from net income whether declared or not

b. deducted from net income only if declared c. disregarded d. added back to net income whether declared or not Phản hồi The correct answer is: deducted from net income whether declared or not

Câu Hỏi 3 Sai

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Assume there are two dilutive convertible securities. The one that should be used first to recalculate earnings per share is the security with the Select one: a. greater earnings adjustment

b. greater earnings effect per share c. smaller earnings adjustment d. smaller earnings effect per share Phản hồi The correct answer is: smaller earnings effect per share

Câu Hỏi 4 Sai Đạt điểm 0,00 trên 1,00

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In applying the treasury share method to determine the dilutive effect of share options and warrants, the proceeds assumed to be received upon exercise of the options and warrants Select one: a. None of these answers are correct b. are used to calculate the number of ordinary shares repurchased at the average market price, when computing diluted earnings per share c. are added, net of tax, to the numerator of the calculation for diluted earnings per share

d. are disregarded in the computation of earnings per share if the exercise price of the options and warrants is less than the ending market price of ordinary shares

Phản hồi The correct answer is: are used to calculate the number of ordinary shares repurchased at the average market price, when computing diluted earnings per share

Câu Hỏi 5 Đúng Đạt điểm 1,00 trên 1,00

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Under paragraph 4, if an entity presents both consolidated and separate financial statements, the IAS 33 disclosures need only be determined on the basis of: Select one: a. subsidiary entities only b. consolidated information

c. the entity has choice of either parent entity or consolidation d. parent entity only Phản hồi The correct answer is: consolidated information

Câu Hỏi 6 Đúng Đạt điểm 1,00 trên 1,00

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Harry Ltd determined its profit attributable to ordinary shareholders for the reporting period ended 30 June 2016 as €960,000. The average market price of the entity’s shares during the period is €4.00 per share. The weighted average number of ordinary shares on issue during the period is 1,000,000. The weighted average number of shares under share options arrangements during the year is 200,000 and the exercise price of shares under option is €3.50. The basic earnings per share at 30 June 2016 is: Select one: a. €0.96

b. €0.80 c. €3.50 d. €4.00 Phản hồi The correct answer is: €0.96

Câu Hỏi 7 Đúng Đạt điểm 1,00 trên 1,00

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Lerner Co. had 200,000 ordinary shares, 20,000 shares of convertible preference shares, and €1,000,000 of 10% convertible bonds outstanding during 2019. The preference shares are convertible into 40,000 ordinary shares. During 2019, Lerner paid dividends of €.90 per ordinary share and €3.00 per preference share. Each €1,000 bond is convertible into 45 ordinary shares. The net income for 2019 was €600,000 and the income tax rate was 30%. Basic earnings per share for 2019 is (rounded to the nearest penny) Select one: a. €2.42 b. €2.21 c. None of these answers are correct d. €2.51

e. €2.70

Phản hồi The correct answer is: €2.70

Câu Hỏi 8 Sai Đạt điểm 0,00 trên 1,00

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Yoder, Incorporated, has 3,200,000 ordinary shares outstanding on December 31, 2018. An additional 800,000 ordinary shares were issued on April 1, 2019, and 400,000 more on July 1, 2019. On October 1, 2019, Yoder issued 20,000, €1,000 face value, 8% convertible bonds. The bonds are dilutive. Each bond is convertible into 20 ordinary shares. No bonds were converted in 2019. What is the number of shares to be used in computing basic earnings per share and diluted earnings per share, respectively? Select one: a. None of these answers are correct b. 4,000,000 and 4,000,000 c. 4,000,000 and 4,100,000 d. 4,000,000 and 4,400,000

e. 4,400,000 and 5,200,000 Phản hồi The correct answer is: 4,000,000 and 4,100,000

Câu Hỏi 9 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi

When applying the treasury share method for diluted earnings per share, the market price of the ordinary shares used for the repurchase is the Select one: a. price at the beginning of the year b. average market price

c. price at the end of the year d. None of these answers are correct Phản hồi The correct answer is: average market price

Câu Hỏi 10 Sai Đạt điểm 0,00 trên 1,00

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Milo Co. had 600,000 ordinary shares outstanding on January 1, issued 126,000 shares on May 1, purchased 63,000 shares of treasury shares on September 1, and issued 54,000 shares on November 1. The weighted average shares outstanding for the year is Select one: a. 714,000 b. None of these answers are correct c. 672,000

d. 693,000

e. 651,000 Phản hồi The correct answer is: 672,000

Câu Hỏi 11 Đúng Đạt điểm 1,00 trên 1,00

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Earnings per share is calculated by: Select one: a. dividing profit or loss attributable to ordinary shareholders of a parent entity, by the number of ordinary shares the entity has on issue at the beginning of the reporting period b. dividing profit or loss attributable to ordinary shareholders of a parent entity, by the number of ordinary shares the entity has on issue at the end of the reporting period c. dividing profit or loss attributable to ordinary shareholders of a parent entity, by the weighted average number of ordinary shares the entity has on issue during the reporting period

d. dividing profit or loss attributable to preference shareholders of a parent entity, by the weighted average number of ordinary shares the entity has on issue during the reporting period Phản hồi The correct answer is: dividing profit or loss attributable to ordinary shareholders of a parent entity, by the weighted average number of ordinary shares the entity has on issue during the reporting period

Câu Hỏi 12 Sai Đạt điểm 0,00 trên 1,00

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Nolte Co. has 4,000,000 ordinary shares outstanding on December 31, 2018. An additional 200,000 shares are issued on April 1, 2019, and 480,000 more on September 1. On October 1, Nolte issued €6,000,000 of 9% convertible bonds. The bonds are dilutive. Each €1,000 bond is convertible into 40 ordinary shares. No bonds have been converted. The number of shares to be used in computing basic earnings per share and diluted earnings per share on December 31, 2019 is: Select one: a. 4,310,000 and 4,370,000 b. None of these answers are correct c. 5,080,000 and 5,320,000 d. 4,310,000 and 4,310,000 e. 4,310,000 and 4,550,000

Phản hồi The correct answer is: 4,310,000 and 4,370,000

Câu Hỏi 13 Sai Đạt điểm 0,00 trên 1,00

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In computations of weighted average of shares outstanding, when a share dividend or stock split occurs, the additional shares are Select one: a. weighted by the number of months outstanding

b. weighted by the number of days outstanding c. considered outstanding at the beginning of the year

d. considered outstanding at the beginning of the earliest year reported Phản hồi The correct answer is: considered outstanding at the beginning of the earliest year reported

Câu Hỏi 14 Sai Đạt điểm 0,00 trên 1,00

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Hill Corp. had 600,000 ordinary shares outstanding on January 1, issued 900,000 shares on July 1, and had income applicable to common stock of €1,050,000 for the year ending December 31, 2019. Earnings per share for 2019 would be Select one: a. €1.17 b. None of these answers are correct

c. €1.00 d. €1.75 e. €0.83 Phản hồi The correct answer is: €1.00

Câu Hỏi 15 Đúng Đạt điểm 1,00 trên 1,00

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Earnings per share is calculated by comparing an entity’s: Select one: a. profit with the number of ordinary shares it has on issue

b. revenue with the number of ordinary shares it has on issue c. profit with the number of shareholders d. revenue with the number of shareholders Phản hồi The correct answer is: profit with the number of ordinary shares it has on issue

Câu Hỏi 16 Sai Đạt điểm 0,00 trên 1,00

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If the entity has a discontinued operation, then it must also calculate and disclose the: Select one: a. the diluted earnings per share ratio only for the discontinued operation in the statement of profit or loss and other comprehensive income b. the basic earnings per share ratio only for the discontinued operation in the statement of profit or loss and other comprehensive income c. the basic and diluted earnings per share ratios for the discontinued operation in the statement of profit or loss and other comprehensive income only if the discontinued operation contributed a profit in the current reporting period

d. the basic and diluted earnings per share ratios for the discontinued operation in the statement of profit or loss and other comprehensive income Phản hồi The correct answer is: the basic and diluted earnings per share ratios for the discontinued operation in the statement of profit or loss and other comprehensive income

Câu Hỏi 17 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi

Dilutive convertible securities must be used in the computation of Select one: a. diluted earnings per share only

b. basic earnings per share only c. diluted and basic earnings per share d. None of these answers are correct Phản hồi The correct answer is: diluted earnings per share only

Câu Hỏi 18 Đúng Đạt điểm 1,00 trên 1,00

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Hanson Co. had 200,000 ordinary shares, 20,000 shares of convertible preference shares, and €1,000,000 of 10% convertible bonds outstanding during 2019. The preference shares

are convertible into 40,000 ordinary shares. During 2019, Hanson paid dividends of €1.20 per share on the ordinary shares and €4 per share on the preference shares. Each €1,000 bond is convertible into 45 ordinary shares. The net income for 2019 was $800,000 and the income tax rate was 30%. Basic earnings per share for 2019 is (rounded to the nearest penny): Select one: a. €3.35 b. None of these answers are correct c. €3.60

d. €3.22 e. €2.94 Phản hồi The correct answer is: €3.60

Câu Hỏi 19 Sai Đạt điểm 0,00 trên 1,00

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At December 31, 2018, Emley Company had 1,200,000 ordinary shares outstanding. On September 1, 2019, an additional 400,000 ordinary shares were issueD. In addition, Emley had €12,000,000 of 6% convertible bonds outstanding at December 31, 2018, which are convertible into 800,000 ordinary shares. No bond...