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Study sets matching "intermediate accounting chapter 19"

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Study sets matching "intermediate accounting chapter 19"

31 terms
Chapter 19: Intermediate Accounting
Income tax expense is based on...
An increase in taxes payable in future…
An increase in taxes saved in future y…
Deferred tax asset only
pretax income
Deferred tax liability
Deferred tax asset
A deferred tax valuation allowance account is used to recogni…
Income tax expense is based on...
pretax income
An increase in taxes payable in future…
Deferred tax liability
19. Intermediate Accounting Chapter 19
Alternative minimum tax
Asset-Liability Method
average tax rate
carrybacks
An alternative tax system used to ensure that corporations do…
A method used to account for income taxes that recognizes the…
the amount of income taxes payable for the period divided by…
deductions or credits that cannot be utilized on the tax retu…
Alternative minimum tax
An alternative tax system used to ensure that corporations do…
Asset-Liability Method
A method used to account for income taxes that recognizes the…
80 terms
19. Intermediate Accounting Chapter 19
Alternative minimum tax
Asset-Liability Method
average tax rate
carrybacks
An alternative tax system used to ensure that corporations do…
A method used to account for income taxes that recognizes the…
the amount of income taxes payable for the period divided by…
deductions or credits that cannot be utilized on the tax retu…
Alternative minimum tax
An alternative tax system used to ensure that corporations do…
Asset-Liability Method
A method used to account for income taxes that recognizes the…
28 terms
Chapter 19 - Intermediate Accounting
Differs from accounting income due to…
Permanent Differences - Yes, Temporary…
Increase in balance of deferred tax li…
Future Taxable amounts - Yes, Future D…
Taxable income of a corporation
Taxable income of a corporation differs from pretax financial…
The deferred tax expense is the
Machinery was acquired at the beginning of the year. Deprecia…
Differs from accounting income due to…
Taxable income of a corporation
Permanent Differences - Yes, Temporary…
Taxable income of a corporation differs from pretax financial…
17 terms
Intermediate Accounting Chapter 19
pretax financial income
taxable income
deferred tax liability
deferred tax asset
income before taxes, income for financial reporting purposes,…
income for tax purposes, amount used to compute income taxes…
taxes paid in future periods, increase in taxes payable in fu…
taxes will be lower in the future, increase in taxes refundab…
pretax financial income
income before taxes, income for financial reporting purposes,…
taxable income
income for tax purposes, amount used to compute income taxes…
32 terms
Intermediate accounting chapter 19
income tax expense is reported for
income tax payable is reported for
Financial statements uses
IRS uses
GAAP
IRC
GAAP: Reporting income tax expense for pretax finanical income
Tax code: reporting income tax payable for taxable income
income tax expense is reported for
GAAP
income tax payable is reported for
IRC
118 terms
Chapter 19 Intermediate Accounting: Review
An alternative tax system used to ensu…
A method used to account for income ta…
The amount of income taxes payable for…
Deductions or credits that cannot be u…
Alternative minimum tax.
Asset-liability method.
Average tax rate.
Loss carryforwards.
An alternative tax system used to ensu…
Alternative minimum tax.
A method used to account for income ta…
Asset-liability method.
31 terms
Chapter 19: Intermediate Accounting
Income tax expense is based on...
An increase in taxes payable in future…
An increase in taxes saved in future y…
Deferred tax asset only
pretax income
Deferred tax liability
Deferred tax asset
A deferred tax valuation allowance account is used to recogni…
Income tax expense is based on...
pretax income
An increase in taxes payable in future…
Deferred tax liability
28 terms
Intermediate Accounting Chapter 19
carrybacks
carryforwards
current tax expense (benefit)
deductible temporary difference
deductions or credits that cannot be utilized on the tax retu…
deductions or credits that cannot be utilized on the tax retu…
the amount of income taxes paid or payable (or refundable) fo…
temporary differences that result in deductible amounts in fu…
carrybacks
deductions or credits that cannot be utilized on the tax retu…
carryforwards
deductions or credits that cannot be utilized on the tax retu…
31 terms
Chapter 19 Intermediate Accounting II
Taxable income of a corporation... a. dif…
Taxable income of a corporation differ…
The deferred tax expense is the... a. inc…
Machinery was acquired at the beginnin…
b. differs from accounting income due to differences in inter…
c. Yes Yes
b. increase in balance of deferred tax liability minus the in…
a. Yes Yes
Taxable income of a corporation... a. dif…
b. differs from accounting income due to differences in inter…
Taxable income of a corporation differ…
c. Yes Yes
39 terms
Intermediate Accounting Chapter 19 Accounting For Income Taxes
Pretax financial Income
Taxable Income
Taxable income of a corporation
The deferred tax expense is the
Income before taxes
Indicates the amount used to compute income taxes payable
differs from accounting income due to differences in inter-pe…
increase in balance of deferred tax liability minus the incre…
Pretax financial Income
Income before taxes
Taxable Income
Indicates the amount used to compute income taxes payable
19 terms
Chapter 19 Intermediate Accounting: Questions
1. Explain the difference between pret…
2. What are the two objectives of acco…
3. Explain the meaning of a temporary…
4. Differentiate between an originatin…
1. Pretax financial income is reported on the income statemen…
2. One objective of accounting for income taxes is to recogni…
3. A temporary difference is a difference between the tax bas…
4. An originating temporary difference is the initial differe…
1. Explain the difference between pret…
1. Pretax financial income is reported on the income statemen…
2. What are the two objectives of acco…
2. One objective of accounting for income taxes is to recogni…
21 terms
Chapter 19 intermediate accounting EPS
How do you calculate total compensation?
Which entries are needed to record com…
Which entries are needed when restrict…
what is the equation for basic EPS?
number of shares issuable x fair value per share
debit: compensation expense... credit: paid-in-capital restricte…
debit: paid-in-capital-restricted stock... credit:common stock... c…
net income (after tax)-preferred dividends/weighted average o…
How do you calculate total compensation?
number of shares issuable x fair value per share
Which entries are needed to record com…
debit: compensation expense... credit: paid-in-capital restricte…
29 terms
Kieso Intermediate Accounting Chapter 19 - Quick Review
Pretax financial income
Taxable income
Deferred tax liability
Deferred tax expense
Referred to as income before taxes
Indicates amount used to compute income taxes
Represents the increase in taxes payable in future years as a…
The increase in the deferred tax liability balance from the b…
Pretax financial income
Referred to as income before taxes
Taxable income
Indicates amount used to compute income taxes
11 terms
Chapter 19 intermediate accounting EPS
How do you calculate total compensation?
Which entries are needed to record com…
Which entries are needed when restrict…
what is the equation for basic EPS?
number of shares issuable x fair value per share
debit: compensation expense... credit: paid-in-capital restricte…
debit: paid-in-capital-restricted stock... credit:common stock... c…
net income (after tax)-preferred dividends/weighted average o…
How do you calculate total compensation?
number of shares issuable x fair value per share
Which entries are needed to record com…
debit: compensation expense... credit: paid-in-capital restricte…
11 terms
Chapter 19 intermediate accounting EPS
How do you calculate total compensation?
Which entries are needed to record com…
Which entries are needed when restrict…
what is the equation for basic EPS?
number of shares issuable x fair value per share
debit: compensation expense... credit: paid-in-capital restricte…
debit: paid-in-capital-restricted stock... credit:common stock... c…
net income (after tax)-preferred dividends/weighted average o…
How do you calculate total compensation?
number of shares issuable x fair value per share
Which entries are needed to record com…
debit: compensation expense... credit: paid-in-capital restricte…
83 terms
Intermediate Accounting II: Chapter 19 Notes
Alternative minimum tax (AMT)
Asset-liability method
Average tax rate
Current tax benefit (expense)
Designed by the IRS to curb excessive tax avoidance, this pro…
Method of accounting for income taxes. Sometimes referred to…
An average of the graduated rates at which the IRS taxes U.S.…
The amount of income taxes refundable (payable/paid) for a ye…
Alternative minimum tax (AMT)
Designed by the IRS to curb excessive tax avoidance, this pro…
Asset-liability method
Method of accounting for income taxes. Sometimes referred to…
31 terms
Chapter 19 Intermediate Accounting II
Taxable income of a corporation... a. dif…
Taxable income of a corporation differ…
The deferred tax expense is the... a. inc…
Machinery was acquired at the beginnin…
b. differs from accounting income due to differences in inter…
c. Yes Yes
b. increase in balance of deferred tax liability minus the in…
a. Yes Yes
Taxable income of a corporation... a. dif…
b. differs from accounting income due to differences in inter…
Taxable income of a corporation differ…
c. Yes Yes
29 terms
Intermediate Accounting Chp 19
Alternative minimum tax (AMT)
Asset-liability method
Average tax rate
Current tax expense (benefit)
Designed by the IRS to curb excessive tax avoidance, this pro…
Method of accounting for income taxes. Sometimes referred to…
An average of the graduated rates at which the IRS taxes U.S.…
The amount of income taxes refundable (payable/paid) for a ye…
Alternative minimum tax (AMT)
Designed by the IRS to curb excessive tax avoidance, this pro…
Asset-liability method
Method of accounting for income taxes. Sometimes referred to…
30 terms
Intermediate Accounting 3 Chapter 19, Accounting for Income Taxes
Pretax Financial Income
Taxable Income
Temporary Difference
Taxable Amounts
it is a financial reporting term. referred to as income befor…
(income for tax purposes) is a tax accounting term. Amount us…
difference between the tax basis of asset or liability and re…
increase taxable income in future years.
Pretax Financial Income
it is a financial reporting term. referred to as income befor…
Taxable Income
(income for tax purposes) is a tax accounting term. Amount us…
72 terms
Intermediate Financial Accounting II Final chapter 19
The single accounting number in the an…
A primary goal of earnings per share d…
ABC declared and paid cash dividends i…
The reporting of earnings per share is…
D
B
D
C
The single accounting number in the an…
D
A primary goal of earnings per share d…
B
31 terms
Intermediate Accounting - Chpt 19
21 Taxable income of a corporation ... a.…
22 Taxable income of a corporation dif…
23 The deferred tax expense is the ... a.…
24 Machinery was acquired at the begin…
b. differs from accounting income due to differences in inter…
c. Yes Yes
b. increase in balance of deferred tax liability minus the in…
a. Yes Yes
21 Taxable income of a corporation ... a.…
b. differs from accounting income due to differences in inter…
22 Taxable income of a corporation dif…
c. Yes Yes
124 terms
Chapter 19-22 Intermediate Accounting: Quizes
Post Lecture Question 01-19... Pretax fi…
Post Lecture Question 02-19... A deferre…
Post Lecture Question 03-19... Future de…
Post Lecture Question 04-19... All of th…
F... Correct! Pretax financial income is determined according t…
T... Correct! A deferred tax liability represents the increase…
3... Correct! A deferred tax asset is the consequence of future…
4... Correct! All of the options are possible sources of taxabl…
Post Lecture Question 01-19... Pretax fi…
F... Correct! Pretax financial income is determined according t…
Post Lecture Question 02-19... A deferre…
T... Correct! A deferred tax liability represents the increase…
50 terms
Intermediate 3 Chapter 19
pretax financial income
taxable income
financial reporting uses ___ basis but…
temporary difference
aka income before taxes. financial reporting term that follow…
tax accounting term that follows the Tax code to compute inco…
full accrual ; modified cash
difference between the tax basis of an asset or liability and…
pretax financial income
aka income before taxes. financial reporting term that follow…
taxable income
tax accounting term that follows the Tax code to compute inco…
20 terms
WGU Intermediate Accounting Ch 19
Income Tax Expense
Income Tax Payable
Financial Statements
Tax Return
GAAP
IRS
exchanges investors and creditors... Pretax Financial Income... GA…
IRS... Taxable Income... Tax Code... Income Taxes Payable
Income Tax Expense
GAAP
Income Tax Payable
IRS
11 terms
Intermediate Chapter 19
Temporary differences
Future taxable amounts
future deductible amounts
originating year
the difference between the tax basis of an asset or liability…
deferred tax liability
deferred tax asset
taxable income > financial income
Temporary differences
the difference between the tax basis of an asset or liability…
Future taxable amounts
deferred tax liability
25 terms
Chapter 19 Intermediate Nursing
Anorexia
Azotemia
Barrier nursing
Cachexia
Loss of appetite or absence of food, especially when prolonged
Condition in which blood has increased concentrations of nitr…
Collection of techniques employed during nursing of contagiou…
Weight loss, loss of muscle mass, and general debilitation th…
Anorexia
Loss of appetite or absence of food, especially when prolonged
Azotemia
Condition in which blood has increased concentrations of nitr…
18 terms
Intermediate Chapter 19
Accounting for Change in Tax Rate
Appropriate Tax Rate
Causes of Deferred Tax Liability
Causes of Deferred Tax Asset
-record effect on existing deferred income tax immediately; r…
-enacted tax rate
-increase in taxes payable in future years as a result of tax…
-the increase in taxes refundable in future years as a result…
Accounting for Change in Tax Rate
-record effect on existing deferred income tax immediately; r…
Appropriate Tax Rate
-enacted tax rate
58 terms
intermediate 3 chapter 19
Taxable income is a tax accounting ter…
Pretax financial income is the amount…
Taxable amounts increase taxable incom…
A deferred tax liability represents th…
f
f
t
t
Taxable income is a tax accounting ter…
f
Pretax financial income is the amount…
f
68 terms
Chapter 19 of Intermediate Japanese
辺り
[(十年)余り]
あるいは
生き返る
あたり vicinity, nearby
~あまり more than...
or, possibly
いきかえる Bring back to life
辺り
あたり vicinity, nearby
[(十年)余り]
~あまり more than...
35 terms
Intermediate II Chapter 19
Actuaries
Contributory plan
Defined benefit plan
Defined contribution plan
Certified professionals who are trained to determine future r…
A type of pension plan where employees bear part of the cost…
A type of pension plan in which the future employee benefit i…
A type of plan in which the employer's contribution into the…
Actuaries
Certified professionals who are trained to determine future r…
Contributory plan
A type of pension plan where employees bear part of the cost…
58 terms
Intermediate Accounting: Chapter 3
The balance sheet reports a company's…
A company's market value is generally…
All current assets are either cash or…
The balance of net receivables represe…
True
False
True
True
The balance sheet reports a company's…
True
A company's market value is generally…
False
15 terms
Intermediate II Chapter 19
A net operating loss (NOL) occurs when
Two ways to offset losses
Using the Net Operating Loss Carryback…
The NOL must be applied to
Taxable Income (TI) is negative... Expenses deductible for taxe…
NOL carryback and NOL carryforward... A firm may choose to use…
a company may carry the NOL back TWO YEARS, offset the Net In…
the earlier year first and then to the second year. Any remai…
A net operating loss (NOL) occurs when
Taxable Income (TI) is negative... Expenses deductible for taxe…
Two ways to offset losses
NOL carryback and NOL carryforward... A firm may choose to use…
Chapter 19 - Accounting for Income Taxes
Pretax Financial Income
Taxable income (income for tax purposes)
Why is there a difference between in i…
Deferred Tax Liability
is a financial report term. It can also be referred to as Inc…
is a tax accounting term. It indicates the amount used to com…
for financial reporting, companies use the full accrual metho…
An account on a company's balance sheet that is a result of t…
Pretax Financial Income
is a financial report term. It can also be referred to as Inc…
Taxable income (income for tax purposes)
is a tax accounting term. It indicates the amount used to com…
25 terms
Intermediate Latin Chapter 19
despicio, despicere, despexi, despectum
adiuvo, adiuvare, adiuvi, adiutum
dubito, dubitare, dubitavi, dubitatum
certus, -a, -um
to look down on
to help
to doubt; to hesitate
certain; resolved
despicio, despicere, despexi, despectum
to look down on
adiuvo, adiuvare, adiuvi, adiutum
to help
Chapter 19 - Accounting for Income Taxes (MC Computational)
Use the following information for ques…
54. Lehman Corporation purchased a mac…
Use the following information for ques…
Use the following information for ques…
52. c $1,200,000 - [($1,200,000 - $100,000) 5)] = $980,000;…
54. a ($960,000 - $600,000) × 30% = $108,000 Noncurrent
55. a Income taxes payable = ($1,200,000 × 30%) = $360,000... Ch…
58. b ($500,000 × 30%) = $150,000.... 59. d ($2,000,000 × 30%)…
Use the following information for ques…
52. c $1,200,000 - [($1,200,000 - $100,000) 5)] = $980,000;…
54. Lehman Corporation purchased a mac…
54. a ($960,000 - $600,000) × 30% = $108,000 Noncurrent
58 terms
intermediate 3 chapter 19
Taxable income is a tax accounting ter…
Pretax financial income is the amount…
Taxable amounts increase taxable incom…
A deferred tax liability represents th…
f
f
t
t
Taxable income is a tax accounting ter…
f
Pretax financial income is the amount…
f
21 terms
Intermediate Accounting Chapter 10
What is PP&E?
Major characteristics of PP&E
Historical cost for valuing PP&E
What goes into the cost of Land as PP&E?
Include land, building structures (offices, factories, wareho…
1. They are acquired for use in operations and not for resale…
measures the cash or cash equivalent price of obtaining the a…
(1) Purchase price, (2) closing costs; such as title to the l…
What is PP&E?
Include land, building structures (offices, factories, wareho…
Major characteristics of PP&E
1. They are acquired for use in operations and not for resale…
47 terms
Intermediate Accounting - Chapter 9
Which of the following is true about l…
The primary basis of accounting for in…
When valuing raw materials inventory a…
In no case can "market" in the lower-o…
d. All of these.
d. future utility will be less than their cost.
c. Current replacement cost
b. estimated selling price in the ordinary course of business…
Which of the following is true about l…
d. All of these.
The primary basis of accounting for in…
d. future utility will be less than their cost.
31 terms
Intermediate II Chapter 19
Taxable income of a corporation... a. dif…
Taxable income of a corporation differ…
The deferred tax expense is the... a. inc…
Machinery was acquired at the beginnin…
b
c
b
a
Taxable income of a corporation... a. dif…
b
Taxable income of a corporation differ…
c
31 terms
Chapter 19 - Intermediate
21. Taxable income of a corporation…
22 Taxable income of a corporation dif…
23. The deferred tax expense is the…
24. Machinery was acquired at the begi…
b. differs from accounting income due to differences in inter…
c. Yes Yes
b. increase in balance of deferred tax liability minus the in…
a. Yes Yes
21. Taxable income of a corporation…
b. differs from accounting income due to differences in inter…
22 Taxable income of a corporation dif…
c. Yes Yes
23 terms
Chapter 19 - Accounting for Income Taxes
Alternative Minimum Tax
Carrybacks
Carryforwards
Current Tax Expense (benefit)
An alternative tax system used to ensure that corporations do…
Deductions or credits that cannot be utilized on the tax retu…
Deductions or credits that cannot be utilized on the tax retu…
The amount of income taxes paid or payable (or refundable) fo…
Alternative Minimum Tax
An alternative tax system used to ensure that corporations do…
Carrybacks
Deductions or credits that cannot be utilized on the tax retu…
14 terms
Intermediate Accounting Chapters 19-21
Basic Earnings per Share
Diluted Earnings per Share
the new shares are added to the denomi…
Multiply the shares (in the denominato…
Issuance of New Shares; Stock Dividends and Stock Splits; Rea…
Options, Rights, and Warrants; Convertable Bonds; and Convert…
How does the issuance of new shares change the calculation of…
How do stock dividends change the calculation of basic earnin…
Basic Earnings per Share
Issuance of New Shares; Stock Dividends and Stock Splits; Rea…
Diluted Earnings per Share
Options, Rights, and Warrants; Convertable Bonds; and Convert…
Accounting Chapter 19 Vocabulary
Periodic Inventory
Perpetual Inventory
Inventory Record
Stock record
A merchandise inventory determined by counting, weighing, or…
A merchandise inventory determined by keeping a continuous re…
A form used during a periodic inventory to record information…
A form used to show the kind of merchandise, quantity receive…
Periodic Inventory
A merchandise inventory determined by counting, weighing, or…
Perpetual Inventory
A merchandise inventory determined by keeping a continuous re…
11 terms
chapter 19 intermediate corporate finance
b
e
d
b
From the lessee viewpoint, the riskiness of the cash flows, w…
Operating leases often have terms that include... a. full amor…
Which of the following statements is most CORRECT?... a. Capit…
Financial Accounting Standards Board (FASB) Statement #13 req…
b
From the lessee viewpoint, the riskiness of the cash flows, w…
e
Operating leases often have terms that include... a. full amor…
171 terms
Intermediate II Chapter 19 Learnsmart
What are the goals of executive compen…
Order of presentation of Earnings Per…
What permits all employees to buy shar…
Graded Vesting
To create performance incentives for certain employees and co…
EPS- continuing operations> EPS- discontinued operations> EPS…
Employee share purchase plans
Stock options vest over time
What are the goals of executive compen…
To create performance incentives for certain employees and co…
Order of presentation of Earnings Per…
EPS- continuing operations> EPS- discontinued operations> EPS…
26 terms
Intermediate Final Chapter 19
Taxable income of a corporation:... A. Di…
The deferred tax expense is the:... A. In…
At the Dec 31, 2014 balance sheet date…
Assuming a 40% statutory tax rate appl…
Differs from accounting income due to differences in interper…
Increase in balance of deferred tax liability - the increase…
Unruh will record a decrease in a deferred tax liability in 2…
II and III. A revenue is deferred for tax purposes but not fo…
Taxable income of a corporation:... A. Di…
Differs from accounting income due to differences in interper…
The deferred tax expense is the:... A. In…
Increase in balance of deferred tax liability - the increase…
43 terms
Intermediate 3 Chapter 19 Taxes:
Two types of Tax:
"Book Income"
Taxable Income:
What happens when there is a differenc…
1. "Book income" ... 2. Taxable Income
Financial statements... US GAAP -> FASB -> SEC... Manager wants Hig…
On tax return like IRS... Internal Revenue Code -> Congress -> I…
Book Tax Difference----BTD
Two types of Tax:
1. "Book income" ... 2. Taxable Income
"Book Income"
Financial statements... US GAAP -> FASB -> SEC... Manager wants Hig…
79 terms
Chapter 19: Accounting for income taxes
carrybacks
operating loss carryback
tax credit carryback
carryforwards
deductions or credits that cannot be use on the tax return an…
an excess of tax deductions over gross income in a year.
amount by which tax credits available for utilization exceed…
deductions or credits that cannot be used on the current tax…
carrybacks
deductions or credits that cannot be use on the tax return an…
operating loss carryback
an excess of tax deductions over gross income in a year.
71 terms
Intermediate Accounting: Chapter 11
Depreciation
Depletion
Amortization
Factors Involved in the Depreciation P…
Depreciation... The process of allocating the cost of tangible a…
Depletion... The process of allocating the cost of natural resou…
Amortization... The allocation of the cost of intangible assets…
Before establishing a pattern of charges to revenue, a compan…
Depreciation
Depreciation... The process of allocating the cost of tangible a…
Depletion
Depletion... The process of allocating the cost of natural resou…
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