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…
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
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…
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
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
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
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…
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.
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…
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…
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…
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
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…
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…
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
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
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…
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…
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
chapter 19. intermediate
share based award
shared based compensation plans
Main goal of compensation plans
Objective
forms of payments whose value tied to the market price of the…
include stock awards, stock option plans, stock appreciation…
provide compensation to designated employees while providing…
determine fair value... expense compensation over the participan…
share based award
forms of payments whose value tied to the market price of the…
shared based compensation plans
include stock awards, stock option plans, stock appreciation…
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
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
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
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…
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
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…
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…
Intermediate Accounting Chapter 16
Convertible BondsConvertible bonds... a.…
The conversion of bonds is most common…
When a bond issuer offers some form of…
Corporations issue convertible debt fo…
D. May be exchanged for equity securities
D. Book Value method
B. Expense
C. That many corporations can obtain financing at lower rates.
Convertible BondsConvertible bonds... a.…
D. May be exchanged for equity securities
The conversion of bonds is most common…
D. Book Value method
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.
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
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
7 terms
Intermediate Causes (Chapter 19)
What did Louis XVI keep doing?
Who were exempt from taxes?
What ideas started to spread?
What did people start to see?
borrowing money because he didn't want tax reform, because he…
aristocrats
Revolutionary ideas of America
the value of a republic
What did Louis XVI keep doing?
borrowing money because he didn't want tax reform, because he…
Who were exempt from taxes?
aristocrats
Intermediate Accounting Ch. 19
Taxable income of a corporation
Taxable income of a corporation differ…
The deferred tax expense is the
Machinery was acquired at the beginnin…
differs from accounting income due to differences in interper…
Yes, Yes
increase in balance of deferred tax liability minus the incre…
Yes, yes
Taxable income of a corporation
differs from accounting income due to differences in interper…
Taxable income of a corporation differ…
Yes, Yes
intermediate accounting chapter 4
income statement
earnings management
quality of earnings
income statement sections
report that measures a companies success in operations for a…
the planned timing of revenues or expenses and gains or losse…
if negatively affected the info is distorted in a way that is…
1-operating... 2-non-operating... 3-income tax expense ... 4-discontin…
income statement
report that measures a companies success in operations for a…
earnings management
the planned timing of revenues or expenses and gains or losse…
77 terms
Intermediate Accounting Chapter 2
What does the conceptual framework of…
what does SFAC stand for?
What does SFAC 1 do?
SFAC2
The framework establishes the concepts that underlie financia…
Statements of Financial accounting concepts
presents the goals and purposes of accounting
examines the characteristics that make accounting information…
What does the conceptual framework of…
The framework establishes the concepts that underlie financia…
what does SFAC stand for?
Statements of Financial accounting concepts
intermediate accounting chapter 5
balance sheet
liquidity
solvency
financial flexibility
"moment in time" financial statement, helps in predicting amo…
amount of time until an asset is converted into cash or the a…
ability of a company to pay debts as they come due
the ability of a company to weather unexpected financial cris…
balance sheet
"moment in time" financial statement, helps in predicting amo…
liquidity
amount of time until an asset is converted into cash or the a…
40 terms
Intermediate Accounting Chapter 1
1. Summary of Learning Objectives... Ide…
financial accounting
financial statements
financial reporting
Companies most frequently provide (l) the balance sheet, (2)…
The accounting process that culminates in the preparation of…
The principal means through which a company communicates its…
Reporting of financial information other than in formal finan…
1. Summary of Learning Objectives... Ide…
Companies most frequently provide (l) the balance sheet, (2)…
financial accounting
The accounting process that culminates in the preparation of…
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…
34 terms
Intermediate Accounting - Chapter 2
Relevance
Faithful Representation
Predictive Value
Confirmatory Value
Accounting information must be capable of making a difference…
The numbers and descriptions match what really happened. Info…
(Relevance)... Has value as an input to predictive processes use…
(Relevance)... Helps users confirm or correct prior expectations…
Relevance
Accounting information must be capable of making a difference…
Faithful Representation
The numbers and descriptions match what really happened. Info…
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