AICPA每日一练之FAR【2016-3-6】

高顿网校2016-03-04 09:51Lynn.yu
添加顾问立领优惠
获取考试资料
&领取优惠
分享
USCPA保姆级入门攻略（全科考点解析+新手必看一本通+备考白皮书），助你快速过

In personal financial statements, how should estimated income taxes on the excess of the estimated current values of assets over their tax bases be reported in the statement of financial condition?

A. As liabilities.

B. As deductions from the related assets.

C. Between liabilities and net worth.

D. In a footnote disclosure only.

Answer:C

This answer is correct. ASC Topic 274 specifically addresses the presentation of estimated income taxes on the excess of the estimated current values of assets over their tax bases in the statement of financial condition. This statement requires that the estimated income taxes should be presented between liabilities and net worth in the statement of financial condition.

关注公众号
报考咨询专业师资
考前资料下载; 赞165

上一篇：AICPA每日一练之FAR【2016-3-5】
下一篇：AICPA每日一练之AUD【2016-3-7】

1、凡本网站注明“来源高顿教育”或“来源高顿网校”或“来源高顿”，的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。
2、经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿网校”或“来源高顿”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。
3、本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。
4、如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

精彩推荐相关问题

AICPA每日一练之FAR【2016-4-13】

A transaction was reported as a nonmonetary exchange of assets. Under which of the following circumstances should the exchange be measured based on the reported amount of the nonmonetary asset surrende...
2016-04-13
AICPA每日一练之REG【2016-4-13】

Accrual-basis taxpayers should report gross income A. When income is either actually or constructively received, whether in cash or in property. B. When all events have occurred that fix the taxpayers ...
2016-04-13
AICPA每日一练之BEC【2016-4-13】

A company has income after tax of $5.4 million, interest expense of $1 million for the year, depreciation expense of $1 million, and a 40% tax rate. What is the companys times-interest- earned ratio? a...
2016-04-13
AICPA每日一练之AUD【2016-4-13】

Which of the following assets of a nongovernmental not-for-profit charitable organization must be depreciated? A. A freezer costing $150,000 for storing food for the soup kitchen. B. Building costs of ...
2016-04-13
AICPA每日一练之FAR【2016-4-12】

During the current year, Jase Co. incurred research and development costs of $136,000 in its laboratories relating to a patent that was granted on July 1. Costs of registering the patent equaled $34,00...
2016-04-12
AICPA每日一练之REG【2016-4-12】

Which of the following will be legally binding on all parties despite lack of consideration? A. An irrevocable oral promise by a merchant to keep an offer open for 60 days. B. A promise to donate money...
2016-04-12
AICPA每日一练之BEC【2016-4-12】

Which of the following involves comparing measures of actual progress of a project to planned progress? a.Project planning. b.Project scheduling. c.Project control. d.Project closure. Answer:C Choicec ...
2016-04-12
AICPA每日一练之AUD【2016-4-12】

The written client representation letter most likely would be an auditors best source of corroborative information of a clients plans to: A. Discontinue a line of business. B. Make a public offering of...
2016-04-12
AICPA每日一练之FAR【2016-4-8】

How should the effect of a change in accounting estimate be accounted for? a. By reporting pro forma amounts for prior periods. b. As a prior period adjustment to beginning retained earnings. c. In the...
2016-04-08
AICPA每日一练之REG【2016-4-8】

Which of the following describes is correct regarding the deductibility of donations made to qualifying charities by a cash-basis individual taxpayer? A. A contemporaneous written acknowledgement is re...
2016-04-08

查看更多资讯

美国注册会计师USCPA考试百科

证书星级

USCPA考试报名

USCPA考试指南

USCPA证书互换

USCPA前景方向

USCPA辅导

关注公众号
快扫码关注
公众号吧; 赞

AICPA每日一练之FAR【2016-4-14】

During year 4, the management of West Inc. decided to dispose of some of its older equipment and machinery. By year-end, December 31, year 4, these assets had not been sold, although the company was negotiating their sale to another company. On the December 31, year 4 balance sheet of West Inc., this equipment and machinery should be reported at a. Fair value. b. Carrying amount. c. The lower of c.........
2016-04-14
AICPA每日一练之REG【2016-4-14】

The following information pertains to Dahl Corp.: Accumulated earnings and profits at January 1, Year 1 $ 120,000 Earnings and profits for the year ended December 31, Year 1 160,000 Cash distributions to individual stockholders during Year 1 360,000 What is the total amount of distributions taxable as dividend income to Dahls stockholders in Year 1? a. $360,000 b. $0 c. $280,000 d. $160,000 Answer.........
2016-04-14
AICPA每日一练之BEC【2016-4-14】

A horizontal merger is a merger between a. Two or more firms from different and unrelated markets. b. Two or more firms at different stages of the production process. c. A producer and its supplier. d. Two or more firms in the same market. Answer:D Answer (d) is correct The requirement is to identify a horizontal merger. Answer (d) is correct because a horizontal merger is one between competitors .........
2016-04-14
AICPA每日一练之AUD【2016-4-14】

At December 31, year 3, Golden Finance Co. had the following deferred income tax items: A deferred income tax liability of $15,000 related to a noncurrent asset. A deferred income tax asset of $3,000 related to a noncurrent liability. A deferred income tax asset of $8,000 related to a current liability. Which of the following should Golden report in the noncurrent section of its December 31, year .........
2016-04-14
AICPA每日一练之FAR【2016-4-13】

A transaction was reported as a nonmonetary exchange of assets. Under which of the following circumstances should the exchange be measured based on the reported amount of the nonmonetary asset surrendered? a. When the transaction lacks commercial substance. b. When the entitys future cash flows are expected to change as a result of the exchange. c. When the timing of future cash flows of the asset.........
2016-04-13

AICPA每日一练之FAR【2016-4-6】

In the exchange of nonmonetary assets that lacks commercial substance: a. If no boot is paid there will be no loss recognized. b. If boot is paid, all realized gains are partially recognized. c. If boot is paid, all realized losses are fully recognized. d. If boot is received, all realized gains are fully recognized. Answer：C Choice c is correct. In any exchange, all realized losses are fully rec.........
2016-04-06
AICPA每日一练之REG【2016-4-6】

Which of the following correctly lists the order, from earliest to latest, that U.S. legislative bodies consider new tax legislation? a. House of Representatives, Joint Conference Committee, U.S. Senate. b. U.S. Senate, Joint Conference Committee, House of Representatives. c. Joint Conference Committee, House of Representatives, Senate Finance Committee. d. House of Representatives, U.S. Senate, J.........
2016-04-06
AICPA每日一练之BEC【2016-4-6】

A manufacturer that wants to improve its staging process compares its procedures against the check in process for a major airline. Which of the following tools is the manufacturer using? a. Total quality management. b. Statistical process control. c. Economic value-added. d. Benchmarking. Answer：D Choiced is correct. The requirement is to identify the item that describes the strategy being employ.........
2016-04-06
AICPA每日一练之AUD【2016-4-6】

Under the ethical standards of the profession in the United States, which of the following circumstances would impair independence in the audit of an issuer but would not impair independence in the audit of a nonissuer? a.The lead partner has worked on the audit engagement of a client for ten years. b.The firm performing the financial statement audit also designed and implemented the clients finan.........
2016-04-06
AICPA每日一练之FAR【2016-4-5】

Which of the following conditions must exist in order for an impairment loss to be recognized under U.S. GAAP? I. The carrying amount of the long-lived asset is less than its fair value. II. The carrying amount of the long-lived asset is not recoverable. a. Neither I nor II. b. Both I and II. c. I only. d. II only. Answer:D Choice d is correct. A long-lived asset is impaired if the carrying amount.........
2016-04-05
AICPA每日一练之REG【2016-4-5】

During the year, Barlow moved from Chicago to Miami to start a new job, incurring costs of $1,200 to move household goods and $2,500 in temporary living expenses. Barlow was not reimbursed for any of these expenses. What amount should Barlow deduct as itemized deduction for moving expense? a. $3,000 b. $3,700 c. $2,700 d. $0 Answer:D Choice d is correct. There is no itemized deduction for temporar.........
2016-04-05
AICPA每日一练之BEC【2016-4-5】

Brewster Co. has the following financial information: Fixed costs $20,000 Variable costs 60% Sales price $50 What amount of sales is required for Brewster to achieve a 15% return on sales? a. $33,333 b. $50,000 c. $80,000 d. $133,333 Answer:C Choice c is correct. Sales of $80,000 provide a 15% return on sales. The required sales volume may be computed algebraically as follows assuming sales = S as.........
2016-04-05
AICPA每日一练之AUD【2016-4-5】

The accounts receivable turnover ratio increased during 20X2. This is consistent with: a. Items shipped on consignment during December were recorded as credit sales; no cash receipts have yet been received on these consignments. b. The company increased credit sales by 10% by allowing more lenient credit terms30 days are now allowed whereas previously only 20 days were allowed. c. A major credit s.........
2016-04-05
AICPA每日一练之FAR【2016-3-30】

A transaction was reported as a nonmonetary exchange of assets. Under which of the following circumstances should the exchange be measured based on the reported amount of the nonmonetary asset surrendered? a. When the transaction lacks commercial substance. b. When the entitys future cash flows are expected to change as a result of the exchange. c. When the timing of future cash flows of the asset.........
2016-03-30
AICPA每日一练之REG【2016-3-30】

Golden is covered by a $90,000 group-term life insurance policy of which his wife is the beneficiary. Goldens employer pays the entire cost of the policy, for which the uniform annual premium is $1 per $1,000 of coverage. How much of this premium is taxable to Golden? A. $0 B. $40 C. $50 D. $90 Answer:B The cost of group-term life insurance provided by an employer must be included in an employees .........
2016-03-30