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NEW QUESTION # 17
During the first quarter of the calendar year, Worth Co. had income before taxes of $100,000, and its
effective income tax rate was 15%. Worth's effective annual income tax rate for the previous year was
3 0%. Worth expects that its effective annual income tax rate for the current year will be 25%. The
statutory tax rate for the current year is 35%. In its first quarter interim income statement, what amount of
income tax expense should Worth report?
Answer: D
Explanation:
Choice "b" is correct. When preparing interim financial statements, income tax expense is estimated each
quarter using the effective tax rate expected to apply to the entire year.
Choice "a" is incorrect. Worth should use the effective annual tax rate, not the effective tax rate for the
quarter only.
Choice "c" is incorrect. Worth should use the effective annual tax rate expected to apply to the current
year, not the prior year's effective tax rate.
Choice "d" is incorrect. Worth should use the effective annual tax rate, not the statutory tax rate.
NEW QUESTION # 18
According to the FASB conceptual framework, the objectives of financial reporting for business
enterprises are based on:
Answer: D
Explanation:
Choice "d" is correct. The FASB conceptual framework states that the objectives of financial reporting
stem from the informational needs of the external users of the information. SFAC 1 para. 28 Choice "a" is
incorrect. Generally accepted accounting principles (GAAP) are derived from and based on the objectives
of financial reporting, not the other way around. Choice "b" is incorrect. Information concerning
management's stewardship is only one aspect of the information financial statements are intended to
provide. SFAC 1 para. 50 Choice "c" is incorrect. Conservatism is an underlying concept for financial
accounting but is not the basis for the objectives. SFAC 2 para. 91-97
NEW QUESTION # 19
In general, an enterprise preparing interim financial statements should:
Answer: C
Explanation:
Choice "d" is correct. Generally accepted accounting principles that were used in the most recent annual
report of an enterprise should be applied to interim financial statements of the current year, unless a
change in accounting principle is adopted in the current year.
Choices "a", "b", and "c" are incorrect, per above.
NEW QUESTION # 20
Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:
Answer: A
Explanation:
Choice "b" is correct. Yes - Yes.
Advertising costs may be accrued or deferred to provide an appropriate expense in each period for both
"interim" and "year-end" financial reporting.
NEW QUESTION # 21
Tanker Oil Co., a development stage enterprise, incurred the following costs during its first year of
operations:
Tanker had no revenue during its first year of operation. What amount may Tanker capitalize as
organizational costs?
Answer: C
Explanation:
Choice "d" is correct. $0.
All organizational costs (start-up costs) should be expensed when incurred (per SOP 98-5).
NEW QUESTION # 22
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