...ACCT 312 Intermediate Accounting III – Entire Course http://hwguiders.com/downloads/acct-312-intermediate-accounting-iii-entire-course/ ACCT 312 Intermediate Accounting III Complete Homework Sets ACCT 312 Week 1 Homework Chapter 16, Exercise 16-3, 16-5, 16-10,16-22 ACCT 312 Week 2 Homework Chapter 17, Exercise 17-5, 17-10, 17-12, 17-15 ACCT 312 Week 3 Homework Chapter 18, Exercise 18-5, 18-11, 18-13, 18-19 ACCT 312 Week 4 Homework Chapter 19, Exercise 19-2, 19-5, 19-10, 19-17 ACCT 312 Week 5 Homework Chapter 20, E20-1, E20-10, E20-17, E20-24 ACCT 312 Week 6 Homework Chapter 21, E21-14, E21-21, P21-4] ACCT 312 Week 7 Homework Problems P21-5, P21-6 ACCT 312 Intermediate Accounting III Complete Quizzes ACCT 312 Week 1 Quiz 1. (TCO 1) Which causes a temporary difference between taxable and pretax accounting income? 2. (TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability? 3. (TCO 1) Which temporary difference ordinarily creates a deferred tax asset? 4. (TCO 1) Under current tax law, a net operating loss may be carried forward up to 5. (TCO 1) Which causes a permanent difference between taxable income and pretax accounting income? ACCT 312 Week 2 Quiz 1. (TCO 2) Which causes a temporary difference between taxable and pretax accounting income? 2. (TCO 2) Which statement typifies defined contribution plans? 3. (TCO 2) Which is not a way of measuring the pension obligation...
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...Chapter 16 Accounting for Income Taxes DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES Fundamental Concepts There are fundamental differences in the amount of income and expenses reported for GAAP and income tax purposes. The objective for GAAP reporting is to report the economic activities of the entity. The objective for income tax purposes is for the government to raise revenue. There are two terms that identify the types of income subject to tax under each reporting system. 1 Pretax financial income Pretax financial income is the income determined using GAAP. It is the amount of income on which income tax is computed for financial statement purposed. It is formally presented in the income statement as income before income taxes. We normally refer to it is pretax income. 2 Taxable income Taxable income is the income determined using Internal Revenue Code rules and regulations. It is the amount of income on which the entity will actually pay income tax in the current accounting period. Temporary Differences Deferred taxes arise as a result of temporary difference between income tax expense and income tax payable. A temporary difference is the difference between the book value of an asset or liability and the tax basis of the same asset or liability. If the income tax expense in the income statement is larger than the current income tax liability the difference is called a deferred tax liability. If the income tax expense in the income statement is smaller than the current...
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...Training UK CORPORATION TAX CHAPTER 10 CHAPTER 10 INTEREST ON LATE PAID TAX AND REPAYMENTS This chapter looks at interest and in particular it covers: – interest on late paid tax and repayments; – the effect of losses carried back. In this chapter both FY 2013 and FY 2014 rates will apply 10.1 Introduction Interest runs from the due date for payment to the actual date of payment of the tax where corporation tax is paid late. FA 2009, Sch 53 So, if tax due on 31 March 2015 is paid on 1 April 2015, interest runs from 31 March to 1 April and is charged for one day, as the payment was one day late. This applies to all payments of corporation tax – whether the company pays by instalments or not. So small companies, which are required to pay their tax 9 months and 1 day after the end of the chargeable accounting period, will also be charged interest where they pay that tax late. HMRC charges interest at an interest rate calculated as bank base rate plus 2.5%. The current rate is 3%. Repayments of overpaid tax receive repayment interest at an interest rate calculated as bank base rate minus 1%, with a minimum rate of 0.5%. The current rate is 0.5%. FA 2009, Sch 54 10.2 Interest on instalments Problems are experienced particularly by larger companies, as tax due by instalments is based on the tax liability of the current year, yet the payments are made during the year. A company will therefore have the problem of estimating its tax bill, which could well...
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...Chapter 16 Accounting for Income Taxes AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may approach assessment and its documentation differently, one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor, we have labeled each question, exercise, and problem in Intermediate Accounting, 7e, with the following AACSB learning skills: Questions 16–1 16–2 16–3 16–4 16–5 16–6 16–7 16–8 16–9 16–10 16–11 16–12 16–13 16–14 16–15 AACSB Tags Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Diversity, Reflective thinking Analytic Analytic Analytic Analytic Analytic Analytic Reflective thinking Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Exercises (cont.) 16–6 16–7 16–8 16–9 16–10 16–11 16–12 16–13 16–14 16–15 16–16 16–17 16–18 16–19 16–20 16–21 16–22 16–23 16–24 16–25 16–26 16–27 16–28 16–29 16–30 AACSB Tags Reflective thinking Analytic Analytic Analytic Analytic Analytic Communications Analytic Analytic Analytic Analytic, Reflective thinking Analytic Analytic Analytic Analytic Analytic...
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...|Topic in Mastery of the |Chapter 3 - Building Your |Chapter 4 – Brain Teasers: Using|Chapter 5 – Cases to Accompany | |Financial Accounting Research |Business Vocabulary: Defining |FARS to Untangle the Mystery |FARS [Related Assignments at End| |System (FARS) Through Cases 2nd |Terms and Solving Problems |[See Introduction and Example |of Cases] | |Edition by Wallace [Chapter 1 |Through FARS [See Introduction |pp. 4-1 to 4-7] | | |and 2 where noted] |and Example pp. 3-1 to 3-7] | | | |FASB, Standard Setting; GAAP; |Table 3.1 Accounting Standards; |1: How Many Standards Have Been |Case 12: Emerging Issues: The | |Governance; FARS [Chapter 1 – |Table 3.39 Regulated Industry; |Issued by FASB?; 2: Dissents |Agenda of FASB; [Case 8 Related:| |The Financial Accounting |Table 3.40 Specialized Industry |Portending Future?; 32: What |Does It Matter Where Guidance Is| |Research System (FARS) Primer.] |Considerations |Makes One GAAP Preferable to |Located?]; [Case 12 Related: Are| | | |Another?; 30: When Can Analogies|Accounting Rules to Blame?] | | | |Be Used?; 31: What Are the 10 | | | ...
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...Chapter 3 Accrual Accounting and the Financial Statements Questions 1. Under accrual accounting, the accountant recognizes the impact of a business transaction on an entity when the transaction occurs, whether or not cash is received or paid. Revenues are recognized when they are earned, and expenses are recognized when they are incurred—not necessarily when the cash changes hands. The cash basis of accounting recognizes revenues only when cash is received and expenses only when cash is paid. 2. The revenue principle provides guidance on (a) when to record revenue. (b) the amount of revenue to record. 3. The matching principle directs the accounting for expenses. Accountants identify all the expenses incurred during the period, measure those expenses, and match them against the revenue earned during the period. Matching expenses against revenues means to subtract the expenses from the revenues to compute net income or net loss for the period. Chapter 3 Accrual Accounting and the Financial Statements 153 4. Five categories of adjusting entries, with examples, are: a. Prepaid expenses — prepaid rent, prepaid insurance, and supplies b. Amortization — amortization of buildings, furniture, and equipment c. Accrued expenses — accrued salary expense and accrued interest expense d. Accrued revenues — accrued service revenue and accrued interest revenue e. Unearned revenues — unearned service revenue and unearned subscription revenue 5. Yes, all adjusting entries affect...
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...ACCA Paper F3 (INT) Financial accounting The Essential Text British library cataloguinginpublication data A catalogue record for this book is available from the British Library. Published by: Kaplan Publishing UK Unit 2 The Business Centre Molly Millars Lane Wokingham Berkshire RG41 2QZ ISBN 978 1 84710 537 0 © Kaplan Financial Limited, 2008 Printed and bound in Great Britain Acknowledgements We are grateful to the Association of Chartered Certified Accountants and the Chartered Institute of Management Accountants for permission to reproduce past examination questions. The answers have been prepared by Kaplan Publishing. All rights reserved. No part of this publication may be reproduced,stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Kaplan Publishing. ii KAPLAN PUBLISHING Contents Page Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Introduction to accounting Statement of financial position and income statement Double entry bookkeeping Inventory Sales tax Accruals and prepayments Irrecoverable debts and allowances for receivables Noncurrent assets From trial balance to financial statements Books of prime entry and control accounts...
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...CHAPTER 1 INTRODUCTION TO PROFESSIONAL RESEARCH Discussion Questions 1. Research in general involves the investigation and analysis of an issue in question. The researcher usually applies reasonable and reflective thinking to develop an answer to the issue or problem at hand. Research requires a clear definition of the problem, using professional databases to search the authoritative literature, reviewing and evaluating the data collected, drawing conclusions and communicating your results. 2. Accounting, auditing, or tax research involve a systematic and logical investigation of an issue or problem using the accountant’s professional judgment. Furthermore, accountants approach this problem using critical-thinking skills to obtain and document evidence underlying a conclusion relating to an issue or problem currently confronting the accountant or auditor. 3. Accounting, auditing, or tax research are necessary in order to determine the proper recording, classification, and disclosure of economic events; to determine compliance with authoritative pronouncements; or to determine the preferability of alternative accounting procedures. 4. The objective of accounting, auditing, or tax research is a systematic investigation of an issue or problem utilizing the researcher’s professional judgment to arrive at appropriate and timely conclusions regarding the issues at hand. 5. Research plays an important role within an accounting firm or department. It is critical...
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...3 711 Chapter Tax Accounting TRUE-FALSE QUESTIONSCHAPTER 13 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. A partnership may adopt any tax year without IRS permission. A corporation ling its rst return must annualize its income if the tax period is less than 12 months. A taxable year may be as short as one day and may exceed 366 days. Under no circumstances may a corporation change its scal year without IRS permission. A taxpayer engaged in two or more separate and distinct businesses may use different accounting methods for both businesses. A grocery store may use the cash basis of reporting sales. In general, a CPA on the cash basis method will never have a bad debt deduction. A cash basis taxpayer may deduct prepaid business expenses currently. Both cash and accrual basis taxpayers will be taxed on a dividend when it is actually received. Computing cost of goods soldand being on the accrual basis are independent of each other. If, in the IRSs opinion, the taxpayers books do not clearly reect income, the IRS may revise them so that they do. Taxpayers must generally obtain the permission of the IRS to change accounting methods. A correction of an error in a tax return is usually considered a change in accounting method. The IRS can require a change in accounting methods if the method used by a taxpayer does not clearly reect income. IRS permission is not required for a change from FIFO to LIFO. The installment method cannot be used unless the total selling price...
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...Corporate Financial Accounting and Reporting Tim Sutton second edition Corporate Financial Accounting and Reporting We work with leading authors to develop the strongest educational materials in business and finance, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing please visit us on the World Wide Web at: www.pearsoned.co.uk Corporate Financial Accounting and Reporting Second Edition Tim Sutton Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 2000 Second edition published 2004 © Financial Times Management 2000 © Pearson Education Limited 2004 The right of Timothy G. Sutton to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs, and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United...
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...Taxation Finance Act 2009 Alan Melville S IT IN TH W EEN ON NO IFT ITI F ED ● ● 15th Annual Edition ● ● Class Tested Over 250 Worked Examples ● Over 250 Exercises and Questions On ACCA, CIPFA, AIA and IFA Reading Lists Taxation Supporting resources For instructors Visit www.pearsoned.co.uk/melville to find valuable online resources • Complete, downloadable Instructor’s Manual For more information please contact your local Pearson Education sales representative or visit www.pearsoned.co.uk/melville We work with leading authors to develop the strongest educational materials in accounting, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing please visit us on the World Wide Web at: www.pearsoned.co.uk Taxation Finance Act 2009 Fifteenth edition Alan Melville FCA, BSc, Cert. Ed. Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 1995 Fifteenth edition published 2010 © Pearson Professional Limited 1995, 1996 © Financial Times Professional Limited 1997, 1998 © Pearson Education Limited 1999...
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...Taxation Finance Act 2009 Alan Melville S IT IN TH W EEN ON NO IFT ITI F ED ● ● 15th Annual Edition ● ● Class Tested Over 250 Worked Examples ● Over 250 Exercises and Questions On ACCA, CIPFA, AIA and IFA Reading Lists Taxation Supporting resources For instructors Visit www.pearsoned.co.uk/melville to find valuable online resources • Complete, downloadable Instructor’s Manual For more information please contact your local Pearson Education sales representative or visit www.pearsoned.co.uk/melville We work with leading authors to develop the strongest educational materials in accounting, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing please visit us on the World Wide Web at: www.pearsoned.co.uk Taxation Finance Act 2009 Fifteenth edition Alan Melville FCA, BSc, Cert. Ed. Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 1995 Fifteenth edition published 2010 © Pearson Professional Limited 1995, 1996 © Financial Times Professional Limited 1997, 1998 © Pearson Education Limited 1999...
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...[pic] Accounting and MIS 626: Tax Accounting I Course Syllabus - Autumn 2010 Tues/Thurs 7:30 -9:18 am – Schoenbaum Hall 205 Instructor: Stephanie L. Brewer, CPA, CVA Office: 434 Fisher Hall Phone: 614-292-3903 (office) E-mail: brewer.205@osu.edu (preferred method of contact) Office Hours: Tues. 1:45-3:15 pm; Weds. 3:45 – 5:15 pm / Mondays & Thursdays by appointment Course Materials: Required - Smith, Raabe, Maloney, 2011 ed. South-Western Federal Taxation: Taxation of Business Entities, ISBN 0-538-78621-3 Recommended - Smith, Raabe, Maloney, Study Guide, South-Western Federal Taxation 2011: Taxation of Business Entities, ISBN 0-538-47063-1 Course Description: This course covers the fundamentals of federal income tax and how it influences taxpayer decisions. Emphasis is on individuals and businesses organized as proprietorships, but the rules generally applicable to all taxpayers are covered. Prerequisite: AMIS 521 or equivalent. Course Objectives: This course is designed to acquaint the student with the workings and concepts of the federal tax law, especially as it pertains to individuals and business entities and to introduce the student to the workings of the U.S. tax system. Emphasis will be on learning the concepts underlying the tax law, using the current tax formula and its elements, applying tax law to decision models and incorporating tax planning principles into decision-making opportunities. Students are assumed to...
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...Solutions to Problems and Exercises Table of Contents Chapter 1 5 CA 1-4 5 CA 1-6 5 CA 1-8 6 CA 1-10 7 CA 1-12 8 CA 1-17 9 Chapter 2 10 CE2-2 10 CE2-3 10 EXERCISE 2-2 11 EXERCISE 2-3 12 EXERCISE 2-4 13 CA 2-4 13 Chapter 3 15 EXERCISE 3-6 15 EXERCISE 3-10 16 EXERCISE 3-13 19 EXERCISE 3-15 19 EXERCISE 3-20 20 Chapter 4 22 PROBLEM 4-1 22 PROBLEM 4-3 25 PROBLEM 4-5 27 PROBLEM 4-7 29 Chapter 5 31 PROBLEM 5-2 31 PROBLEM 5-4 34 Chapter 6 37 EXERCISE 6-3 37 EXERCISE 6-6 38 Chapter 7 39 PROBLEM 7-2 39 PROBLEM 7-4 41 PROBLEM 7-9 43 PROBLEM 7-11 46 EXERCISE 7-25 48 EXERCISE 7-26 50 Chapter 8 52 EXERCISE 8-23 52 EXERCISE 8-25 53 PROBLEM 8-5 55 PROBLEM 8-11 59 Chapter 9 62 PROBLEM 9-1 62 EXERCISE 9-7 64 EXERCISE 9-9 66 PROBLEM 9-4 67 PROBLEM 9-6 68 Chapter 17 70 EXERCISE 17-6 70 Chapter 18 71 PROBLEM 18-1 71 PROBLEM 18-4 74 PROBLEM 18-6 76 PROBLEM 18-7 79 PROBLEM 18-8 81 EXERCISE 18-20 82 EXERCISE 18-21 82 Chapter 22 84 EXERCISE 22-2 84 EXERCISE 22-8 84 EXERCISE 22-11 84 Chapter 23 86 EXERCISE 23-11 86 EXERCISE 23-13 88 EXERCISE 23-15 90 Chapter 1 CA 1-4 It is not appropriate to abandon mandatory accounting rules and allow each company to voluntarily disclose the type of information it considered important. Without a coherent body of accounting theory and standards, each accountant or enterprise would have to develop its own theory structure and set of practices, and readers of financial...
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...Solutions to Problems and Exercises Table of Contents Chapter 1 5 CA 1-4 5 CA 1-6 5 CA 1-8 6 CA 1-10 7 CA 1-12 8 CA 1-17 9 Chapter 2 10 CE2-2 10 CE2-3 10 EXERCISE 2-2 11 EXERCISE 2-3 12 EXERCISE 2-4 13 CA 2-4 13 Chapter 3 15 EXERCISE 3-6 15 EXERCISE 3-10 16 EXERCISE 3-13 19 EXERCISE 3-15 19 EXERCISE 3-20 20 Chapter 4 22 PROBLEM 4-1 22 PROBLEM 4-3 25 PROBLEM 4-5 27 PROBLEM 4-7 29 Chapter 5 31 PROBLEM 5-2 31 PROBLEM 5-4 34 Chapter 6 37 EXERCISE 6-3 37 EXERCISE 6-6 38 Chapter 7 39 PROBLEM 7-2 39 PROBLEM 7-4 41 PROBLEM 7-9 43 PROBLEM 7-11 46 EXERCISE 7-25 48 EXERCISE 7-26 50 Chapter 8 52 EXERCISE 8-23 52 EXERCISE 8-25 53 PROBLEM 8-5 55 PROBLEM 8-11 59 Chapter 9 62 PROBLEM 9-1 62 EXERCISE 9-7 64 EXERCISE 9-9 66 PROBLEM 9-4 67 PROBLEM 9-6 68 Chapter 17 70 EXERCISE 17-6 70 Chapter 18 71 PROBLEM 18-1 71 PROBLEM 18-4 74 PROBLEM 18-6 76 PROBLEM 18-7 79 PROBLEM 18-8 81 EXERCISE 18-20 82 EXERCISE 18-21 82 Chapter 22 84 EXERCISE 22-2 84 EXERCISE 22-8 84 EXERCISE 22-11 84 Chapter 23 86 EXERCISE 23-11 86 EXERCISE 23-13 88 EXERCISE 23-15 90 Chapter 1 CA 1-4 It is not appropriate to abandon mandatory accounting rules and allow each company to voluntarily disclose the type of information it considered important. Without a coherent body of accounting theory and standards, each accountant or enterprise would have to develop its own theory structure and set of practices, and readers of financial...
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