A company incurred research costs which were all expensed in the current fiscal year for financial reporting purposes. Applicable tax laws require research costs to be expensed over a 5-year period. If taxable profit will be available against which the deductible temporary differences can be utilized, in the current fiscal year the company will most likely record:
A. a deferred tax asset.
B. a deferred tax liability.
C. neither a deferred tax asset nor a deferred tax liability
Es la A, con todo el sentido del mundo, porque al expensar todo ahora, paga más de lo que debería haber pagado expenseandolo durante 5 años
Which of the following statements about the acquisition of a target company with tax loss carryforwards is most accurate? If the acquirer is profitable:
A. its current tax rate will have no impact on the acquisition price.
B. the acquirer would theoretically be willing to pay more than another acquirer with a lower tax rate.
C. the acquirer would theoretically be willing to pay more than another acquirer with a higher tax rate.
Soy, tonto , había entendido la logica, obvaimente alguien con higher tax rate querría pagar más para deducirse más proporcionalmente, me la ha liado como estaba escrito, por lo que fatal, no puedo fallar en esos tontos. solo fallar en lo dífícil, por mi ineptitud, si le sumamos que soy torpe, ya apaga y vámonos
A deferred tax asset has been previously recognized. At the current balance sheet date, the criteria for economic benefits are not met but the tax differences are still expected to be temporary. As a result:
A. the existing deferred tax asset should be reversed.
B. a valuation allowance account should be established.
C. the existing deferred tax asset should be reclassified as equity.
🧭 Cómo identificar el contexto (IFRS vs. U.S. GAAP)
Pista en el enunciado Qué indica Probable marco contable
Habla de “valuation allowance” o “contra-account” Refiere al ajuste sin eliminar el DTA U.S. GAAP
Habla de “probable” o “no longer probable” En IFRS el reconocimiento del DTA depende de esa probabilidad IFRS
Dice que el DTA “should be reversed” IFRS exige reversión directa si ya no se cumplen los criterios IFRS
Menciona “more-likely-than-not” Umbral típico de U.S. GAAP U.S. GAAP
📘 Cómo responder si no dan contexto
Cuando el examen no especifica, la regla general en CFA o preguntas tipo IFRS vs. GAAP es:
👉 Asume IFRS, a menos que explícitamente se mencione algo típico de U.S. GAAP (como “valuation allowance” o “more-likely-than-not”).
James Company has received USD500,000 of tax credits from the recent installation of solar panels that will directly reduce their taxes. Which of the following best describes these tax credits?
A. Permanent difference
B. Taxable temporary difference
C. Deductible temporary difference
General feedback
A is correct. Permanent differences are differences between tax laws and accounting standards that will not be reversed at some future date. Because they will not be reversed at a future date, these differences do not give rise to deferred tax. These items include tax credits for expenditures that directly reduce taxes, such as tax credits related to the purchase of solar power. B is incorrect because taxable temporary differences result in the recognition of deferred tax liabilities. C is incorrect because deductible temporary differences result in a deferred tax asse
The following information is available for a company that prepares its financial statements according to US GAAP:
2015 2014
Deferred tax assets $1,000,000 $800,000
Deferred tax liabilities $600,000 $700,000
Valuation allowance $500,000 $400,000
The overall effect on 2015 net income from the above changes in the company’s deferred tax accounts is closest to a:
A. $200,000 increase.
, Not Selected
B. $300,000 increase.
, Not Selected
Incorrect answer:
C. $200,000 decrease.
Correct Answer:
A. $200,000 increase.
Estoy altamente despistado, en el net income obviamente es un increase, puse que decrease de 200 k. porque efectivamente resta 200k en el tax expense, lo cual suma en el net income
Marcy’s effective tax rate was lowest in:
Incorrect answer:
A. Year 1.
Correct Answer:
C. Year 3.
B. Year 2.
, Not Selected
C. Year 3.
, Not Selected
Feedback
General feedback
C is correct. The effective tax rate of 24.5 percent (USD42,986/USD175,284) in Year 3 was lower than the effective tax rates in Year 1 and Year 2. A is incorrect because its effective tax rate of 30.1 percent is higher than that of Year 3. B is incorrect because its effective tax rate of 26.1 percent is higher than that of Year 3.
14Multiple Choice1 point
Relative to Marcy’s effective tax rate on foreign income, the company’s effective tax rate on US income was:
A. lower in each year presented.
, Not Selected
Incorrect answer:
B. higher in each year presented.
Correct Answer:
C. higher in some periods and lower in others.
C. higher in some periods and lower in others.
, Not Selected
Feedback
General feedback
C is correct. In Year 1, the effective tax rate on foreign operations was 37.6 percent [(USD17,591 + USD262)/USD47,542], and the effective US tax rate was [(USD31,143 − USD5,325)/USD97,321] = 26.5 percent. In Year 2, the effective tax rate on foreign operations was 25.6 percent, and the US rate was 26.4 percent. In Year 3, the foreign rate was 25.7 percent, and the US rate was 24.0 percent.
Por no sacar cuaderno y boli
