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Sample Questions
Question 1
Easy
Under U.S. GAAP, a deferred tax liability arises when:
Solution
D is correct.
Under ASC 740-10-25, a deferred tax liability (DTL) arises from taxable temporary differences, which occur when an asset's book carrying amount exceeds its tax basis. When the asset is recovered (through depreciation, sale, or use), the excess book amount over tax basis will result in additional taxable income in future periods.
Under ASC 740-10-25, a deferred tax liability (DTL) arises from taxable temporary differences, which occur when an asset's book carrying amount exceeds its tax basis. When the asset is recovered (through depreciation, sale, or use), the excess book amount over tax basis will result in additional taxable income in future periods.
Question 2
Medium
Which costs are included in the depletable base of a natural resource?
Solution
A is correct.
The depletable base includes the acquisition cost, exploration and development costs, and the present value of any asset retirement (restoration) obligation, reduced by the expected residual value of the land. Extraction equipment is a separate depreciable asset, and restoration is included at present value, not its undiscounted total. See ASC 930, Extractive Activities, and ASC 410-20 on asset retirement obligations.
The depletable base includes the acquisition cost, exploration and development costs, and the present value of any asset retirement (restoration) obligation, reduced by the expected residual value of the land. Extraction equipment is a separate depreciable asset, and restoration is included at present value, not its undiscounted total. See ASC 930, Extractive Activities, and ASC 410-20 on asset retirement obligations.
Question 3
Hard
Under the regulatory basis of accounting (a special purpose framework), which of the following statements is correct regarding how transactions are recorded?
Solution
B is correct.
The regulatory basis of accounting is a special purpose framework under which financial statements are prepared in accordance with the financial reporting provisions prescribed by a governmental regulatory agency. These provisions may differ from U.S. GAAP in how transactions are recognized, measured, and disclosed. Examples include state insurance commission reporting requirements or banking regulatory reporting.
The regulatory basis of accounting is a special purpose framework under which financial statements are prepared in accordance with the financial reporting provisions prescribed by a governmental regulatory agency. These provisions may differ from U.S. GAAP in how transactions are recognized, measured, and disclosed. Examples include state insurance commission reporting requirements or banking regulatory reporting.
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