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1. Jelaskan apa yang dimaksud dengan Future Deductible Amount dan Future Taxable
Amount?
Berikan contoh untuk masing-masing perlakuan.
Choose the right answer
2. A major distinction between temporary and permanent differences is
a.
b.
temporary differences occur frequently, whereas permanent differences occur only
once.
c.
once an item is determined to be a temporary difference, it maintains that status,
however, a permanent difference can change in status with the passage of time.
d.
temporary differences reverse themselves in
periods ;whereas permanent differences do not reverse.
subsequent
accounting
Temporary
Liability
b.
Temporary
Asset
c.
Permanent
Liability
d.
Permanent
Asset
Amortization PSC
a.
Yes
b.
Yes
No
c.
No
Yes
d.
No
Yes
No
c. insurance.
d. all of these.
9. Which of the following would not be included in the Lease Receivable account?
a. Guaranteed residual value
b. Unguaranteed residual value
c. A bargain purchase option
d. All would be included
10. In a lease that is appropriately recorded as a direct-financing lease by the lessor,
unearned income
a. should be amortized over the period of the lease using the effective interest method.
b. should be amortized over the period of the lease using the straight-line method.
c. does not arise.
d. should be recognized at the lease's expiration.
11. If the residual value of a leased asset is guaranteed by a third party.
a. it is treated by the lessee as no residual value.
b. the third party is also liable for any lease payments not paid by the lessee.
c. the net investment to be recovered by the lessor is reduced.
d. it is treated by the lessee as an additional payment and by the lessor as realized at the end
of the lease term.
12. Explain shortly about three possible approach for reporting changes in accounting policies.
13. Dalam Pembuatan cash flow, apa saja yang perlu diperhatikan?
14. When preparing a statement of cash flows, the following are used for which method in
determining cash flows from operating activities?
Gross A/R
Net A/R
a. Indirect
Direct
b. Direct
Indirect
c. Direct
Direct
d. Neither
Indirect
15. If non-cash investing and financing activities are part cash and part non-cash, which of the
following is true?
a. Companies should report only the cash portion on the statement of cash flows and ignore
the non-cash component.
b. Companies should report the non-cash component in a separate note and report the cash
portion on the statement of cash flows.
c. Companies should report the cash portion lass the cash equivalent of the non-cash
component on the statement of cash flows.
d. None of these is correct.
Quiz Ch 19
INTERMEDIATE ACCOUNTING II
SELF EXERCISES FOR CHAPTER 19
1. Which of the following statements is correct regarding deferred taxes under
IFRS?
a. Income tax payable plus or minus the change in deferred income
taxes equals income tax expense.
b. The current portion of income tax expense is the amount of change in
deferred taxes related to the current period.
c. In computing income tax expense, a company deducts an increase in a
deferred tax liability to income tax payable.
d. All of the choices are correct
Type of Difference
Temporary
Temporary
Permanent
Permanent
Deferred Tax
Liability
Asset
Liability
Asset
discontinued operations.
prior period adjustments.
gross profit.
other comprehensive income.
b. II only.
c. III only.
d. I and III only.
11. Lehman Corporation purchased a machine on January 2, 2009, for
$2,000,000. The machine has an estimated 5-year life with no residual value.
The straight-line method of depreciation is being used for financial statement
purposes and the following accelerated depreciation amounts will be deducted
for tax purposes:
2009
$400,000
2012
$230,000
2010
640,000
2013
230,000
2011
384,000
2014
116,000
Assuming an income tax rate of 30% for all years, the net deferred tax liability
that should be reflected on Lehman's statement of financial position at
December 31, 2010, should be
Deferred Tax Liability
Current Noncurrent
$0
$72,000
$4,800 $67,200
$67,200 $4,800
$72,000
$0
a.
b.
c.
d.
2000.000 : 5 thn= 400.000
Mathis Co. at the end of 2010, its first year of operations, prepared a
reconciliation between pretax financial income and taxable income as follows:
Pretax financial income
Estimated litigation expense
$ 500,000
1,250,000
Installment sales
(1,000,000)
Taxable income
$ 750,000
a. $150,000.
b. $225,000.
c. $250,000.
d. $500,000.
Income tax payable = (750.000 30%) = 225.000
Change in deferred tax liability = (1.000.000 30%) = 300.000
Change in deferred tax asset = (1.250.000 30%) = 375.000
Income tax expense = 225.000 + 300.000 375.000 = 150.000
13.
a.
b.
c.
d.
$0.
$150,000.
$375,000.
$225,000.
$ 750,000
1,200,000
15.
Ferguson Company has the following cumulative taxable temporary
differences:
12/31/11
12/31/10
$1,350,000
$960,000
The tax rate enacted for 2011 is 40%, while the tax rate enacted for future
years is 30%. Taxable income for 2011 is $2,400,000 and there are no
permanent differences. Ferguson's pretax financial income for 2011 is
a.
b.
c.
d.
$3,750,000.
$2,790,000.
$2,010,000.
$1,050,000
Year
2009
2010
2011
2012
Taxable
income/loss
$ 100,000
200,000
400,000
(500,000)
Tax rate
Tax paid
35%
30%
40%
----
$ 35,000
60,000
160,000
-0-
In 2012, Georgia, Inc. decides to carry back its NOL. What amount of income tax
refund receivable will Georgia record for 2012?
a. $200,000
b. $180,000
c. $190,000
d. $ -0(500.000) ditutupdengan
400.000 x 40% = 160.000
100.000 x 15% = 30.000
160.000 + 30.000 = 190.000
Wilcox Corporation reported the following results for its first three years of operation:
2010 income (before income taxes) $ 100,000
2011 loss (before income taxes)
(900,000)
1,000,000
$(900,000)
$ -0$(870,000)
$(550,000)
$(900,000)
$(540,000)
$ -0$(870,000)
$100,000
35%
2011
($250,000)
30%
2012
$420,000
40%
19.
Assuming that C.J. Company opts to carryback its 2011 NOL, what is the
amount of income tax payable at December 31, 2012?
a.
b.
c.
d.
$68,000
$168,000
$123,000
$108,000
20.
Assuming that C.J. Company opts only to carryforward its 2011 NOL, what
is the amount of deferred tax asset or liability that C.J. Company would report
on its December 31, 2011 balance sheet?
Amount _
a. $75,000
b. $87,500
c. $100,000
d.
$75,000
d.
2. A major distinction between temporary and permanent differences in accounting for income tax is:
a.
b.
temporary differences occur frequently, whereas permanent differences occur only once.
c. once an item is determined to be a temporary difference, it maintains that status; however, a permanent
difference can change in status with the passage of time.
d.
temporary differences reverse themselves in subsequent accounting periods, whereas
permanent differences do not reverse.
3. Which of the following statements is correct regarding deferred taxes under IFRS?
a. Income tax payable plus or minus the change in deferred income taxes equals income tax
expense.
b. The current portion of income tax expense is the amount of change in deferred taxes related to the current
period.
c. In computing income tax expense, a company deducts an increase in a deferred tax liability to income tax
payable.
d.
4. Which of the following statements is correct regarding permanent differences under IFRS?
a. Permanent differences result from items that enter into pretax financial income but never into taxable
income.
b. Permanent differences result from items that enter into taxable income but never into pretax financial
income.
c.
discontinued operations.
c.
gross profit.
b.
d.
in two amounts: one for the net debit amount and one for the net credit amount.
d.
7. Eckert Corporation's partial income statement after its first year of operations is as follows:
Income before income taxes
$ 3,750,000
$ 1,035,000
Deferred
90,000
Net income
1,125,000
$ 2,625,000
Eckert uses the straight-line method of depreciation for financial reporting purposes and accelerated
depreciation for tax purposes. The amount charged to depreciation expense on its books this year was
$1,500,000. No other differences existed between book income and taxable income except for the amount of
depreciation. Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation's tax
return for the current year?
a.
$ 1,200,000
b. $ 1,425,000
c.
$ 1,500,000
d. $ 1,800,000
$ 2,000,000
c.
b.
$ 1,800,000
d. $
800,000
720,000
60,000
Unearned Rent
60,000
The payment represents rent for the years 2011 and 2012, the period covered by the lease. Kraft Company is a
cash basis taxpayer. Kraft has income tax payable of $ 92,000 at the end of 2010, and its tax rate is 35%.
What amount of income tax expense should Kraft Company report at the end of 2010?
a. $ 53,000
b. $
71,000
c. $ 81,500
d. $ 113,000
2011 ($ 250,000)
30%
2012 $ 420,000
40%
Assuming that C.J. Company opts only to carryforward its 2011 NOL, what is the amount of deferred tax asset or
liability that C.J. Company would report on its December 31, 2011 balance sheet?
Amount _
a.
75,000
b.
87,500
c.
$ 100,000
d.
75,000
Quiz Ch 20
1. In accounting for a defined-benefit pension plan
a. an appropriate funding pattern must be established to ensure that enough monies will be
available at retirement to meet the benefits promised.
b. the employer's responsibility is simply to make a contribution each year based on the formula established
in the plan.
c.
d. the liability is determined based upon known variables that reflect future salary levels promised to
employees.
2. The computation of pension expense includes all the following except
a. service cost component measured using current salary levels.
b.
c.
d.
3. One component of pension expense is expected return on plan assets. Plan assets include
a. contributions made by the employer and contributions made by the employee when a
contributory plan of some type is involved.
b.
c.
only assets reported on the statement of financial position of the employer as pension asset/liability.
d.
none of these.
4. According to the IASB, recognition of a liability is required when the defined benefit obligation exceeds the fair
value of plan assets. Conversely, when the fair value of plan assets exceeds the defined benefit obligation, the
Board
a. requires recognition of an asset.
b.
requires recognition of an asset if the excess fair value of plan assets exceeds the corridor amount.
c.
d.
5. The following information is related to the pension plan of Long, Inc. for 2011.
Actual return on plan assets
$ 200,000
82,500
150,000
230,000
362,500
Service cost
800,000
$ 1,195,000.
b.
$ 1,165,000.
c.
$ 1,030,000.
d.
$ 1,000,000.
b.
c.
$ 4,500,000
7,200,000
What is the amount of the pension liability that should be shown on Vargas' December 31, 2011 statement of
financial position?
a.
$ 7,200,000
b. $ 2,700,000
c.
$ 1,620,000
d.
$1,080,000
b. present value of the minimum lease payments or the fair value of the asset, whichever is
lower.
c.
present value of the minimum lease payments plus the present value of any unguaranteed residual value.
d.
b.
c. The lease term is equal to or more than 75% of the estimated economic life of the leased
property.
d. The minimum lease payments (excluding executory costs) equal or exceed 90% of the fair value of the
leased property.
3. Which of the following would not be included in the Lease Receivable account?
a.
c.
b.
4. On January 1, 2011, Dean Corporation signed a ten-year noncancelable lease for certain machinery. The terms
of the lease called for Dean to make annual payments of $100,000 at the end of each year for ten years with title
to pass to Dean at the end of this period. The machinery has an estimated useful life of 15 years and no residual
value. Dean uses the straight-line method of depreciation for all of its fixed assets. Dean accordingly accounted for
this lease transaction as a finance lease. The lease payments were determined to have a present value of
$671,008 at an effective interest rate of 8%. With respect to this capitalized lease, Dean should record for 2011
a.
b.
c.
d.
$ 509,256.
c.
$ 434,366.
b.
$ 488,661.
d.
$ 416,799.
d. All of these
d. any of these.
c. insurance.
b. property taxes.
d. all of these.
5. In computing the present value of the minimum lease payments, the lessee should
a. use its incremental borrowing rate in all cases.
b. use either its incremental borrowing rate or the implicit rate of the lessor, whichever is higher, assuming that
the implicit rate is known to the lessee.
c. use the implicit rate of the lessor if known or practicable, unless use the incremental borrowing
rate
d. none of these.
6. If the residual value of a leased asset is guaranteed by a third party
a. it is treated by the lessee as no residual value.
b. the third party is also liable for any lease payments not paid by the lessee.
c. the net investment to be recovered by the lessor is reduced.
d. it is not included in the minimum lease payment
7. Which of the following statements is correct?
a. In a direct-financing lease, initial direct costs are added to the net investment in the lease.
b. In a sales-type lease, initial direct costs are expensed in the year of incurrence.
c. For operating leases, initial direct costs are deferred and allocated over the lease term.
d. All of these.
8. When a company sells property and then leases it back, any gain on the sale should usually be
a. recognized in the current year.
b. recognized as a prior period adjustment.
c. recognized at the end of the lease.
d. deferred and recognized as income over the term of the lease.
9. The primary difference between a direct-financing lease and a sales-type lease is the
a.
b.
c.
d.
allocation of initial direct costs by the lessor to periods benefited by the lease arrangements.
10. Mika company leases telecommunication equipment. Assume the following data for equipment leased from
phlash company. The lease term is 5 year and requires equal rental payment of 3,150,000 at the beginning of
each year. the present value of the payment was 13,135,059.The equipment has a fair value at the inception of
the lease of 13,900,000, an estimated useful life of 8 year, and no residual value.mika pays all executory costs
directly to third parties. Phlash set the annual rental to earn a rate of return of 10%, and this fact is known to mika.
The lease does not transfer title or contain a bargain-purchase option. based on this information, which of the
following statement is true?.
a.
b.
The lease meets the economic life test to be classified as a finance lease.
c. The lease should be classified as a finance lease based on passing the recovery of investment
test
d.
The lease is classified as an operating lease for Mika and a finance lease for Phlash.
12. The following are correct statements regarding SIC 15/ISAK 23 except:
a. All incentives for the agreement of a new or renewed operating lease shall be recognised as an integral part
of the net consideration agreed for the use of the leased asset
b. The lessee shall recognise the aggregate benefit of incentives as a reduction of rental expense over the
lease term
c. All incentives for the agreement of a new or renewed operating lease shall be recognised
immediately as gain
d. The lessee shall recognise the aggregate benefit of incentives as a reduction of rental expense on a
straight-line basis
Kasus : Eubank Company, as lessee, enters into a lease agreement on July 1, 2011, for equipment. The following
data are relevant to the lease agreement:
1. The term of the noncancelable lease is 4 years, with no renewal option. Payments of $ 422,689 are due on
June 30 of each year.
2. The fair value of the equipment on July 1, 2011 is $ 1,400,000. The equipment has an economic life of 6
years with no salvage value.
3.
4.
5. Eubank's incremental borrowing rate is 10% per year. The lessee is aware that the lessor used an implicit
rate of 8% in computing the lease payments (present value factor for 4 periods at 8%, 3.31213; at 10%,
3.16986.
Instructions :
(a) Indicate the type of lease Eubank Company.
(b) Prepare the journal entries on Eubank's books for the following dates: (Round all amounts to the nearest
dollar. Include a partial amortization schedule.)
1.
July 1, 2011.
2.
3.
4.
Jawab:
a) Capitalized amount:
$ 422,689 PV of an ordinary annuity for 4 periods at 8%
$ 422,689 3.31213 = $ 1,400,000
Present value of the lease payments ($ 1,400,000) = fair value, $ 1,400,000, jadi merupakan finance lease
(b)
1. July 1, 2011
Leased Eqp Under Fin Leases
1,400,000
Lease Liability
1,400,000
280,000
280,000
56,000
Interest Payable
56,000
Date
7/1/11
Payment
Interest on Reduction
Unpaid
Liability
of Lease
Balance
Lease
Liability
Liability
$ 1,400,000
6/30/12
6/30/13
422,689
87,145
1,089,311
335,544
753,767
112,000
310,689
Cash
422,689
490,000
490,000
43,573
Interest Payable
43,573
QUIZ Ch 22
1. Stone Company changed its method of pricing inventories from average cost to FIFO. What type of accounting
change does this represent?
a. A change in accounting estimate for which the financial statements for prior periods included for
comparative purposes should be presented as previously reported.
b. A change in accounting policy for which the financial statements for prior periods included for comparative
purposes should be presented as previously reported.
c. A change in accounting estimate for which the financial statements for prior periods included for
comparative purposes should be restated.
d. A change in accounting policy for which the financial statements for prior periods included for
comparative purposes should be restated
2. Which of the following is (are) the proper time period(s) to record the effects of a change in accounting
estimate?
a. Current period and prospectively
c.
Retrospectively only
b.
d.
Changes in accounting policy are always handled in the current or prospective period.
b.
c. A change from expensing certain costs to capitalizing these costs due to a change in the
period benefited, should be handled as a change in accounting estimate.
d. Correction of an error related to a prior period should be considered as an adjustment to current year net
income.
4. Counterbalancing errors do not include
a.
an understatement of purchases.
d.
5. A company using a perpetual inventory system neglected to record a purchase of merchandise on account at
year end. This merchandise was omitted from the year-end physical count. How will these errors affect assets,
liabilities, and equity at year end and net income for the year?
Assets Liabilities
Equity
Net Income
Overstate
Overstate.
a.
No effect
Understate
b.
No effect
Overstate
c.
Understate
Understate
d.
Understate
No effect Understate
Understate
No effect
Understate.
No effect.
Understate.
6. On January 1, 2009, Hess Co. purchased a patent for $595,000. The patent is being amortized over its remaining
legal life of 15 years expiring on January 1, 2024. During 2012, Hess determined that the economic benefits of the
patent would not last longer than ten years from the date of acquisition. What amount should be reported in the
statement of financial position for the patent, net of accumulated amortization, at December 31, 2012?
a.
$ 357,000
b. $ 408,000
c.
$ 420,000
d.
$ 436,375
b.
consistency.
c. prudence.
d.
objectivity.
2. IASB requires companies to use which method for reporting changes in accounting policies?
a. cumulative effect approach
c. prospective approach
b. retrospective approach
d. averaging approach
d.
5. The estimated life of a building that has been depreciated 30 years of an originally estimated life of 50 years has
been revised to a remaining life of 10 years. Based on this information, the accountant should
a.
b. depreciate the remaining book value over the remaining life of the asset.
c. adjust accumulated depreciation to its appropriate balance, through net income, based on a 40-year life,
and then depreciate the adjusted book value as though the estimated life had always been 40 years.
d. adjust accumulated depreciation to its appropriate balance through retained earnings, based on a 40-year
life, and then depreciate the adjusted book value as though the estimated life had always been 40 years.
6. On January 1, 2009, Knapp Corporation acquired machinery at a cost of $ 250,000. Knapp adopted the doubledeclining balance method of depreciation for this machinery and had been recording depreciation over an
estimated useful life of ten years, with no residual value. At the beginning of 2012, a decision was made to change
to the straight-line method of depreciation for the machinery. The depreciation expense for 2012 would be
a.
$ 12,800.
25,000.
b.
$ 18,286.
c.
d.
$ 35,714.
7. On December 31, 2011 Dean Company changed its method of accounting for inventory from the average cost
method to the FIFO method. This change caused the 2011 beginning inventory to increase by $ 420,000. The
cumulative effect of this accounting change to be reported for the year ended 12/31/11, assuming a 40% tax rate,
is
a.
$ 420,000.
b. $ 252,000.
c.
$ 168,000.
d.
0.
8. Equipment was purchased at the beginning of 2009 for $ 204,000. At the time of its purchase, the equipment
was estimated to have a useful life of six years and a residual value of $ 24,000. The equipment was depreciated
using the straight-line method of depreciation through 2011. At the beginning of 2012, the estimate of useful life
was revised to a total life of eight years and the expected residual value was changed to $ 15,000. The amount to
be recorded for depreciation for 2012, reflecting these changes in estimates, is
a.
$ 12,375.
c.
b. $ 19,800.
d.
$ 22,800.
$ 23,625.
b.
Depreciation Expense
54,000 understated
45,000 understated
Assume that purchases were recorded correctly and that no correcting entries were made at December 31, 2010,
or at December 31, 2011. Ignoring income taxes, by how much should Black's retained earnings be retroactively
adjusted at January 1, 2012?
a. $ 144,000 increase
c.
$ 18,000 decrease
b.
d.
$ 36,000 increase
$ 9,000 increase
c.
2. How should significant non-cash transactions be reported in the statement of cash flows?
a. They should be incorporated in the statement of cash flows in a section labeled, "Significant Noncash
Transactions."
b. Such transactions should be incorporated in the section (operating, financing, or investing) that is most
representative of the major component of the transaction.
c. These noncash transactions are not to be incorporated in the statement of cash flows. They
appear in a note to the financial statements.
d.
They should be handled in a manner consistent with the transactions that affect cash flows.
about the operating, investing, and financing activities of a company during a period.
b.
c.
about the cash receipts and cash payments of a company during a period.
d. about the entity's ability to meet its obligations, its ability to pay dividends, and its needs for external
financing.
4. All of the following would appear as significant non-cash transactions in the notes to the financial statements,
except:
a.
b.
c.
d.
inventory purchased during the period was less than inventory sold resulting in a net cash increase.
6. All of the following are arguments in favor of using the indirect (reconciliation) method as opposed to the direct
method for reporting a statement of cash flows except:
a. By providing a reconciliation between net income and cash provided by operations, the differences are
highlighted.
b. The direct method is nothing more than a cash basis income statement which will confuse and create
uncertainty for financial statement users who are familiar with the accrual-based income statements.
c. The direct method would probably lead to additional preparation cost because the financial records are not
maintained on a cash basis.
d. The indirect method shows higher quality cash flows from investing and financing activities.
7. All of the following could potentially be classified as either operating or investing cash flows under IFRS, except:
a.
Interest received
b.
Dividends received
Essay :
Hartman, Inc. has prepared the following comparative statement of financial position for 2010 and 2011:
2011
Plant assets
2010
1,260,000
Accumulated depreciation
$ 1,050,000
(450,000)
Patent
153,000
Prepaid expenses
18,000
Inventory
(375,000)
174,000
27,000
150,000
Receivables
180,000
159,000
Cash
117,000
297,000
$
1,587,000
Mortgage payable
Accounts payable
525,000
600,000
Share capital-Preference
Share capital-ordinary
$ 1,326,000
120,000
Accrued liabilities
Share premium-preference
153,000
$ 600,000
129,000
66,000
450,000
153,000
Retained earnings
168,000
60,000
42,000
$ 1,587,000
$ 1,326,000
Additional infromation :
1.
The Accumulated Depreciation account has been credited only for the depreciation expense for the period.
2. The Retained Earnings account has been charged for dividends of $138,000 and credited for the net
income for the year.
The income statement for 2011 is as follows:
Sales
Cost of sales
1,089,000
Gross profit
891,000
Operating expenses
Net income
1,980,000
690,000
$
201,000
Instructions
(a) Prepare a statement of cash flows (indirect method) for Hartman, Inc. for the year ended December 31,
2011.
(b) Prepare a schedule of cash provided by operating activities using the direct method.
Essay :
1. Jelaskan 2 (dua) metode laporan cash flow dan dalam hal apa 2 (dua) metode tsb berbeda.
2. Jelaskan klasifikasi aktivitas dalam laporan cash flow.
3.
Jelaskan kenapa depreciation expense dilakukan penyesuaian apabila kita menggunakan
metode laporan cash flow diatas
QUIZ Ch 24
salah satu
1.
Sebutkan dan jelaskan 2 pendekatan yang menjadi perdebatan dalam menyusun laporan keuangan
interim.
2. Jelaskan apa yang anda ketahui mengenai subsequent events dan berikan contohnya.