Which of the following definitions used in accounting for income taxes is least accurate （）
An income tax expense is an expense resulting from current period pretax income and change in deferred taxes.
B. A valuation allowance is a reserve against deferred tax assets based on the likelihood that those assets will not be realized.
C. A deferred tax liability is a balance sheet amount related to the difference between tax expense and taxes payable that is expected to be recovered from future operations
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If a company is investing in new assets, using straight-line depreciation instead of accelerated depreciation in the early years of an asset’ s life will lead to lower: （）
A. assets and higher net income.
B. turnover ratios and higher assets.
C. return on equity and higher cash flow.
Which of the following statement about temporary and permanent differences is FALSE（）
A. Permanent differences are differences in taxable and pretax income that never reverse.
B. Temporary differences are differences in taxable and pretax income that reverse in future years.
C. Both temporary and permanent differences result in deferred tax consequences.
Which of the following statements best justifies analyst scrutiny of valuation allowances（）
A. If differences in taxable and pretax incomes are never expected to reverse, a company’ s equity may be understated.
B. Increases in valuation allowances may be a signal that management expects earnings to improve in the future.
Changes in valuation allowances can be used to manage reported net income.
Determine the Cost of Goods Sold using the Weighted Average Method and also using the First in First Out (FIFO) Method. Weighted Average FIFO ①A. $ 4986.02 $ 4133.45 ②B. $ 5248.44 $ 4351. 00 ③C. $ 4351.00 $ 5248.44
A.
B.
C.
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