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Question : 91. In its first year of operations, EMB Company reported financial : 1230322

Accounting

 

 

91. In its first year of operations, EMB Company reported financial statement income (prior to income tax expense) of $100,000. In the same year, EMB Company reported $80,000 of taxable income, the difference being due to temporary differences. Assuming the enacted tax rate for the current year and all future years is 30%, what is EMB’s current year adjustment for deferred income taxes? A. Debit to Deferred Income Tax Liability for $6,000B. Debit to Income Tax Expense for $6,000C. Credit to Income Taxes Payable for $6,000D. Credit to Deferred Income Tax Liability for $6,000 E. Credit to Income Tax Expense for $6,000

 

92. In any given accounting period, the amount a firm reports as income before income taxes for financial reporting in comparison to the amount of taxable income that appears on its income tax return may differ due to temporary differences. Temporary differences include A. bad debt expense, only.B. depreciation on long-lived assets, only.C. interest revenue on municipal bonds, only.D. certain fines and penalties, only.E. bad debt expense and depreciation on long-lived assets.

 

93. In any given accounting period, the amount a firm reports as income before income taxes for financial reporting in comparison to the amount of taxable income that appears on its income tax return may differ due to permanent differences. Permanent differences include A. interest revenue on municipal bondsB. depreciation on long-lived assetsC. bad debt expenseD. warranty expenseE. none of the above

 

94. Lally CorporationInformation relating to Lally Corporation for Year 1 and Year 2 is as follows: 

 

Year 1

Year 2

Income before taxes

$5,000,000

$4,000,000

Interest income included above that was not subject to income    taxes

100,000

100,000

 

 

 

 

·

Income before income taxes in Year 1 included rent revenue of $80,000 that was not subject to income tax until its receipt in Year 2

·

Lally was subject to an effective income tax rate of 40% in Year 1 and 2.

 

 

(CMA adapted, Jun 86 #7) Refer to the Lally Corporation example. The amount of current income tax expense that would have been reported on Lally Corporation’s Income Statement for the year ended December 31, Year 1 is A. $1,928,000B. $1,960,000C. $1,980,000D. $1,992,000E. $2,000,000

 

95. Lally CorporationInformation relating to Lally Corporation for Year 1 and Year 2 is as follows: 

 

Year 1

Year 2

Income before taxes

$5,000,000

$4,000,000

Interest income included above that was not subject to income    taxes

100,000

100,000

 

 

 

 

·

Income before income taxes in Year 1 included rent revenue of $80,000 that was not subject to income tax until its receipt in Year 2

·

Lally was subject to an effective income tax rate of 40% in Year 1 and 2.

 

 

(CMA adapted, Jun 86, #9) Refer to the Lally Corporation example. Lally Corporation’s current income tax expense for Year 2 was A. $1,560,000B. $1,570,000C. $1,592,000D. $1,600,000E. $1,632,000

 

96. Lally CorporationInformation relating to Lally Corporation for Year 1 and Year 2 is as follows: 

 

Year 1

Year 2

Income before taxes

$5,000,000

$4,000,000

Interest income included above that was not subject to income    taxes

100,000

100,000

 

 

 

 

·

Income before income taxes in Year 1 included rent revenue of $80,000 that was not subject to income tax until its receipt in Year 2

·

Lally was subject to an effective income tax rate of 40% in Year 1 and 2.

 

 

(CMA adapted, Jun 86 #10) Refer to the Lally Corporation example. The amount of deferred income taxes that would have been reported on Lally Corporation’s Statement of Financial Position on December 31, Year 2, is A. $40,000B. $32,000C. $16,000D. $8,000E. zero

 

97. Some employers specify the benefit that employees will receive during retirement. The employer must contribute sufficient amounts to the pension plan so that those contributions plus earnings from investments made with those contributions will be sufficient to pay the specified benefit. Such plans are referred to as A. defined benefit pension plans.B. defined contribution pension plans.C. deferred compensation plans.D. 529 Plans.E. individual retirement accounts.

 

98. Some employers promise to contribute a certain amount to the pension plan each period for each employee, usually based on an employee’s salary, without specifying the benefits the employee will receive during retirement. The amounts employees eventually receive depend on the investment performance of the pension plan. Such plans are referred to as A. defined benefit pension plans.B. defined contribution pension plans.C. deferred compensation plans.D. 529 Plans.E. individual retirement accounts.

 

99. In any given accounting period, the amount a firm reports as income before income taxes for financial reporting in comparison to the amount of taxable income that appears on its income tax return may differ due to A. permanent differences, only.B. temporary differences, only.C. nominal differences, only.D. permanent and temporary differences, only.E. permanent, temporary, and nominal differences.

 

 

 

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July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

default image
July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

default image
July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

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