Question 1

Most research using the Codification is expected to be performed using the:

Accepted Answer

A) Browse function 
B) Search function 
C) Go To function 
D) Find function 
A) Browse function 
B) Search function 
C) Go To function 
D) Find function A

Question 2

Under both U.S. GAAP and IAS, the amount of tax expense reflected in the financial statements is made up of both current and deferred components.

Accepted Answer

A) True 
 B)False  True

Question 3

Which of the following statements is CORRECT regarding the FASB Accounting Standards Codification Research System (CRS)?

Accepted Answer

A) Subsections represent a collection of related guidance for a specific area. 
B) A no-cost basic version is available that allows the user to browse but not search the Codification. 
C) Keyword searching is not available in the Codification Research System. 
D) No cross-referencing to older guidance documents is provided. 
A) Subsections represent a collection of related guidance for a specific area. 
B) A no-cost basic version is available that allows the user to browse but not search the Codification. 
C) Keyword searching is not available in the Codification Research System. 
D) No cross-referencing to older guidance documents is provided. B

Question 4

The application of ASC 740 to an uncertain tax position allows tax benefits to be recognized in financial statements only when it is determined that it is more likely than not that the tax position can be sustained or when the position is ultimately settled via an audit, a negotiation, or a court decision.

Accepted Answer

A) True 
 B)False

Question 5

A position taken in a previously filed return or expected to be taken in a future return is known as:

Accepted Answer

A) an audit position 
B) a tax position 
C) an uncertain tax position 
D) none of these are correct 
A) an audit position 
B) a tax position 
C) an uncertain tax position 
D) none of these are correct

Question 6

In the United States, GAAP comes under the purview of the:

Accepted Answer

A) FINRA 
B) IRS 
C) Securities and Exchange Commission (SE
C)  
D) none of these are correct 
A) FINRA 
B) IRS 
C) Securities and Exchange Commission (SE
C)  
D) none of these are correct

Question 7

Subsequent to Codification, changes to guidance in the Codification are now made through:

Accepted Answer

A) accounting standards updates 
B) XBRL elements 
C) issuance of a new statement of position 
D) all of the these are correct 
A) accounting standards updates 
B) XBRL elements 
C) issuance of a new statement of position 
D) all of the these are correct

Question 8

Which of the following statements is INCORRECT regarding the International Financial Reporting Standards (IFRS)?

Accepted Answer

A) The standards are promulgated by the International Accounting Standards Board. 
B) IFRS takes into account the financial reporting needs of emerging economies and small and medium-sized entities. 
C) The United States has adopted IFRS, and U.S. companies are now subject to the international standards. 
D) All of the these statements are correct. 
A) The standards are promulgated by the International Accounting Standards Board. 
B) IFRS takes into account the financial reporting needs of emerging economies and small and medium-sized entities. 
C) The United States has adopted IFRS, and U.S. companies are now subject to the international standards. 
D) All of the these statements are correct.

Question 9

The main advantage of the FASB Codification is:

Accepted Answer

A) convergence of national accounting standards and IFRS 
B) a shift from national accounting to international accounting 
C) a move away from a standards-based model of organization to one based on topical area 
D) all of these are correct 
A) convergence of national accounting standards and IFRS 
B) a shift from national accounting to international accounting 
C) a move away from a standards-based model of organization to one based on topical area 
D) all of these are correct

Question 10

What are the principal objectives of the International Accounting Standards Board (IASB)?

Accepted Answer

The principal objectives of the Internat

Question 11

To assist with citation of the Accounting Standards Codification, the FASB created a numerical system that uses which of the following formats?

Accepted Answer

A) topics that track Code section numbers 
B) standards with heading numbers based on release date 
C) topics identified by a three-digit number between 105-999 
D) none of these are correct 
A) topics that track Code section numbers 
B) standards with heading numbers based on release date 
C) topics identified by a three-digit number between 105-999 
D) none of these are correct

Question 12

Under the FASB Codification, guidance for income taxes is found in:

Accepted Answer

A) ASC Statement 133 
B) ASC 740 
C) IAS 12 
D) SFAS 109 
A) ASC Statement 133 
B) ASC 740 
C) IAS 12 
D) SFAS 109

Question 13

Which of the following functions provides a printer-friendly version of a document in the Codification Research System (CRS)?

Accepted Answer

A) Find function 
B) Go To function 
C) Search function 
D) Print function 
A) Find function 
B) Go To function 
C) Search function 
D) Print function

Question 14

Which statement is CORRECT regarding accounting for income taxes in a financial statement?

Accepted Answer

A) The income tax provision includes only the taxes paid for that reporting period. 
B) Items of income and expense are treated the same for book and tax purposes as reflected in the financial statement. 
C) Accounting for income taxes does not incorporate the deferred tax model. 
D) Accounting for income taxes must reflect the differences between financial statement and tax return reporting. 
A) The income tax provision includes only the taxes paid for that reporting period. 
B) Items of income and expense are treated the same for book and tax purposes as reflected in the financial statement. 
C) Accounting for income taxes does not incorporate the deferred tax model. 
D) Accounting for income taxes must reflect the differences between financial statement and tax return reporting.

Question 15

Which statement is CORRECT regarding the SEC?

Accepted Answer

A) It has standards-setting authority over public companies. 
B) It is authorized to oversee the functioning of U.S. capital markets. 
C) It has issued a number of forms of guidance on accounting principles. 
D) All of these are correct. 
A) It has standards-setting authority over public companies. 
B) It is authorized to oversee the functioning of U.S. capital markets. 
C) It has issued a number of forms of guidance on accounting principles. 
D) All of these are correct.

Question 16

The deferred tax model of taxes applies to all federal, state, foreign and local taxes based on income.

Accepted Answer

A) True 
 B)False

Question 17

The Go To function works in a similar fashion to a:

Accepted Answer

A) Cross-reference function 
B) Browse function in a typical tax service 
C) Join Sections function in FASB Accounting Standards CRS 
D) Search by citation in a typical tax service 
A) Cross-reference function 
B) Browse function in a typical tax service 
C) Join Sections function in FASB Accounting Standards CRS 
D) Search by citation in a typical tax service

Question 18

Generally, nonincome taxes are recognized in the financial statements in the period in which they are incurred.

Accepted Answer

A) True 
 B)False

Question 19

ASC 740 requires taxpayers to examine each and every "tax position" taken.

Accepted Answer

A) True 
 B)False

Question 20

The International Accounting Standards Board (IASB) was formed to deal with the proliferation of country- or jurisdiction-specific accounting principles.

Accepted Answer

A) True 
 B)False

Most research using the Codification is expected to be performed using the:

Under both U.S. GAAP and IAS, the amount of tax expense reflected in the financial statements is made up of both current and deferred components.

Which of the following statements is CORRECT regarding the FASB Accounting Standards Codification Research System (CRS)?

A position taken in a previously filed return or expected to be taken in a future return is known as:

In the United States, GAAP comes under the purview of the:

Subsequent to Codification, changes to guidance in the Codification are now made through:

Which of the following statements is INCORRECT regarding the International Financial Reporting Standards (IFRS)?

The main advantage of the FASB Codification is:

What are the principal objectives of the International Accounting Standards Board (IASB)?

To assist with citation of the Accounting Standards Codification, the FASB created a numerical system that uses which of the following formats?

Under the FASB Codification, guidance for income taxes is found in:

Which of the following functions provides a printer-friendly version of a document in the Codification Research System (CRS)?

Which statement is CORRECT regarding accounting for income taxes in a financial statement?

Which statement is CORRECT regarding the SEC?

The deferred tax model of taxes applies to all federal, state, foreign and local taxes based on income.

The Go To function works in a similar fashion to a:

Generally, nonincome taxes are recognized in the financial statements in the period in which they are incurred.

ASC 740 requires taxpayers to examine each and every "tax position" taken.

The International Accounting Standards Board (IASB) was formed to deal with the proliferation of country- or jurisdiction-specific accounting principles.

Introduction to Tax Practice and Ethics

Tax Research Methodology

Constitutional and Legislative Sources

Administrative Regulations and Rulings

Judicial Interpretations

Tax Services Ria Checkpoint

Tax Services CCH Intelliconnect

Tax Services Specialty and Others

Multijurisdictional and Other Research

Communicating Research Results

Tax Planning

Working With the IRS

Tax Practice and Administration: Sanctions, Agreements, and Disclosures

Filters

Exam 10: Financial Accounting Research

Most research using the Codification is expected to be performed using the:

Under both U.S. GAAP and IAS, the amount of tax expense reflected in the financial statements is made up of both current and deferred components.

Which of the following statements is CORRECT regarding the FASB Accounting Standards Codification Research System (CRS)?

A position taken in a previously filed return or expected to be taken in a future return is known as:

In the United States, GAAP comes under the purview of the:

Subsequent to Codification, changes to guidance in the Codification are now made through:

Which of the following statements is INCORRECT regarding the International Financial Reporting Standards (IFRS)?

The main advantage of the FASB Codification is:

What are the principal objectives of the International Accounting Standards Board (IASB)?

To assist with citation of the Accounting Standards Codification, the FASB created a numerical system that uses which of the following formats?

Under the FASB Codification, guidance for income taxes is found in:

Which of the following functions provides a printer-friendly version of a document in the Codification Research System (CRS)?

Which statement is CORRECT regarding accounting for income taxes in a financial statement?

Which statement is CORRECT regarding the SEC?

The deferred tax model of taxes applies to all federal, state, foreign and local taxes based on income.

The Go To function works in a similar fashion to a:

Generally, nonincome taxes are recognized in the financial statements in the period in which they are incurred.

ASC 740 requires taxpayers to examine each and every "tax position" taken.

The International Accounting Standards Board (IASB) was formed to deal with the proliferation of country- or jurisdiction-specific accounting principles.

Introduction to Tax Practice and Ethics

Tax Research Methodology

Constitutional and Legislative Sources

Administrative Regulations and Rulings

Judicial Interpretations

Tax Services Ria Checkpoint

Tax Services CCH Intelliconnect

Tax Services Specialty and Others

Multijurisdictional and Other Research

Communicating Research Results

Tax Planning

Working With the IRS

Tax Practice and Administration: Sanctions, Agreements, and Disclosures

Filters