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ACCT 312 Week 4 Midterm

ACCT 312 Week 4 Midterm

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Author: Harvey Maxwell
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1. (TCO 1) Which event will result in a deferred tax liability?
2. (TCO 1) Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset?
3. (TCO 2) Interest cost is calculated by multiplying the
4. (TCO 3) Accounting for postretirement healthcare benefits is similar, in most respects, to accounting for
5. (TCO 4) Retained earnings represents a company's
6. (TCO 4) Any dividend that is considered to be a liquidating dividend will
7. (TCO 5) Executive stock options should be reported as compensation expense
8. (TCO 5) Our company granted options for 2 million shares of its $1 par common stock at the beginning of the current year. The exercise price is $35 per share, which was also the market value of the stock on the grant date. The fair value of the options was estimated at $9 per option. If the options have a vesting period of 5 years, which would be the balance in Paid-in Capital - Stock Options 3 years after the grant date?
9. (TCO 6) Our company declared and paid cash dividends to its common shareholders in February of the current year. The dividend
10. (TCO 6) Basic earnings per share is computed using


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