AC 302 WEEK 3 Multiple Choice Questions
IFRS Multiple Choice Question 06 Which of the following is false regarding accounting for deferred taxes under IFRS?
IFRS Multiple Choice Question 07 Jerome Co. has the following deferred tax liabilities at December 31, 2014:
Amount Related to
$100,000 Installment sales, expected to be collected in 2015
$350,000 Fixed asset, 10-year remaining useful life, 2014 tax depreciation exceeds book depreciation
$90,000 Prepaid insurance related to 2015
IFRS Multiple Choice Question 08 With regard to recognition of deferred tax assets, IFRS requires
IFRS Multiple Choice Question 09 Match the approach, IFRS or U.S. GAAP, with the location where tax effects are reported
IFRS Multiple Choice Question 10 Alice, Inc. has the following deferred tax assets at December 31, 2014:
Amount Related to
$180,000 Rent revenue collected in advance related to 2015
$75,000 Warranty liability, expected to be paid in 2015
$255,000 Accrued liability related to a lawsuit expected to settle in 2018
What amount would Alice, Inc. report as a current deferred tax asset under IFRS and under U.S. GAAP?
USA 
India