Q11) Select the correct statement: A. Assuming no

Q11)

Select the correct statement:

A. Assuming no revaluations/impairments, the book-basis of a building is equal to its cost minus accumulated depreciation.

B. Depreciation expense is computed based on each country’s tax rules.

C. Permanent book-tax differences arise because of changes in accounting rules.

D. The tax-basis of a building is equal to its cost minus accumulated depreciation.

E. Pretax income must be equal to taxable income because of the conformity rule.

Q12)

Select the correct statement:

A. Deferred tax liabilities/assets arise because of temporary differences between reported income and taxable income.

B. Deferred tax liabilities arise because of permanent differences between reported income and taxable income.

C. Deferred tax liabilities/assets arise because the book basis and the tax basis of assets are different from each other.

D. Income tax expense is equal to pre-tax income multiplied by the corporate tax rate.

E. Answers (a) and (c) are correct.

Q13)

Select the correct statement

A. Warranty expense in the P&L is always equal to warranty payments in cash.

B. In accrual accounting, warranty payments in cash are recognized in cost of goods sold.

C. The Tax-Basis of the Warranty Liability on the Balance Sheet is generally zero.

D. Warranty expense in the P&L is always tax-deductible in the year it is accrued.

E. The change in the warranty liability on the balance sheet is tax-deductible.

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