1. Recognition of tax benefits in the loss year due to a loss carryforward requi
ID: 2527676 • Letter: 1
Question
1. Recognition of tax benefits in the loss year due to a loss carryforward requires
a. the establishment of a deferred tax liability.
b. the establishment of a deferred tax asset.
c. the establishment of an income tax refund receivable.
d. only a note to the financial statements.
2.The component of pension expense that results from amending a pension plan to give
recognition to previous service of currently enrolled employees is the amortization of:
a. Prior service costs.
b. Amendment costs.
c. Retiree service costs.
d. Transition costs.
3.In an operating lease, the lessee records
a. amortization expense.
b. interest expense.
c. lease expense.
d. amortization expense and lease expense.
Explanation / Answer
1)option b
b. the establishment of a deferred tax asset.
2)option a
prior service costs
3)option c
lease expense
1)option b
b. the establishment of a deferred tax asset.
2)option a
prior service costs
3)option c
lease expense
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