Practice Session 1 2012 Income Tax Quiz
Name: _____________________________ SID: ______________
THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ACCOUNTING ACCT 5942: CORPORATE ACCOUNTING & REGULATION INCOME TAX QUIZ, SESSION 1 2012
Time allowed: Number of Questions:
Thirty minutes (no reading time) 15
INSTRUCTIONS 1. Before starting the examination complete your personal details requested on the Answer Sheet and on this Examination Booklet. 2. You must record all your answers to the multiple-choice on the computerized Answer Sheet during the thirty minute quiz time. Students will not be given credit for responses recorded on the Examination Booklet. 3. The exam is comprised of 15 multiple choice questions. Each question is of equal mark and there is no negative marking. Choose the one best answer to each question. 4. At the end of the examination your Answer Sheet and this Examination Booklet will be collected by the examiners and you are to remain seated until you are permitted to leave the room.
Question 1 Taxable income is: a. Net profit before tax b. Net cash c. Assessable incomes less deductions allowed d. Net profit before tax adjusted for the following: (1) revenues that are not assessable in the period; and (2) expenses that are not deductible in the period e. Both C and D are correct Question 2 A deductible temporary difference is expected to lead to the payment of: a. more tax in the future and gives rise to a deferred tax asset b. less tax in the future and gives rise to a deferred tax asset c. more tax in the future and gives rise to a deferred tax liability d. less tax in the future and gives rise to a deferred tax liability. e. less tax in the current year and more tax in the future. Question 3 Under AASB rates that: a. b. c. d. e.
112 Incomes Taxes, deferred tax assets and liabilities are measured at the tax applied at the beginning of the reporting period at the end of the reporting period at the rates that prevail at the reporting date are expected to apply
THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ACCOUNTING ACCT 5942: CORPORATE ACCOUNTING & REGULATION INCOME TAX QUIZ, SESSION 1 2012
Time allowed: Number of Questions:
Thirty minutes (no reading time) 15
INSTRUCTIONS 1. Before starting the examination complete your personal details requested on the Answer Sheet and on this Examination Booklet. 2. You must record all your answers to the multiple-choice on the computerized Answer Sheet during the thirty minute quiz time. Students will not be given credit for responses recorded on the Examination Booklet. 3. The exam is comprised of 15 multiple choice questions. Each question is of equal mark and there is no negative marking. Choose the one best answer to each question. 4. At the end of the examination your Answer Sheet and this Examination Booklet will be collected by the examiners and you are to remain seated until you are permitted to leave the room.
Question 1 Taxable income is: a. Net profit before tax b. Net cash c. Assessable incomes less deductions allowed d. Net profit before tax adjusted for the following: (1) revenues that are not assessable in the period; and (2) expenses that are not deductible in the period e. Both C and D are correct Question 2 A deductible temporary difference is expected to lead to the payment of: a. more tax in the future and gives rise to a deferred tax asset b. less tax in the future and gives rise to a deferred tax asset c. more tax in the future and gives rise to a deferred tax liability d. less tax in the future and gives rise to a deferred tax liability. e. less tax in the current year and more tax in the future. Question 3 Under AASB rates that: a. b. c. d. e.
112 Incomes Taxes, deferred tax assets and liabilities are measured at the tax applied at the beginning of the reporting period at the end of the reporting period at the rates that prevail at the reporting date are expected to apply