Research and development costs reported in the income

Assignment Help Accounting Basics

Reference no: EM13593967

1.A net operating loss carryback will create a deferred tax liability.

True

False

2.Research and development costs reported in the income statement but elected to be capitalized and amortized over five years for tax purposes would create a deferred tax asset in the year of origination.

True

False

3.Warranty expenses accrued in the year of product sales and reported in the income statement but expensed as incurred on the tax return in a later period would create a deferred tax asset in the year of origination.

True

False

4.Deferred tax amounts correctly classified as current should be offset (netted together) and shown as a single current amount on the Balance Sheet (i.e., either a deferred tax asset or a deferred tax liability).

True

False

5.Under a defined contribution pension plan, retirement income to participants depends on the size of the fund at retirement.

True

False

6.The vested benefit obligation is reduced when vested employees leave the organization for employment elsewhere.

True

False

7.Cash contributions to the pension fund by an employer will reduce its projected benefit obligation.

True

False

Reference no: EM13593967

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