Long-term debt intended to be repaid from tax levies or special assessments is recorded in debt service funds. true false
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- Classify the following items that may cause discrepancy between accounting profit and taxable income, into the following types of differences. Also, provide an explenation why that is their classification. A. Non-deductible expenses B. Non-taxable revenues C. Deductible temporary difference D. Taxable temporary difference Interest earned on investments in tax-exempt government securities. Interest earned on deposits with bank. Excess of profit earned over the profit reported under the installment method for income tax purposes.Which of the following statements is false? Unmatured principal installments and accrued interest which is due shortly after year end are required to be reported as liabilities in the debt service fund at year end. An encumbrance in a capital project fund is created when the contract for the work is signed or issued. Premiums generated from the issuance of bonds for a capital projects fund are generally transferred to the Debt Service Fund. If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are recognized as revenues of the Debt Service Fund.In accounting for short-term debt expected to be refinanced to long-term debt: a. GAAP uses the authorization date to determine classification of short-term debt to be refinanced. b. IFRS uses the authorization date to determine classification of short-term debt to be refinanced. c. IFRS and GAAP use the financial statement date to determine classification of short-term debt to be refinanced. d. GAAP uses the date of issue, but only for secured debt, to determine classification of short-term debt to be refinanced.
- 14 A debt service fund is used to account for financial resources set aside for the purpose of making principal and interest payments on general long-term debt. True or False True FalseA contingency that need not be disclosed in the financial statements or in the notes thereto is: a. pending litigation. b. possibility of strike. c. deficiency tax assessment. d. note receivable discounted.When a debtor is in financial difficulty and a current londer grants concessions to the debtor to refinance an existing debt arrangement, this is referred to as a O a. Troubled debt restructuring. O b. Debt extinguishment. O c. Debt modification. O d. Debt pay-off.
- A temporary difference that would not result in a deferred tax asset but not a permanent difference? a. accrual of commission income. b. excess of financial depreciation over tax depreciation. c. interest revenue on government bonds. d. accrued warranty expense.In accounting for short-term debt expected to be refinanced to long-term debt:(a) GAAP uses the authorization date to determine classification of short-term debt to be refinanced. (b) IFRS uses the authorization date to determine classification of short-term debt to be refinanced. (c) IFRS uses the financial statement date to determine classification of short-term debt to be refinanced. (d) GAAP uses the date of issue, but only for secured debt, to determine classification of short-term debt to be refinanced.Estimated losses on uncollectible taxes receivable should be accounted for as an allowance for uncollectible accounts and bad debt expense. a. True b. False
- Which of the following statements is not true for debt service funds? Multiple Choice Interest payable may be reported as a liability of the debt service fund. Special assessment debt for which the government has some obligation is paid through the debt service fund. All tax-supported bond principal is shown as a liability of the debt service fund. Bond principal can be shown as a liability when financial resources dedicated for payment of the principal have been transferred to the debt service fund and payment of principal is due early in the following year.Which of the following can be deducted as interest expense? Interest on personal debt Interest on debt from a related creditor Imputed interest on capital Interest on assessed tax delinquency ANSWER:While earnings on assets held in a Tax Free Savings Account (TFSA) will not be taxed while the assets are in the plan, the accumulated income will be subject to tax when it is withdrawn from the plan. True or False
