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Flashcards: Accounting and the Business Environment

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If the Alpha Corporation's 2015 alternative minimum taxable income was $\$210\textup{,}000$ . Which of the following properly identifies the exempt portion of the Alpha Corporation's 2015 alternative minimum taxable income?

$\$24\textup{,}000$

$\$26\textup{,}000$

$\$25\textup{,}500$

$\$25\textup{,}000$

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Flashcards: Accounting and the Business Environment

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Your answer:

$\$24\textup{,}000$

Your answer:

$\$26\textup{,}000$

Your answer:

$\$25\textup{,}500$

Correct answer:

$\$25\textup{,}000$

Explanation:

This problem asks us to determine the exempt portion of the Alpha Corporation's alternative minimum taxable income (AMTI). A corporation is allowed an exemption of up to $\$40,000$ in computing it AMTI; however, this exemption is reduced by twenty-five percent of the corporation's AMTI in excess of $\$150,000$ . We can write this by using the following equation:

$\textup{Exemption}=\$40,000-[(\textup{Income in excess of \$150,000-\$150,000})\times 25\%]$

Substitute and solve.

$\textup{Exemption}=\$40,000-[(\$210,000-\$150,000})\times 25\%]$

$\textup{Exemption}=\$40,000-(\$60,000\times 25\%)$

$\textup{Exemption}=\$40,000-\$15,000$

$\textup{Exemption}=\$25,000$

Flashcards: Accounting and the Business Environment

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Which of the following is not an accurate difference between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (US GAAP)?

The IFRS permits the reevaluation of intangible assets other than goodwill while the US GAAP does not.

The US GAAP uses a principles based approach while the IFRS employs a rules based approach.

The US GAAP uses a two-step impairment approach while the IFRS uses a one-step approach.

The US GAAP has no requirement regarding comparative information while the IFRS does.

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Flashcards: Accounting and the Business Environment

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Which of the following is not an accurate difference between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (US GAAP)?

Your answer:

The IFRS permits the reevaluation of intangible assets other than goodwill while the US GAAP does not.

Your answer:

The US GAAP uses a two-step impairment approach while the IFRS uses a one-step approach.

Your answer:

The US GAAP has no requirement regarding comparative information while the IFRS does.

Correct answer:

The US GAAP uses a principles based approach while the IFRS employs a rules based approach.

Explanation:

"The US GAAP uses a principles based approach while the IFRS employs a rules based approach" is the correct answer. This is not an accurate difference between the IFRS and the USGAAP. The US GAAP typically employs a rules based approach while the IFRS follows a principles based approach. The other choices represent accurate differences between the IFRS and US GAAP according to the International Accounting Standards Committee.

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Flashcards: Accounting and the Business Environment

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