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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?

$\$25\textup{,}500$

$\$25\textup{,}000$

$\$26\textup{,}000$

$\$24\textup{,}000$

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Flashcards: Accounting and the Business Environment

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Your answer:

$\$25\textup{,}500$

Your answer:

$\$26\textup{,}000$

Your answer:

$\$24\textup{,}000$

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

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

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

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

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

Your answer:

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

Your answer:

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

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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Flashcards: Accounting and the Business Environment

Flashcards: Accounting and the Business Environment

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Flashcards: Accounting and the Business Environment

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