All of the following can be used to describe reliability of accounting information except: Approximately what percentage of assets reported under fair value by S&P 500 companies currently incorporate Level 3 inputs for fair value estimation? At origination which of the following temporary differences would create a deferred tax asset? Current replacement cost represents Disregarding cash flows with owners, over sufficiently long periods of time, net income equals Firms may not include all income taxes for a period on the line for income tax expense in the income statement

1. All of the following can be used to describe reliability of accounting information except:

biased

2. Approximately what percentage of assets reported under fair value by S&P 500 companies currently incorporate Level 3 inputs for fair value estimation?

10%

3. At origination which of the following temporary differences would create a deferred tax asset?

Tax basis of an asset exceeds its financial reporting basis.

4. Current replacement cost represents

the amount a firm would have to pay currently to acquire an asset it now holds

5. Disregarding cash flows with owners, over sufficiently long periods of time, net income equals

cash inflows minus cash outflows

6. Firms may not include all income taxes for a period on the line for income tax expense in the income statement. Other places that income tax expenses may occur include all of the following except

Common Stock

7. Firms use acquisition cost valuations and adjusted acquisition cost valuations for which of the following types of assets?

Assets that do not have fixed amounts of future cash flows.

8. Fish Farm Corporation purchases a new tract of land on which it is going to build new growing and holding tanks in order to expand its business. Which of the following costs would not be part of the cost of the land?

cost of the new holding tanks

9. Future taxable income is characteristic of all of the following situations except:

where deferred tax assets result.

10. Future tax deductions

result in deferred tax assets.