What level are inputs for estimating fair values are based on inputs that are readily available via prices for identical assets or liabilities in actively traded markets such as securities exchanges? What level are inputs for estimating fair values are those inputs include quoted prices for similar assets or liabilities in active or inactive markets, other observable information such as yield curves and price indexes, and other observable data such as market-based correlation estimates? What level are inputs for estimating fair values based on a firm's own assumptions about the fair value of an asset or a liability, such as using various data to estimate present values? When income tax expense for a period is greater than income tax payable the difference will be reported how and on which financial statement? When recognizing deferred tax assets and liabilities, the income statement approach and the balance sheet approach yield identical results Which of the following assets appears on the balance sheet at fair value? Which of the following is not one of methods used by GAAP for treating value changes? Which of the following transactions is consistent with recognizing value changes on the balance sheet and income statement when they are realized in a market transaction? Which of the following valuation methods reflects current values? Why might income tax expense on the income statement differ from actual income taxes paid to the government?

1. What level are inputs for estimating fair values are based on inputs that are readily available via prices for identical assets or liabilities in actively traded markets such as securities exchanges?

Level 1

2. What level are inputs for estimating fair values are those inputs include quoted prices for similar assets or liabilities in active or inactive markets, other observable information such as yield curves and price indexes, and other observable data such as market-based correlation estimates?

Level 2

3. What level are inputs for estimating fair values based on a firm's own assumptions about the fair value of an asset or a liability, such as using various data to estimate present values?

Level 3

4. When income tax expense for a period is greater than income tax payable the difference will be reported how and on which financial statement?

Deferred tax liability and Balance Sheet

5. When recognizing deferred tax assets and liabilities, the income statement approach and the balance sheet approach yield identical results

when enacted tax rates applicable to future periods do not change.

when the firm recognizes no valuation allowance on deferred tax assets

6. Which of the following assets appears on the balance sheet at fair value?

Investments in Marketable Securities

7. Which of the following is not one of methods used by GAAP for treating value changes?

Recognize value changes in the income statement when the value changes occur over time, but recognize them on the balance sheet when they are realized in a market transaction

8. Which of the following transactions is consistent with recognizing value changes on the balance sheet and income statement when they are realized in a market transaction?

Selling land at a cost greater than its original purchase price

9. Which of the following valuation methods reflects current values?

net realizable value

10. Why might income tax expense on the income statement differ from actual income taxes paid to the government?

There are timing differences to when income is recognized and there are items that may or may not be subject to taxation.