test Flashcards
1
Q
What is the first step in determining whether a long lived asset is impaired?
A
Its to compare the carrying amount of the asset to the undercounted expected cash flows from the asset
2
Q
deferred tax liability
A
future tax accounting income > future financial accounting income
3
Q
deferred tax asset
A
future tax accounting income < future financial accounting income
4
Q
when taxable income is less than book income that causes a
A
deferred tax liability
5
Q
when book income is less than taxable income that cause a
A
deferred tax asset
6
Q
Program support expenses are expenses that are directly related to the organization’s program
A
directly related to the organization’s program
such as
7
Q
Support services .
A
are all services that are not program services
