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Financial 2 Exam 2 Cheat Sheet (DRAFT) by

Chapters 18 & 19 For the Financial Accounting 2 Exam 2

This is a draft cheat sheet. It is a work in progress and is not finished yet.

Deferred Tax Assets

Accounting Income < Taxable Income
Accounting Income > Taxable Income
Future Deductible Amounts
Future Taxable Amounts
Deferred Tax Asset
Deferred Tax Liability
Examples
Subscr­iption revenue
Instal­lment sales
Warranty expense
Deprec­iation
3 Issues in sequence
What is the income tax payable to the IRS?
What is the changes in deferred tax asset or liability?
What is the income tax expense for the period?
 

Pension Obliga­tions

3 types
VBO
vested benefit obligation
 
(lowest level)
ABO
accumu­lated benefit obligation
 
(mid- level)
PBO
Projected benefit obligation
 
(highe­st-­level) GAAP
Pension Formula
% Years of Service salary
5 Changes to PBO
-service cost
 
Increasing service years
-interest cost
 
increasing period
-Prior service cost
-Gains­/Losses on PBO
-Payments to retired employees