net income are included in Paint ' s income statement for current year financial reporting purposes? Question 21 Hot, Inc.' s primary competitor is Cold, Inc. When comparing relative deferred tax asset and liability accounts with Cold, which of the following should Hot do? Question 22 Music, Inc., a domestic corporation, owns 100 % of Vinyl, Ltd., a foreign corporation and Digital, Inc., a domestic corporation. Music also owns 12 % of Record, Inc., a domestic corporation. Music receives no distributions from any of these corporations. Which of these entities ' net income are included in Music ' s income statement for current year financial reporting purposes? Question 23 Which of the following items are not included in the income tax note for a publicly traded company? Question 24 Which of the following represent temporary book-tax differences? Question 25 North, Inc., earns book net income before tax of $ 500,000 in 2010. In computing its book income, North deducts $ 50,000 more in warranty expense for book purposes than allowed for tax purposes. North has no other temporary or permanent differences. Assuming the U. S. tax rate is 35 % and no valuation allowance is required, what is North ' s deferred income tax asset reported on its financial statements for 2010? ACC 499 Final Exam Part 2( Set 2) Final Part 2 ACC 499 Capstone Question 1 The AICPA Principles of Professional Conduct include which of the following? Question 2 Which one of the following is an example of a conflict of interest for a CPA? Question 3