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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

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