66. Assume U.S. GAAP (generally accepted accounting principles) applies unless
otherwise noted.
The following information relates to a profitable company that offers a warranty
on a new product introduced in 2008:
Accrued warranty expenses for the warranty in 2008 $300,000
Actual expenditures for repairs under the warranty in 2008 $200,000
If the company’s tax rate is 35 percent, which of the following most accurately
describes the deferred tax recorded in 2008 with respect to the new product
warranty?
A. Deferred tax asset of $35,000.
B. Deferred tax asset of $65,000.
C. Deferred tax liability of $35,000.
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