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GAAP refers to: Mark one answer:

(A)General accounting assistance program

(B)Generally accepted accounting principles

(C)Generally acceptable account procedures

(D)The theory that accounting and the general public look at financial statements differently

Nala Inc. reported deferred tax assets and deferred tax liabilities at the end of 20X4 and at the end of 20X5. Acording to FASB 109, for the year ended 20X5, Nala should report deferred income tax expense or benefit equal to the

(A)Sum of the net changes in deferred tax assets and deferred tax liabilities. (B)Decrease in the deferred tax assets. (C)Increase in the deferred tax liabilities. (D)Amount of income tax liability, plus the sum of the net changes in deferred tax assets and deferred tax liabilities.

Correct Answer: A

If a share of cumulative preferred stock has a call price of $95 and has had four years of dividends of $5 each, what is the book value of that share of stock? Mark one answer:

(A)$95 (B)$100 (C)$115 (D)$105 (E)$110

Correct Answer: C