Accounting (Professional) quiz

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Sample questions

• A company has income after tax of $5.4 million, interest expense of $1 million for the year, depreciation expense of $1 million, and a 40% tax rate. What is the company’s times-interest-earned ratio?
• On July 1 year 7 Dean Co. issued at a premium bonds with a due date of July 1 year 12. Dean incorrectly used the straight-line method instead of the effective interest method to amortize the premium. How were the following amounts affected by the error at June 30 year 12? Bond carrying Retained amount earnings
• An entity prepares its financial statements on the income tax basis. A description of how that basis differs from GAAP should be included in the

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