ACC 499 FINAL EXAM STR NEW 2015
Follow below link to get this tutorial:
Contact us at:
ACC 499 FINAL EXAM STR NEW 2015
Final Part 1 ACC 499 Capstone
Question 1
Current GAAP requires that the net gain or loss from a
settlement or curtailment be included in the
Question 2
Because of significant government funding of benefits to
retirees, it is likely that total pension costs are
Question 3
Vested benefits are
Question 4
The interest rate that may be used to compute the interest cost
component of pension expense is equal to the
Question 5
Current GAAP defines the required calculations for all of the
following items except
Question 6
GAAP for pension plans requires companies with defined benefit
pension plans to
Question 7
The expense for other postretirement benefits, such as health
care benefits, dental benefits, and eye care benefits, currently is accounted
for
Question 8
A company’s net periodic pension cost (expense) includes all of
the following items except
Question 9
A pension plan provides for future retirement income based on
the employee’s income and length of service with the company. This type of
pension plan is termed a
Question 10
Viewing information that passes along a network communication
channel is referred to as:
Question 11
Which is the most secure method of computer authorization?
Question 12
In an electronic environment, no other control can better
prevent fraud than the wise use of:
Question 13
Which of the following uses features of the human body to create
secure access controls?
Question 14
Spoofing is which of the following?
Question 15
Traditional ___ reduces the risk of falsified identity.
Question 16
Locks on the doors to the computer room, is an example of which
electronic control?
Question 17
Specific fraud risks to conducting e-business include:
Question 18
Phillips Corp. purchased raw materials with a catalog price of
$60,000. Credit terms of 3/15, n/60 apply. If Phillips uses the net price
method, the purchase should be recorded at
Question 19
An American company purchasing goods from a foreign supplier has
to account for differences in currencies. This process is made easier
Question 20
A retail firm would normally use an inventory account titled
Question 21
IFRS do not allow the use of LIFO because it
Question 22
When comparing the lower of cost to market
Question 23
Which of the following items would not be used in the
calculation of the cost-to-retail ratio if the FIFO retail inventory method
were used to determine the ending inventory?
Question 24
The most common approach to implementing the lower of cost or
market rule for inventory valuation is to apply it
Question 25
When applying lower of cost or market, market value
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
Which of the following represents a situation in which an
auditor is independent of the client?
Question 4
In which of the following situations would a CPA not be
considered independent?
Question 5
The ethical framework derived from utilitarianism and rights
theories indicates all of the following steps except
Question 6
Which of the following is included in the AICPA Code of
Professional Conduct?
Question 7
Normally the auditor is not permitted to divulge confidential
information obtained from a client. Which of the following situations would be
a violation of this requirement?
Question 8
A member of the AICPA must safeguard the confidentiality of
client information. Auditors, however, must disclose information to non-clients
for the following reasons except to:
Question 9
Which of the following is a preventive control?
Question 10
An accounting system that maintains an adequate audit trail is
implementing which internal control procedure?
Question 11
When duties cannot be segregated, the most important internal
control procedure is
Question 12
The concept of reasonable assurance suggests that
Question 13
The most cost-effective type of internal control is
Question 14
The fundamental difference between internal and external
auditing is that
Question 15
Substantive tests include
Question 16
The decision to extend credit beyond the normal credit limit is
an example of
Question 17
Control risk is
Question 18
Which of the following represent temporary book-tax differences?
Question 19
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?
Question 20
How are deferred tax liabilities and assets categorized on the
balance sheet?
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
Paint, Inc., a domestic corporation, owns 100% of Blue, Ltd., a
foreign corporation and Yellow, Inc., a domestic corporation. Paint also owns
40% of Green, Inc., a domestic corporation. Paint receives no distributions
from any of these corporations. Which of these entities’ net income are
included in Paint’s income statement for current year financial reporting
purposes?
Question 23
Nocera, Inc. earns book net income before tax of $600,000 in
2010. Nocera acquires a depreciable asset in 2010 and first year tax
depreciation exceeds book depreciation by $120,000. Nocera has no other
temporary or permanent differences. Assuming the U.S. tax rate is 35%, what is
Nocera’s total income tax expense reported on its financial statements for
2010?
Question 24
Which of the following items are not included in the income tax
note for a publicly traded company?
Question 25
Larson, Inc., hopes to report a total book tax expense of
$160,000 in the current year. This $160,000 expense consists of $240,000 in
current tax expense and an $80,000 tax benefit related to the expected future
use of an NOL by Larson. If the auditors determine that a valuation allowance
of $30,000 must be placed against Larson’s deferred tax assets, what is
Larson’s total book tax expense?
No comments:
Post a Comment