ACC 499 ENTIRE COURSE NEW Flashcards
STRAYER ACC 499 Week 3 DQ 1 Global Mergers and Acquisitions and DQ 2 Sirius XM Radio NEW
STRAYER ACC 499 Week 3 DQ 1 Global Mergers and Acquisitions and DQ 2 Sirius XM Radio NEW
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Week 3 Discussion 1
“Global Mergers and Acquisitions” Please respond to the following:
* From the e-Activity, contrast the impairment of goodwill on the financial statements of the entity reporting under international financial reporting standards (IFRS) that you researched with the impairment of goodwill on the financial statements of the same entity reporting under generally accepted accounting principles (GAAP). Indicate how stakeholders in the company are likely to react to the impairment. Provide support for your rationale.
* Examine the relationship between acquisition costs of the entity that you researched and the goodwill impairment charges related to the acquired entity. Indicate the most likely impact to the business.
Week 3 Discussion 2
From the case study, assess the major problems Sirius and XM radio faced during the acquisition of XM by Sirius as compared to the average acquisition during this period. Describe the key benefits of the acquisition to Sirius and XM.”Sirius XM Radio” Please respond to the following:
* Analyze the value of the Howard Stern’s show to Sirius XM Radio. Given your prediction of his continued success, provide a recommendation on contract extension for Stern based on his contribution to the financial stability of the company.
STRAYER ACC 499 Final Exam Part 1 (2 Sets) NEW
STRAYER ACC 499 Final Exam Part 1 (2 Sets) NEW
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This Tutorial contains 2 Sets of Final (All Question Listed Below)
ACC 499 Final Exam Part 1 (Set 1)
ACC 499 - Final Exam Part 1 (Chapters 5-7)
Question 1
Vested benefits are
Question 2
According to current GAAP, termination benefits paid to an employee should be
Question 3
The projected benefit obligation is equal to the
Question 4
Which of the following is not a component of the net periodic pension expense to be reported on a company’s income statement?
Question 5
Unrecognized prior service cost would be reported on the balance sheet and affect the amount(s) reported for
Question 6
If an employer were to account for a defined benefit pension plan on the cash basis, it would be a violation of the
Question 7
GAAP for pension plans requires companies with defined benefit pension plans to
Question 8
A company’s net periodic pension cost (expense) includes all of the following items except
Question 9
The expense for other postretirement benefits, such as health care benefits, dental benefits, and eye care benefits, currently is accounted for
Question 10
Spoofing is which of the following?
Question 11
A risk assessment should:
Question 12
The best way to reduce fraud in an e-business environment is to focus on _______?
Question 13
Viewing information that passes along a network communication channel is referred to as:
Question 14
___________ are self-contained programs that spread via direct transfer, email, or another mechanism.
Question 15
What is the primary electronic transaction and document control used in e-commerce?
Question 16
Separation of duties falls under which of the following internal control element
Question 17
Generally, the best way to prevent fraud in e-business settings is to focus on:
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
The purchases discounts taken account may appear in the accounting records if which one of the following methods is used to account for purchase discounts?
Question 20
The cost of goods sold can be determined only after a physical count of inventory on hand under the
Question 21
An American company purchasing goods from a foreign supplier has to account for differences in currencies. This process is made easier
Question 22
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 23
When comparing the lower of cost to market
Question 24
The most common approach to implementing the lower of cost or market rule for inventory valuation is to apply it
Question 25
Relevance of the gross profit margin depends upon
ACC 499 Final Exam Part 1 (Set 2)
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
STRAYER ACC 499 Final Exam Part 2 (4 Sets) NEW
STRAYER ACC 499 Final Exam Part 2 (4 Sets) NEW
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This Tutorial contains 4 Sets (All Question Listed Below)
ACC 499 Final Exam Part 2 (Set 1)
Question 1
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 2
Independence is not required for which of the following types of services?
Question 3
In which of the following situations would a CPA not be considered independent?
Question 4
Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley’s five-year-old daughter owns shares of stock in McBurgers Corporation, then Pulley is considered to have what type of interest in McBurgers Corporation?
Question 5
Which one of the following is an example of a conflict of interest for a CPA?
Question 6
William Tyler, CPA, may not accept a commission for recommending a product or service to which type of client?
Question 7
The ethical framework derived from utilitarianism and rights theories indicates all of the following steps except
Question 8
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 9
Which of the following indicates a strong internal control environment?
Question 10
When duties cannot be segregated, the most important internal control procedure is
Question 11
The fundamental difference between internal and external auditing is that
Question 12
The importance to the accounting profession of the Sarbanes-Oxely Act is that
Question 13
Control activities under SAS 109/COSO include
Question 14
Control risk is
Question 15
The most cost-effective type of internal control is
Question 16
Which of the following suggests a weakness in the internal control environment?
Question 17
Tests of controls include
Question 18
Which of the following taxes are included in the total income tax expense of a corporation reported on its Federal tax return?
Question 19
Which of the following items are not included in the financial statement income tax note effective tax rate reconciliation?
Question 20
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 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
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?
ACC 499 Final Exam Part 2 (Set 3)
Review Test Submission: Final Exam Part 2
Question 1
The ethical framework derived from utilitarianism and rights theories indicates all of the following steps except
Question 2
Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley’s five-year-old daughter owns shares of stock in McBurgers Corporation, then Pulley is considered to have what type of interest in McBurgers Corporation?
Question 3
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 4
Which of the following is not an aspect of Rule 201 of the General Standards of the Code of Professional Conduct?
Question 5
A CPA may only practice public accounting in which of the following forms?
Question 6
Which one of the following is an example of a conflict of interest for a CPA?
Question 7
Rule 201, dealing with General Standards that are applicable to all CPAs no matter the type of services that are rendered, does not include which factor?
Question 8
Independence is not required for which of the following types of services?
Question 9
Substantive tests include
Question 10
A physical inventory count is an example of a
Question 11
The importance to the accounting profession of the Sarbanes-Oxely Act is that
Question 12
The board of directors consists entirely of personal friends of the chief executive officer. This indicates a weakness in
Question 13
The decision to extend credit beyond the normal credit limit is an example of
Question 14
Control risk is
Question 15
The office manager forgot to record in the accounting records the daily bank deposit. Which control procedure would most likely prevent or detect this error?
Question 16
The concept of reasonable assurance suggests that
Question 17
Which of the following suggests a weakness in the internal control environment?
Question 18
Which of the following items are not included in the income tax note for a publicly traded company?
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
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 21
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 22
Which of the following represent temporary book-tax differences?
Question 23
Which of the following items are not included in the financial statement income tax note effective tax rate reconciliation?
Question 24
How are deferred tax liabilities and assets categorized on the balance sheet?
Question 25
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?
ACC 499 Final Exam Part 2 (Set 4)
Question 1
A CPA may only practice public accounting in which of the following forms?
Question 2
A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client?
Question 3
The AICPA Principles of Professional Conduct include which of the following?
Question 4
Which of the following is not an aspect of Rule 201 of the General Standards of the Code of Professional Conduct?
Question 5
In which of the following situations would a CPA not be considered independent?
Question 6
Which of the following is included in the AICPA Code of Professional Conduct?
Question 7
Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley’s five-year-old daughter owns shares of stock in McBurgers Corporation, then Pulley is considered to have what type of interest in McBurgers Corporation?
Question 8
Which one of the following is an example of a conflict of interest for a CPA?
Question 9
An accounting system that maintains an adequate audit trail is implementing which internal control procedure?
Question 10
Which of the following suggests a weakness in the internal control environment?
Question 11
The most cost-effective type of internal control is
Question 12
When duties cannot be segregated, the most important internal control procedure is
Question 13
Substantive tests include
Question 14
Which of the following is a preventive control?
Question 15
The concept of reasonable assurance suggests that
Question 16
Inherent risk
Question 17
The office manager forgot to record in the accounting records the daily bank deposit. Which control procedure would most likely prevent or detect this error?
Question 18
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 19
Which of the following items are not included in the financial statement income tax note effective tax rate reconciliation?
Question 20
Which of the following represent temporary book-tax differences?
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
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 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 taxes are included in the total income tax expense of a corporation reported on its Federal tax return?
Question 25
How are deferred tax liabilities and assets categorized on the balance sheet?
STRAYER ACC 499 Midterm Exam (4 Sets) NEW
STRAYER ACC 499 Midterm Exam (4 Sets) NEW
Check this A+ tutorial guideline at
http://www.assignmentcloud.com/acc-499-strayer/acc-499-midterm-exam-(4-sets)-new
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This Tutorial contains 4 Sets (All Question Listed below)
ACC 499 Midterm Part 1 (Set 1)
ACC 499 Midterm Part 1
Question 1
Which of the following is not a required disclosure by a lessee of an operating lease?
Question 2
Which of the following facts would require a lessee to classify a lease as a capital lease?
Question 3
When a lessor receives cash on an operating lease, which of the following accounts is increased?
Question 4
FASB’s rules concerning leases are an attempt to record in the financial statements
Question 5
As a generalized statement regarding lease accounting, which statement best describes U.S. versus international accounting principles?
Question 6
The account Unearned Interest: Leases should be reported on the lessor’s financial statements as
Question 7
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
Question 8
A direct financing lease differs from a sales-type lease in that
Question 9
A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to
Question 10
When a lessee makes periodic cash payments for an operating lease, which of the following accounts is increased?
Question 11
The lessee should classify a non-cancellable long-term lease as a capital lease if
Question 12
A lease will be treated as a direct financing lease by the lessor when
Question 13
The corporate form of organization is important to the U.S. economy because
Question 14
The authorized shares of capital stock is the number of shares
Question 15
In the financial statements, dividends in arrears on cumulative preferred stock should be
Question 16
In accounting for a stock split, a company usually
Question 17
Which of the following types of corporations is owned or operated by a government unit?
Question 18
Under the fair value method, the grant date is the date
Question 19
When recording the conversion of preferred stock into common stock, if the total contributed capital eliminated in regard to the preferred stock is less than the common stock par value, the difference is debited to
Question 20
Which of the following represents shares of stock that will be issued upon completion of an installment purchase contract?
Question 21
Common stock issued to employees through the exercise of stock warrants under a stock option plan that is classified as a noncompensatory stock option plan is recorded by the corporation at the
Question 22
Which set of accounting principles directly uses the term “reserve”?
Question 23
What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation?
Question 24
A corporation is a legal entity
Question 25
Preferred stockholders share with common stockholders in any “extra” dividends when the preferred stock is
ACC 499 Midterm Part 1 (Set 2)
Question 1
Minimum lease payments do not include
Question 2
A direct financing lease differs from a sales-type lease in that
Question 3
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is increased?
Question 4
Executory costs
Question 5
On January 1, Lessor Company incorrectly recorded a sales-type lease as an operating lease. As a result of this error, the reported amount for Lessor Company’s property, plant, and equipment leased to others is
Question 6
The lessee should classify a non-cancellable long-term lease as a capital lease if
Question 7
When a lessor receives cash on an operating lease, which of the following accounts is increased?
Question 8
Which of the following is not a required disclosure by a lessee of an operating lease?
Question 9
Which of the following facts would require a lessee to classify a lease as a capital lease?
Question 10
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is decreased?
Question 11
Which of the following is not a required disclosure by a lessor of a sales-type lease?
Question 12
A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to
Question 13
When stock options are exercised by an employee under a compensatory stock option plan, the issuance of the common stock is recorded at the
Question 14
Under the cost method of accounting for treasury stock transactions, when the proceeds from a sale are greater than the cost, the excess over cost is treated as a(n)
Question 15
Which of the following represents shares of stock that will be issued upon completion of an installment purchase contract?
Question 16
Preferred stockholders share with common stockholders in any “extra” dividends when the preferred stock is
Question 17
A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the
Question 18
What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation?
Question 19
When recording the conversion of preferred stock into common stock, if the total contributed capital eliminated in regard to the preferred stock is less than the common stock par value, the difference is debited to
Question 20
For stock appreciation rights (SARs) compensation plans where the employee is expected to receive cash on the exercise date, the account that is credited in the year-end adjusting journal entry to recognize the compensation expense is
Question 21
Dividends in arrears pertain to
Question 22
A non compensatory stock option plan is designed to
Question 23
The corporate form of organization is important to the U.S. economy because
Question 24
The preference to dividends that preferred stockholders have is
Question 25
A corporation is a legal entity
ACC 499 Midterm Part 1 (Set 3)
Review Test Submission: Midterm Exam Part 1
Question 1
The account Unearned Interest: Leases should be reported on the lessor’s financial statements as
Question 2
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
Question 3
The lessee should classify a non-cancellable long-term lease as a capital lease if
Question 4
When a lessor receives cash on an operating lease, which of the following accounts is increased?
Question 5
A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to
Question 6
Which is an advantage of leasing from a lessee’s viewpoint?
Question 7
The lessor should report the Lease Receivable for a sales-type lease on its balance sheet as
Question 8
When is it appropriate for the lessee to use the lessor’s implicit rate to discount the minimum lease payments?
Question 9
Minimum lease payments do not include
Question 10
A direct financing lease differs from a sales-type lease in that
Question 11
Executory costs
Question 12
Depreciation expense will be recorded in the accounts of the
Question 13
Which set of accounting principles directly uses the term “reserve”?
Question 14
When recording the conversion of preferred stock into common stock, if the total contributed capital eliminated in regard to the preferred stock is less than the common stock par value, the difference is debited to
Question 15
Dividends in arrears pertain to
Question 16
Common stock issued to employees through the exercise of stock warrants under a stock option plan that is classified as a non compensatory stock option plan is recorded by the corporation at the
Question 17
The value assigned to stock warrants for a non compensatory stock option plan is calculated as
Question 18
The corporate form of organization is important to the U.S. economy because
Question 19
A corporation whose stock is traded on a stock exchange is called a(n)
Question 20
The accounting method that is used for stock appreciation rights (SARs) compensation plans is similar to the accounting procedures that can be used for
Question 21
A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the
Question 22
The authorized shares of capital stock is the number of shares
Question 23
Universities, hospitals, and churches are examples of which type of corporation?
Question 24
In accounting for a stock split, a company usually
Question 25
A non compensatory stock option plan is designed to
ACC 499 Midterm Part 1 (Set 4)
Question 1
In a sales-type lease
Question 2
When is it appropriate for the lessee to use the lessor’s implicit rate to discount the minimum lease payments?
Question 3
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is decreased?
Question 4
The lessor should report the Lease Receivable for a sales-type lease on its balance sheet as
Question 5
FASB’s rules concerning leases are an attempt to record in the financial statements
Question 6
When a lessor receives cash on a sales-type lease, which of the following accounts is decreased?
Question 7
A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to
Question 8
In a sales-leaseback transaction
Question 9
On January 1, Lessor Company incorrectly recorded a sales-type lease as an operating lease. As a result of this error, the reported amount for Lessor Company’s property, plant, and equipment leased to others is
Question 10
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
Question 11
Any initial direct costs incurred by the lessor for a sales-type lease should be
Question 12
Which of the following is not a required disclosure by a lessee of an operating lease?
Question 13
A corporation is a legal entity
Question 14
What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation?
Question 15
The value assigned to stock warrants for a noncompensatory stock option plan is calculated as
Question 16
A noncompensatory stock option plan is designed to
Question 17
For stock appreciation rights (SARs) compensation plans where the employee is expected to receive cash on the exercise date, the account that is credited in the year-end adjusting journal entry to recognize the compensation expense is
Question 18
The authorized shares of capital stock is the number of shares
Question 19
A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the
Question 20
Common stock issued to employees through the exercise of stock warrants under a stock option plan that is classified as a noncompensatory stock option plan is recorded by the corporation at the
Question 21
When stock options are exercised by an employee under a compensatory stock option plan, the issuance of the common stock is recorded at the
Question 22
Preferred stockholders share with common stockholders in any “extra” dividends when the preferred stock is
Question 23
In accounting for a stock split, a company usually
Question 24
Which of the following types of corporations is owned or operated by a government unit?
Question 25
The corporate form of organization is important to the U.S. economy because
STRAYER ACC 499 Midterm Exam (3 Sets) NEW
STRAYER ACC 499 Midterm Exam (3 Sets) NEW
Check this A+ tutorial guideline at
http://www.assignmentcloud.com/acc-499-strayer/acc-499-midterm-exam-3-sets-new
For more classes visit
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This Tutorial contains 3 Sets (All Question Listed Below)
ACC 499 Midterm Part 2 (Set 1)
Question 1
Accountants sometimes refer to the equity method as a(n)
Question 2
When an investor owns less than a majority of the voting stock of another corporation, the accountant must judge when the investor can exert significant influence. For the sake of uniformity, U.S. GAAP and IFRS presume that significant influence exists at ownership of _____ or more of the voting stock of the investee. (Assume that management does not have a contractual or other basis to demonstrate that influence.)
Question 3
U.S. GAAP view investments of between 20 and 50 percent of the voting stock of another company (unless evidence indicates that significant influence cannot be exercised) as
Question 4
When an investor uses the equity method to account for investments in common stock, cash dividends received by the investor from the investee should be recorded as
Question 5
U.S. GAAP view investments of less than 20 percent of the voting stock of another company as
Question 6
To avoid double counting P’s investment in S, P must eliminate
Question 7
The equity method of accounting for an investment in the common stock of another company should be used when the investment
Question 8
An intercompany transaction is a transaction between
Question 9
If the combined market value of trading securities at the end of the year is less than the market value of the same portfolio of trading securities at the beginning of the year, the difference should be accounted for by
Question 10
Intercompany sales
Question 11
A minority, active investment is generally
Question 12
Often, the parent does not own 100% of the voting stock of a consolidated subsidiary. The parent refers to the owners of the remaining shares of voting stock as a
Question 13
Which of the following is included in full IFRS but eliminated for SMEs’ IFRS?
Question 14
Which is one of the FASB/IASB convergence projects?
Question 15
Which of the following is not included in the income statement?
Question 16
Which of the following is not included in financial statements?
Question 17
Which point supports the use of IFRS by U.S. public companies?
Question 18
Which international organization began the movement toward international accounting standards?
Question 19
What is the correct order of steps in applying the revenue recognition model?(1) Identify the separate performance obligations in the contract(2) Identify the contract with the customer(3) Determine the transaction price for the entire contract(4) Recognize revenue when each separate performance obligation is satisfied(5) Allocate the transaction price to separate performance obligation
Question 20
Which is one of the key activities that will lead to a company’s successful IFRS conversion?
Question 21
Recoverable amount is the higher of the following:
Question 22
Which of the following are differences between U.S. GAAP and IFRS?
Question 23
Which of the following entities may not gain distinct advantages from adopting IFRS for SMEs?
Question 24
Which country is the only major country not to formally commit to the adoption of IFRS?
Question 25
Which of the following does IFRS require accounting students and educators to learn?
ACC 499 Midterm Part 2 (Set 2)
Question 1
A minority, active investment is generally
Question 2
An intercompany transaction is a transaction between
Question 3
Minority, passive investments are initially recorded at the
Question 4
To avoid double counting P’s investment in S, P must eliminate
Question 5
For which type of investments would unrealized increases and decreases be recorded directly in an owners’ equity account?
Question 6
Intercompany sales
Question 7
U.S. GAAP and IFRS require firms to account for minority, active investments, using the _____ method.
Question 8
U.S. GAAP view investments of between 20 and 50 percent of the voting stock of another company (unless evidence indicates that significant influence cannot be exercised) as
Question 9
Consolidated financial statements are typically prepared when one company has
Question 10
U.S. GAAP view investments of less than 20 percent of the voting stock of another company as
Question 11
U.S. GAAP and IFRS require firms to account for business combinations using the _____ method.
Question 12
When an investor owns less than a majority of the voting stock of another corporation, the accountant must judge when the investor can exert significant influence. For the sake of uniformity, U.S. GAAP and IFRS presume that significant influence exists at ownership of _____ or more of the voting stock of the investee. (Assume that management does not have a contractual or other basis to demonstrate that influence.)
Question 13
What is the major difference between how U.S GAAP and IFRS handle share-based payments?
Question 14
Which of the following does IFRS require accounting students and educators to learn?
Question 15
What is the appropriate reason why people object to adopting the roadmap?
Question 16
Recoverable amount is the higher of the following:
Question 17
What is the correct order of steps in applying the revenue recognition model?(1) Identify the separate performance obligations in the contract(2) Identify the contract with the customer(3) Determine the transaction price for the entire contract(4) Recognize revenue when each separate performance obligation is satisfied(5) Allocate the transaction price to separate performance obligation
Question 18
Which are two conditions that must be met before revenue is to be recognized under IFRS?
Question 19
Which one is not a characteristic of rules-based standards?
Question 20
Which point supports the use of IFRS by U.S. public companies?
Question 21
Which of the following is not a component of the Conceptual Framework for Financial Reporting?
Question 22
Which international organization began the movement toward international accounting standards?
Question 23
Which are two major differences between U.S. GAAP and IFRS in accounting for property, plant, and equipment (PPE)?
Question 24
Which of the following are differences between U.S. GAAP and IFRS?
Question 25
Which of the following is not included in financial statements?
ACC 499 Midterm Part 2 (Set 3)
Question 1
U.S. GAAP view investments of less than 20 percent of the voting stock of another company as
Question 2
When an investor uses the equity method to account for investments in common stock, cash dividends received by the investor from the investee should be recorded as
Question 3
If the combined market value of trading securities at the end of the year is less than the market value of the same portfolio of trading securities at the beginning of the year, the difference should be accounted for by
Question 4
When an investor owns less than a majority of the voting stock of another corporation, the accountant must judge when the investor can exert significant influence. For the sake of uniformity, U.S. GAAP and IFRS presume that significant influence exists at ownership of _____ or more of the voting stock of the investee. (Assume that management does not have a contractual or other basis to demonstrate that influence.)
Question 5
An intercompany transaction is a transaction between
Question 6
U.S. GAAP and IFRS require firms to account for minority, active investments, using the _____ method.
Question 7
To avoid double counting P’s investment in S, P must eliminate
Question 8
The equity method of accounting for an investment in the common stock of another company should be used when the investment
Question 9
Paula Company recognizes unrealized changes in the fair value of available-for-sale securities in
Question 10
For which type of investments would unrealized increases and decreases be recorded directly in an owners’ equity account?
Question 11
U.S. GAAP view investments of between 20 and 50 percent of the voting stock of another company (unless evidence indicates that significant influence cannot be exercised) as
Question 12
When preparing consolidated financial statements, the result of the elimination process generally is the
Question 13
Which is one criterion of SMEs?
Question 14
What is the correct order of steps in applying the revenue recognition model?(1) Identify the separate performance obligations in the contract(2) Identify the contract with the customer(3) Determine the transaction price for the entire contract(4) Recognize revenue when each separate performance obligation is satisfied(5) Allocate the transaction price to separate performance obligation
Question 15
Which of the following entities may not gain distinct advantages from adopting IFRS for SMEs?
Question 16
Which point supports the use of IFRS by U.S. public companies?
Question 17
Which of the following does IFRS require accounting students and educators to learn?
Question 18
Which is one of the key activities that will lead to a company’s successful IFRS conversion?
Question 19
Which are two major differences between U.S. GAAP and IFRS in accounting for property, plant, and equipment (PPE)?
Question 20
What is the major difference between how U.S GAAP and IFRS handle share-based payments?
Question 21
Which of the following is not included in the income statement?
Question 22
Which are two conditions that must be met before revenue is to be recognized under IFRS?
Question 23
Which of the following is included in full IFRS but eliminated for SMEs’ IFRS?
Question 24
Recoverable amount is the higher of the following:
Question 25
Which of the following is not included in financial statements?
STRAYER ACC 499 Week 1 DQ 1 Operating and Capital Leases and DQ 2 Leasing Restatements NEW
STRAYER ACC 499 Week 1 DQ 1 Operating and Capital Leases and DQ 2 Leasing Restatements NEW
Check this A+ tutorial guideline at
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Week 1 Discussion 1
Operating and Capital Leases” Please respond to the following:
From the e-Activity, analyze the results of the proposed changes to lease accounting on operating and capital leases. Identifying how the right-of-use model will impact financial reporting, indicate how companies are likely to manage the change in reporting.
Discuss recommendations you would make to chief financial officers (CFOs) of retailers, service providers, and other businesses that lease several locations or have substantial leases of real estate or other assets. Indicate the pros and cons of each approach.
Week 1 Discussion 2
“Leasing Restatements in the Restaurant Industry” Please respond to the following:
From the case study, create an argument for the use of principles-based accounting for leases over rules-based accounting under GAAP, based on the financial statement restatements in the restaurant industry. Provide support for your argument.
Assess the materiality of the errors, direction provided by the Securities and Exchange Commission (SEC), and the Sarbanes-Oxley Act (SOX) on the decision by management to restate the financial statements. Indicate the likely impact to stakeholders when financial statements are restated.
STRAYER ACC 499 Week 2 DQ 1 Equity-Based Compensation and DQ 2 Harley-Davidson(B) 2010 NEW
STRAYER ACC 499 Week 2 DQ 1 Equity-Based Compensation and DQ 2 Harley-Davidson(B) 2010 NEW
Check this A+ tutorial guideline at
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Week 2 Discussion 1
“Equity-Based Compensation” Please respond to the following:
* From the e-Activity, discuss the impact of adopting IFRS reporting on equity-based accounting for financial reporting and tax payments. Then, recommend a strategy for companies adopting IFRS to minimize the impact of the accounting treatment.
* Examine the potential results of measuring the fair market value of the equity-based compensation at the grant date on financial statements under GAAP only. Provide recommendations you would make to minimize any distortions in fair market value
Week 2 Discussion 2
“Harley-Davidson(B) 2010” Please respond to the following:
* From the case study, examine the significant differences between the Harley-Davidson 2008 securitization and the 2009 securitization and the manner in which these differences are indicators of the financial health of the company. Examine the impact of the sub-prime mortgage on the securitization of Harley-Davidson.
* Analyze the debt-to-equity ratio of Harley-Davidson for 2008 and 2009, and discuss the impact these ratios had on the market value of the company. Propose at least two alternatives to additional securitization to finance current receivables, and provide a justification for each.
STRAYER ACC 499 Week 3 Assignment 1 Amazon.com Business Combinations and Financial Results Analysis (2 Papers) NEW
STRAYER ACC 499 Week 3 Assignment 1 Amazon.com Business Combinations and Financial Results Analysis (2 Papers) NEW
Check this A+ tutorial guideline at
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This Tutorial contains 2 Different Papers
ACC 499 Week 3 Assignment 1 – Amazon.com Business Combinations and Financial Results Analysis
Assignment 1: Amazon.com Business Combinations and Financial Results Analysis
Search the Internet for acquisitions and equity investments made by Amazon.com during the last five (5) years. Review the 10-K of Amazon.com located at http://www.sec.gov/cgi-bin/browse-
edgar?company=&match=&CIK=AMZN&filenum=&State
&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany.
Write a three to four (3-4) page paper in which you:
1. Examine how at least three (3) growth strategy alternatives utilized by Amazon.com in the global and domestic retail markets influenced profitability, and indicate if the strategies were successful.
2. Assess the financial value of the acquisitions and investments made by Amazon.com, and the influence of the acquisitions and investments on profitability during the accounting period.
3. Analyze the effect of the equity investments and impairments resulting from the acquisitions and investments by Amazon.com on the financial statements, and indicate whether or not the strategy was a creatable one. Provide support for your rationale.
4. Create an argument that growth in the European market can have a significant impact on current earnings and profit for Amazon.com. Provide support for your rationale.
5. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
