saint ACC540 midterm exam 2017

by | Mar 18, 2020 | Uncategorized

  

Question 1 (5 points)

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Which of the following was not a
criticism of the development of accounting standards by the Accounting
Principles Board?

Question 1 options:

Harmonization.
The accounting standards developed were dissimilar to those developed by the
International Accounting Standards Committee.

Response
time. The emerging accounting problems were not being investigated and solved
quickly enough by the part-time members.

The
independence of the members of the APB. The individuals serving on the board
had full-time responsibilities elsewhere that might influence their views of
certain issues.

The
structure of the board. The largest eight public accounting firms (at that
time) were automatically awarded one member, and there were usually five or
six other public accountants on the APB.

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Question
2 (5 points)

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Which of the following is the
professional organization of university accounting professors?

Question 2 options:

Financial
Executives Institute

American
Accounting Association

American
Institute of Certified Public Accountants

American
Institute of Accountants

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Question
3 (5 points)

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The net realizable value of
receivables is calculated as the face value of the receivables less adjustments
for:

Question 3 options:

credit
sales.

actual
uncollected amounts adjusted for purchase discounts.

estimated
uncollectible accounts.

bad
debts already written off.

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Question
4 (5 points)

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Who was the author of Accounting
Research Study No. 1, The Basic Postulates of Accounting?

Question 4 options:

Maurice
Moonitz

Thomas
Hatfield

Robert
Sprouse

Alvin
Jennings

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Question
5 (5 points)

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What is the objective of
financial reporting?

Question 5 options:

Provide
information that excludes claims to the resources

Provide
information that is useful to management in making decisions

Provide
information that clearly portrays nonfinancial transactions

Provide
information about the reporting entity that is useful to present and
potential equity investors, lenders, and other creditors

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Question
6 (5 points)

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What is the name given to the
agreement between the FASB and IASC to harmonize accounting standards?

Question 6 options:

The
Paris Accords

The
Norwalk Agreement

The
Washington DC agreement

The
London agreement

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Question
7 (5 points)

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Which of the following is not a
qualitative characteristic contained in the IASB’s Framework for the
Preparation of Financial Statements?

Question 7 options:

Understandability

Reliability

Relevance

Timeliness

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Question
8 (5 points)

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Which of the following research
approaches is attributed to DR Scott?

Question 8 options:

Inductive

Deductive

Ethical

Pragmatic

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Question
9 (5 points)

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Which of the following outcomes
of providing accounting information is an attempt to identify individual
securities that are mispriced by reviewing all available financial information?

Question 9 options:

Capital
asset pricing model

Agency
theory

Efficient
markets

Fundamental
analysis

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Question
10 (5 points)

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A trading security is measured at
fair value on the balance sheet date and reported as:

Question 10 options:

a
current asset, and changes in fair value are reported in accumulated other
comprehensive income as unrealized gains and losses.

either
a current or noncurrent asset depending on whether it meets the definition of
a current asset.

a
current asset, and changes in fair value are reported in earnings as
unrealized gains and losses.

a
current asset, and changes in fair value are reported in earnings as realized
gains and losses.

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Question
11 (50 points)

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What is goodwill?
How is the recorded value of goodwill determined?
How is goodwill written off under the provisions of SFAS No. 142 now FASB ASC
350?

Question 11 options:

  

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