ACC 499 Midterm Exam Strayer New 2015

Part-1

• Question 1

4 out of 4 points

A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to

• Question 2

4 out of 4 points

Lessee leased some land and buildings from Lessor. There was no transfer of ownership and no bargain purchase option. If the fair value of the land is less than a certain percentage of the total fair value of the leased property at the inception of the lease, both the lessee and the lessor may consider the land and buildings as a single unit. What is that percentage?

• Question 3

4 out of 4 points

When a lessee makes periodic cash payments for an operating lease, which of the following accounts is increased?

• Question 4

4 out of 4 points

Which of the following is not a required disclosure by a lessee of an operating lease?

• Question 5

4 out of 4 points

Executory costs

• Question 6

4 out of 4 points

FASB’s rules concerning leases are an attempt to record in the financial statements

• Question 7

4 out of 4 points

Minimum lease payments do not include

• Question 8

4 out of 4 points

When a lessor receives cash on a sales-type lease, which of the following accounts is decreased?

• Question 9

4 out of 4 points

Depreciation expense will be recorded in the accounts of the

• Question 10

4 out of 4 points

The account Unearned Interest: Leases should be reported on the lessor’s financial statements as

• Question 11

4 out of 4 points

Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be

• Question 12

4 out of 4 points

Which of the following is not a required disclosure by a lessor of a sales-type lease?

• Question 13

4 out of 4 points

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 14

4 out of 4 points

Under the fair value method, the grant date is the date

• Question 15

4 out of 4 points

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 16

4 out of 4 points

Dividends in arrears pertain to

• Question 17

4 out of 4 points

In accounting for a stock split, a company usually

• Question 18

4 out of 4 points

A noncompensatory stock option plan is designed to

• Question 19

4 out of 4 points

The corporate form of organization is important to the U.S. economy because

• Question 20

4 out of 4 points

A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the

Answer

• Question 21

4 out of 4 points

Preferred stockholders share with common stockholders in any “extra” dividends when the preferred stock is

• Question 22

4 out of 4 points

The value assigned to stock warrants for a noncompensatory stock option plan is calculated as

• Question 23

4 out of 4 points

A preemptive right is

• Question 24

4 out of 4 points

When existing corporations issue stock, costs such as legal fees and underwriter’s fees are usually accounted for as

• Question 25

4 out of 4 points

The accounting method that is used for stock appreciation rights (SARs) compensation plans is similar to the accounting procedures that can be used for

 

PART-2

• Question 1

4 out of 4 points

Intercompany sales

• Question 2

4 out of 4 points

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

4 out of 4 points

Consolidated financial statements are typically prepared when one company has

• Question 4

4 out of 4 points

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 5

4 out of 4 points

U.S. GAAP view investments of less than 20 percent of the voting stock of another company as

• Question 6

4 out of 4 points

An intercompany transaction is a transaction between

• Question 7

4 out of 4 points

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 8

4 out of 4 points

To avoid double counting P’s investment in S, P must eliminate

• Question 9

4 out of 4 points

A minority, active investment is generally

• Question 10

4 out of 4 points

U.S. GAAP and IFRS require firms to account for business combinations using the _____ method.

• Question 11

4 out of 4 points

For which type of investments would unrealized increases and decreases be recorded directly in an owners’ equity account?

• Question 12

4 out of 4 points

Accountants sometimes refer to the equity method as a(n)

• Question 13

4 out of 4 points

Which is the primary concern over the adoption of IFRS?

• Question 14

4 out of 4 points

Which is one of the FASB/IASB convergence projects?

• Question 15

4 out of 4 points

Which of the following is not included in the income statement?

• Question 16

4 out of 4 points

What is the appropriate reason why people object to adopting the roadmap?

• Question 17

4 out of 4 points

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

4 out of 4 points

Which of the following is included in full IFRS but eliminated for SMEs’ IFRS?

• Question 19

4 out of 4 points

Which of the following are differences between U.S. GAAP and IFRS?

• Question 20

4 out of 4 points

Which is one of the key activities that will lead to a company’s successful IFRS conversion?

• Question 21

4 out of 4 points

Which are two conditions that must be met before revenue is to be recognized under IFRS?

• Question 22

4 out of 4 points

What is the major difference between how U.S GAAP and IFRS handle share-based payments?

• Question 23

4 out of 4 points

Which point supports the use of IFRS by U.S. public companies?

• Question 24

4 out of 4 points

Which one is not a characteristic of rules-based standards?

• Question 25

4 out of 4 points

When the revaluation results in an increase, a debit is made to the asset account, which account does the revaluation surplus go?

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ACC 499 Midterm Exam Strayer New 2015