ACC 499 Midterm Exam 100% Correct Answers

ACC 499 Midterm Exam 100% Correct Answers


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

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

Which are two major differences between U.S. GAAP and IFRS in accounting for property, plant, and equipment (PPE)?

Which of the following entities may not gain distinct advantages from adopting IFRS for SMEs?

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

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

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

What is the correct order of steps in applying the revenue recognition model?

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

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

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

The lessee’s footnote disclosures should include the future minimum rental payments as of the date of the latest balance sheet presented, in the aggregate and for a certain number of succeeding fiscal years. This number of years is

Minimum lease payments do not include

Which of the following facts would require a lessor to classify a lease as an operating lease?

A direct financing lease differs from a sales-type lease in that

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

When a lessee makes periodic cash payments for a capital lease, which of the following accounts is decreased?

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

When a lessor receives cash on an operating lease, which of the following accounts is increased?

Which of the following facts would require a lessee to classify a lease as a capital lease?

The lessor should report the Lease Receivable for a sales-type lease on its balance sheet as

A corporation that operates in Texas but is incorporated in Nevada is viewed as a

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)

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

Dividends in arrears pertain to

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

What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation?

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

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

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

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

Universities, hospitals, and churches are examples of which type of corporation?

The preference to dividends that preferred stockholders have is

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

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

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

An intercompany transaction is a transaction between

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

When preparing consolidated financial statements, the result of the elimination process generally is the

Paula Company recognizes unrealized changes in the fair value of available-for-sale securities in

U.S. GAAP and IFRS require firms to account for minority, active investments, using the _____ method.

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.)

Dividends and interest from Minority, Passive Investments become income when the

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

Minority, passive investments are initially recorded at the

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

Which of the following does IFRS require accounting students and educators to learn?