ACC 499 ACC499 Week 5 Midterm 2

ACC 499 ACC499 Week 5 Midterm 2


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ACC 499 Week 5 Midterm 2

  1. 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
  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
  3. U.S. GAAP and IFRS require firms to account for business combinations using the _____ method.
  4. An intercompany transaction is a transaction between
  5. 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
  6. When preparing consolidated financial statements, the result of the elimination process generally is the
  7. Paula Company recognizes unrealized changes in the fair value of available-for-sale securities in
  8. U.S. GAAP and IFRS require firms to account for minority, active investments, using the _____ method.
  9. 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.)
  10. Dividends and interest from Minority, Passive Investments become income when the
  11. 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
  12. Minority, passive investments are initially recorded at the
  13. When the revaluation results in an increase, a debit is made to the asset account, which account does the revaluation surplus go?
  14. Which of the following does IFRS require accounting students and educators to learn?
  15. Which of the following is included in full IFRS but eliminated for SMEs’ IFRS?
  16. Which one is not a characteristic of rules-based standards?
  17. Which are two major differences between U.S. GAAP and IFRS in accounting for property, plant, and equipment (PPE)?
  18. Which of the following entities may not gain distinct advantages from adopting IFRS for SMEs?
  19. What is the appropriate reason why people object to adopting the roadmap?
  20. Which of the following is not included in the income statement?
  21. Which point supports the use of IFRS by U.S. public companies?
  22. 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
  23. What is the major difference between how U.S GAAP and IFRS handle share-based payments?
  24. Which are two conditions that must be met before revenue is to be recognized under IFRS?
  25. Which is one of the key activities that will lead to a company’s successful IFRS conversion?

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