FIN 301 FIN301 Session 8 Online Assignment Answers - PSU

FIN 301 FIN301 Session 8 Online Assignment Answers - PSU

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FIN 301 Session 8 Online Assignment (Penn State University)

  1. A form of earnings management designed to remove peaks and valleys from a normal earnings series, including steps to reduce and "store" profits during refers to 
  2. Where do capitalized expenses go? 
  3. Which company has not had an accounting scandal? 
  4. Which of the following numbers games would make a company’s revenues look less volatile? 
  5. Which of the following is NOT one of Schilit's seven financial shenanigans? 
  6. What is the goal of companies that shift revenues to the future? 
  7. True or False: Two-thirds of misstatements of financial information are related to revenue recognition. 
  8. Enron was a commodities, energy and service corporation that mislead investors and Wall Street by keeping large amounts of debt off its balance sheet. 
  9. What is the most common reason that companies misrepresent earnings? 
  10. True or False: Companies sometimes improperly shift expenses to later periods in order to boost earnings in the current period. 
  11. Which of the following are ways to spot earnings mismanagement? 
  12. Advertising expenses are a period expense 
  13. True or False: A company should recognize revenue when it bills the customer, not when goods are actually shipped. 
  14. Which would boost income with one-time gains? 
  15. True or False: According to GAAP, companies are supposed to capitalize costs that produce a future benefit and expense those that produce no such benefit. 
  16. Which would be a red flag if you were looking for misstated earnings? 
  17. A software company may record the full value of its revenues for a three year contract as soon as the contract with the customer is signed. 
  18. Booking one time gains below the operating line is illegal. 
  19. How did Enron's fraudulent activity come to light? 
  20. True or False: 50% of CEO’s reported that they would use accounting adjustments to meet earnings expectations. 

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