1. ACC 499 Final Exam Part 1 (2 Sets)
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This Tutorial contains 2 Sets of Final (All Question Listed Below)
ACC 499 Final Exam Part 1 (Set 1)
ACC 499 - Final Exam Part 1 (Chapters 5-7)
Question 1
Vested benefits are
Question 2
According to current GAAP, termination benefits paid to an employee should be
Question 3
The projected benefit obligation is equal to the
Question 4
Which of the following is not a component of the net periodic pension expense to be
reported on a company's income statement?
Question 5
Unrecognized prior service cost would be reported on the balance sheet and affect
the amount(s) reported for
Question 6
If an employer were to account for a defined benefit pension plan on the cash basis,
it would be a violation of the
Question 7
GAAP for pension plans requires companies with defined benefit pension plans to
2. Question 8
A company's net periodic pension cost (expense) includes all of the following items
except
Question 9
The expense for other postretirement benefits, such as health care benefits, dental
benefits, and eye care benefits, currently is accounted for
Question 10
Spoofing is which of the following?
Question 11
A risk assessment should:
Question 12
The best way to reduce fraud in an e-business environment is to focus on _______?
Question 13
Viewing information that passes along a network communication channel is
referred to as:
Question 14
___________ are self-contained programs that spread via direct transfer, email, or
another mechanism.
Question 15
What is the primary electronic transaction and document control used in e-
commerce?
Question 16
Separation of duties falls under which of the following internal control element
Question 17
Generally, the best way to prevent fraud in e-business settings is to focus on:
Question 18
3. Phillips Corp. purchased raw materials with a catalog price of $60,000. Credit terms
of 3/15, n/60 apply. If Phillips uses the net price method, the purchase should be
recorded at
Question 19
The purchases discounts taken account may appear in the accounting records if
which one of the following methods is used to account for purchase discounts?
Question 20
The cost of goods sold can be determined only after a physical count of inventory on
hand under the
Question 21
An American company purchasing goods from a foreign supplier has to account for
differences in currencies. This process is made easier
Question 22
Which of the following items would not be used in the calculation of the cost-to-
retail ratio if the FIFO retail inventory method were used to determine the ending
inventory?
Question 23
When comparing the lower of cost to market
Question 24
The most common approach to implementing the lower of cost or market rule for
inventory valuation is to apply it
Question 25
Relevance of the gross profit margin depends upon
ACC 499 Final Exam Part 1 (Set 2)
Final Part 1 ACC 499 Capstone
Question 1
Current GAAP requires that the net gain or loss from a settlement or curtailment be
included in the
Question 2
4. Because of significant government funding of benefits to retirees, it is likely that
total pension costs are
Question 3
Vested benefits are
Question 4
The interest rate that may be used to compute the interest cost component of
pension expense is equal to the
Question 5
Current GAAP defines the required calculations for all of the following items
except
Question 6
GAAP for pension plans requires companies with defined benefit pension plans to
Question 7
The expense for other postretirement benefits, such as health care benefits, dental
benefits, and eye care benefits, currently is accounted for
Question 8
A company's net periodic pension cost (expense) includes all of the following items
except
Question 9
A pension plan provides for future retirement income based on the employee's
income and length of service with the company. This type of pension plan is termed
a
Question 10
Viewing information that passes along a network communication channel is
referred to as:
Question 11
Which is the most secure method of computer authorization?
Question 12
5. In an electronic environment, no other control can better prevent fraud than the
wise use of:
Question 13
Which of the following uses features of the human body to create secure access
controls?
Question 14
Spoofing is which of the following?
Question 15
Traditional ___ reduces the risk of falsified identity.
Question 16
Locks on the doors to the computer room, is an example of which electronic
control?
_____________________________________________________________________
________
ACC 499 Final Exam Part 2 (4 Sets)
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This Tutorial contains 4 Sets (All Question Listed Below)
ACC 499 Final Exam Part 2 (Set 1)
Question 1
A member of the AICPA must safeguard the confidentiality of client information.
Auditors, however, must disclose information to non-clients for the following
reasons except to:
Question 2
6. Independence is not required for which of the following types of services?
Question 3
In which of the following situations would a CPA not be considered independent?
Question 4
Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley's five-year-old
daughter owns shares of stock in McBurgers Corporation, then Pulley is considered
to have what type of interest in McBurgers Corporation?
Question 5
Which one of the following is an example of a conflict of interest for a CPA?
Question 6
William Tyler, CPA, may not accept a commission for recommending a product or
service to which type of client?
Question 7
The ethical framework derived from utilitarianism and rights theories indicates all
of the following steps except
Question 8
Normally the auditor is not permitted to divulge confidential information obtained
from a client. Which of the following situations would be a violation of this
requirement?
Question 9
Which of the following indicates a strong internal control environment?
Question 10
When duties cannot be segregated, the most important internal control procedure is
Question 11
The fundamental difference between internal and external auditing is that
Question 12
The importance to the accounting profession of the Sarbanes-Oxely Act is that
Question 13
7. Control activities under SAS 109/COSO include
Question 14
Control risk is
Question 15
The most cost-effective type of internal control is
Question 16
Which of the following suggests a weakness in the internal control environment?
Question 17
Tests of controls include
Question 18
Which of the following taxes are included in the total income tax expense of a
corporation reported on its Federal tax return?
Question 19
Which of the following items are not included in the financial statement income tax
note effective tax rate reconciliation?
Question 20
Paint, Inc., a domestic corporation, owns 100% of Blue, Ltd., a foreign corporation
and Yellow, Inc., a domestic corporation. Paint also owns 40% of Green, Inc., a
domestic corporation. Paint receives no distributions from any of these
corporations. Which of these entities' net income are included in Paint's income
statement for current year financial reporting purposes?
Question 21
Hot, Inc.'s primary competitor is Cold, Inc. When comparing relative deferred tax
asset and liability accounts with Cold, which of the following should Hot do?
Question 22
Music, Inc., a domestic corporation, owns 100% of Vinyl, Ltd., a foreign
corporation and Digital, Inc., a domestic corporation. Music also owns 12% of
Record, Inc., a domestic corporation. Music receives no distributions from any of
these corporations. Which of these entities' net income are included in Music's
income statement for current year financial reporting purposes?
8. Question 23
Which of the following items are not included in the income tax note for a publicly
traded company?
Question 24
Which of the following represent temporary book-tax differences?
Question 25
North, Inc., earns book net income before tax of $500,000 in 2010. In computing its
book income, North deducts $50,000 more in warranty expense for book purposes
than allowed for tax purposes. North has no other temporary or permanent
differences. Assuming the U.S. tax rate is 35% and no valuation allowance is
required, what is North's deferred income tax asset reported on its financial
statements for 2010?
ACC 499 Final Exam Part 2 (Set 2)
Final Part 2 ACC 499 Capstone
Question 1
The AICPA Principles of Professional Conduct include which of the following?
Question 2
Which one of the following is an example of a conflict of interest for a CPA?
Question 3
Which of the following represents a situation in which an auditor is independent of
the client?
Question 4
In which of the following situations would a CPA not be considered independent?
Question 5
The ethical framework derived from utilitarianism and rights theories indicates all
of the following steps except
Question 6
Which of the following is included in the AICPA Code of Professional Conduct?
Question 7
9. Normally the auditor is not permitted to divulge confidential information obtained
from a client. Which of the following situations would be a violation of this
requirement?
Question 8
A member of the AICPA must safeguard the confidentiality of client information.
Auditors, however, must disclose information to non-clients for the following
reasons except to:
Question 9
Which of the following is a preventive control?
Question 10
An accounting system that maintains an adequate audit trail is implementing which
internal control procedure?
Question 11
When duties cannot be segregated, the most important internal control procedure is
Question 12
The concept of reasonable assurance suggests that
Question 13
The most cost-effective type of internal control is
Question 14
The fundamental difference between internal and external auditing is that
Question 15
Substantive tests include
Question 16
The decision to extend credit beyond the normal credit limit is an example of
Question 17
Control risk is
Question 18
10. Which of the following represent temporary book-tax differences?
Question 19
North, Inc., earns book net income before tax of $500,000 in 2010. In computing its
book income, North deducts $50,000 more in warranty expense for book purposes
than allowed for tax purposes. North has no other temporary or permanent
differences. Assuming the U.S. tax rate is 35% and no valuation allowance is
required, what is North's deferred income tax asset reported on its financial
statements for 2010?
Question 20
How are deferred tax liabilities and assets categorized on the balance sheet?
Question 21
Hot, Inc.'s primary competitor is Cold, Inc. When comparing relative deferred tax
asset and liability accounts with Cold, which of the following should Hot do?
Question 22
Paint, Inc., a domestic corporation, owns 100% of Blue, Ltd., a foreign corporation
and Yellow, Inc., a domestic corporation. Paint also owns 40% of Green, Inc., a
domestic corporation. Paint receives no distributions from any of these
corporations. Which of these entities' net income are included in Paint's income
statement for current year financial reporting purposes?
Question 23
Nocera, Inc. earns book net income before tax of $600,000 in 2010. Nocera
acquires a depreciable asset in 2010 and first year tax depreciation exceeds book
depreciation by $120,000. Nocera has no other temporary or permanent differences.
Assuming the U.S. tax rate is 35%, what is Nocera's total income tax expense
reported on its financial statements for 2010?
Question 24
Which of the following items are not included in the income tax note for a publicly
traded company?
Question 25
Larson, Inc., hopes to report a total book tax expense of $160,000 in the current
year. This $160,000 expense consists of $240,000 in current tax expense and an
$80,000 tax benefit related to the expected future use of an NOL by Larson. If the
11. auditors determine that a valuation allowance of $30,000 must be placed against
Larson's deferred tax assets, what is Larson's total book tax expense?
ACC 499 Final Exam Part 2 (Set 3)
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