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Rensselaer Polytechnic Institute - ECON 3332
  • 17 Pages Chapter 16
    Chapter 16

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 16-PROPERTY TRANSACTIONS: CAPITAL GAINS AND LOSSES TRUE/FALSE 1. A personal automobile (i.e., one that is owned by the taxpayer and driven for personal purposes) is an example of a capital asset. ANS: T Personal use assets are examples of capital

  • 43 Pages ch04
    Ch04

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 4 Techniques for Estimating Fixed and Variable Costs True/False 1. The contribution margin statement groups costs by their function. LO1 False The contribution margin groups cost by their variability or behavior. 2. The contribution margin is the

  • 18 Pages Chapter 07
    Chapter 07

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 7-OVERVIEW OF DEDUCTIONS AND LOSSES TRUE/FALSE 1. In regard to the statutory scheme for determining deductibility, a taxpayer may deduct an expense only if it is "specifically" identified (e.g., interest) as deductible in the Code. For example, ad

  • 14 Pages Chapter 14
    Chapter 14

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 14- PROPERTY TRANSACTIONS: BASIS DETERMINATION, RECOGNITION OF GAIN OR LOSS TRUE/FALSE 1. Gain or loss is realized any time there is a sale or other disposition of property. ANS: T Gain or loss is realized, but in some cases it is not recognized.

  • 41 Pages ch09
    Ch09

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 9 COST ALLOCATIONS: THEORY AND APPLICATIONS TRUE/FALSE 1. Changing a product mix is an example of a shortterm decision. LO1 False Changing a product mix is an example of a longterm decision. 2. Capacity costs are controllable over the longterm. LO

  • 33 Pages ch14
    Ch14

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 14 JOB COSTING TRUE/FALSE 1. Typical inputs in manufacturing include materials, labor and equipment. LO1 True 2. Most production systems exhibit some characteristic of job shops or some characteristics of process shops, but not both. LO1 False Mos

  • 15 Pages Chapter 12
    Chapter 12

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 12-DEDUCTIONS FOR CERTAIN INVESTMENT EXPENSES AND LOSSES TRUE/FALSE 1. The form of organization usually used for traditional tax shelters is a C corporation. ANS: F Traditional tax shelters utilized a flow through entity, usually a limited partner

  • 57 Pages ch01
    Ch01

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 1 ACCOUNTING: INFORMATION FOR DECISION MAKING TRUE/FALSE 1. The Decision Framework applies to all businessrelated decisions, but not to personal decisions. LO1 False The fourstep process applies equally to all decisions, whether personal or busine

  • 48 Pages Chap017
    Chap017

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 17 - Auditors' Reports Chapter 17 Auditors' Reports True / False Questions 1. Audit reports should be dated the date on which the financial statements are issued. True False 2. When the auditors are unable to comply with generally accepted auditin

  • 36 Pages 21
    21

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    21 - 6 Test Bank for Intermediate Accounting, Twelfth Edition TRUE-FALSE-Conceptual 1. Leasing equipment reduces the risk of obsolescence to the lessee, and passes the risk of residual value to the lessor. 2. The FASB agrees with the capitalization approa

  • 16 Pages Chapter 10
    Chapter 10

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 10-CERTAIN BUSINESS DEDUCTIONS AND LOSSES TRUE/FALSE 1. Dr. S has done extremely well financially. Several years ago, his good friend T started a small amusement park with such attractions as a water slide and a miniature golf course. T persuaded

  • 15 Pages Chapter 09
    Chapter 09

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 9-CAPITAL RECOVERY: DEPRECIATION, AMORTIZATION AND DEPLETION TRUE/FALSE 1. All methods of depreciation permitted by the IRS prior to the 1981 introduction of ACRS provided taxpayers the opportunity to manipulate the depreciation deduction by under

  • 18 Pages Chapter 03
    Chapter 03

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 3-TAXABLE ENTITIES; TAX FORMULA; INTRODUCTION TO PROPERTY TRANSACTIONS TRUE/FALSE 1. A single taxpayer will pay the same amount of tax (or less) as a head of household when their taxable incomes are equal. ANS: F The tax for heads of households at

  • 18 Pages Chapter 13
    Chapter 13

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 13-THE ALTERNATIVE MINIMUM TAX AND TAX CREDITS TRUE/FALSE 1. The AMT applies only to individual taxpayers. ANS: F The AMT applies to all taxpayers: individuals, estates, trusts, and C corporations. Note that partnerships and S corporations are not

  • 11 Pages Chapter 17
    Chapter 17

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 17-PROPERTY TRANSACTIONS: DISPOSITIONS OF TRADE OR BUSINESS PROPERTY TRUE/FALSE 1. Both land and a building used as rental property and held for more than one year are 1231 assets. ANS: T Section 1231 assets include depreciable property and land u

  • 13 Pages Chapter 15
    Chapter 15

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 15-NONTAXABLE EXCHANGES TRUE/FALSE 1. A taxpayer is able to use 121 even if he or she temporarily rents his or her primary residence while trying to sell it. ANS: T The residence needs to be the taxpayer's principal residence for two of the five y

  • 27 Pages Chapter 06
    Chapter 06

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 6-GROSS INCOME: INCLUSIONS AND EXCLUSIONS TRUE/FALSE 1. In the calculation of gross income, income that is nontaxable in total is generally not reported on the tax return, while income that is partially taxable and partially nontaxable is generall

  • 42 Pages ch10
    Ch10

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 10 ACTIVITYBASED COSTING AND MANAGEMENT TRUE/FALSE 1. Profit margin equals a product's gross margin less the cost of capacity resources needed to support its production. LO1 False Profit margin equals a product's contribution margin less the cost

  • 32 Pages ch15
    Ch15

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 15 PROCESS COSTING TRUE/FALSE 1. Process costing systems are suitable for firms that produce customized products in small amounts. LO1 False Process costing systems are suitable for environments that involve mass production of like products. 2. Th

  • 13 Pages Chapter 02
    Chapter 02

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 2-TAX PRACTICE AND RESEARCH TRUE/FALSE 1. Once a tax law is enacted by Congress, any official interpretations of the law are by subsequent court decisions. ANS: F Court decisions, IRS regulations and rulings also interpret tax laws. PTS: 1 REF: pp

  • 46 Pages ch08
    Ch08

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 8 BUDGETARY CONTROL AND VARIANCE ANALYSIS TRUE/FALSE 1. If sales volume exceeds expectations, actual profit will always be higher than budgeted profit. LO1 False Actual profit may be lower than budgeted profit even though sales volume exceeds expe

  • 16 Pages Chapter 04
    Chapter 04

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 4-PERSONAL AND DEPENDENCY EXEMPTIONS; FILING STATUS; DETERMINATION OF TAX FOR AN INDIVIDUAL; FILING REQUIREMENTS TRUE/FALSE 1. A person who is claimed as a dependent on another person's return claims a personal exemption of zero on his or her own

  • 22 Pages Chap008
    Chap008

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 08 - Cost Chapter 8: Cost Main Concepts and Learning Objectives This chapter uses the production function analysis presented in the previous chapter to analyze cost. The chapter explains the concepts of fixed and variable costs, avoidable cost, su

  • 4 Pages Kieso13E_Ch21_Alternative_Lessor_Accounting & Solutions-21
    Kieso13E_Ch21_Alternative_Lessor_Accounting & Solutions-21

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 21 ALTERNATIVE LESSOR ACCOUNTING-GROSS PRESENTATION This alternate discussion describes the accounting by lessors, using a gross presentation. These pages can be substituted for the discussion beginning on page 1132 and continuing to the middle of

  • 16 Pages Chap009-App
    Chap009-App

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 09 - Appendix Chapter 09 Appendix True / False Questions 1. Increasing the expected misstatement for a probability-proportional-to-size sample increases the required sample size. True False 2. Probability-proportional-to-size sampling is especiall

  • 31 Pages 22
    22

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Accounting Changes and Error Analysis 22 - 5 TRUE-FALSE-Conceptual 1. A change in accounting principle is a change that occurs as the result of new information or additional experience. 2. 3. Errors in financial statements result from mathematical mistake

  • 87 Pages 17
    17

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    17 - 6 Test Bank for Intermediate Accounting, Thirteenth Edition SUMMARY OF LEARNING OBJECTIVES BY QUESTIONS (cont.) Learning Objective 13* 65. 66. 67. Note: MC MC MC 68. MC 69. Learning Objective 15* MC E = Exercise P = Problem 128. E Learning Objective

  • 51 Pages ch06
    Ch06

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 6 DECISION MAKING IN THE SHORT TERM TRUE/FALSE 1. A temporary gap between the demand and supply of available capacity results because, in the short term, businesses have a fixed supply of capacity but confront changing demand. LO1 True 2. An examp

  • 35 Pages Chap002
    Chap002

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 02 - Professional Standards Chapter 02 Professional Standards True / False Questions 1. The generally accepted auditing standards of field work include a requirement that the auditors obtain sufficient appropriate audit evidence. True False 2. The

  • 23 Pages Chapter 05
    Chapter 05

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 5-GROSS INCOME TRUE/FALSE 1. The economist's definition of income is expressed mathematically as the sum of one's consumption during a period plus the change in one's net worth between the beginning and end of the period. Consumption and the chang

  • 46 Pages ch03
    Ch03

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 3 COST FLOWS AND COST TERMINOLOGY TRUE/FALSE 1. To comply with GAAP, an income statement must separate direct and indirect costs. LO1 False To comply with GAAP, an income statement must separate product and period costs. 2. Product costs always ap

  • 53 Pages ch05
    Ch05

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 5 COST-VOLUME-PROFIT ANALYSIS TRUE/FALSE 1. Unit contribution margin equals price less unit variable cost. LO1 True 2. Contribution margin is not an appropriate measure for evaluating short-term decisions. LO1 False Contribution margin is an appro

  • 19 Pages Chap015
    Chap015

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 15 - Debt and Equity Capital Chapter 15 Debt and Equity Capital True / False Questions 1. The formal documentation creating bond indebtedness is called the indenture. True False 2. Registered bondholders receive periodic interest payments without

  • 25 Pages Chap018
    Chap018

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 18 - Integrated Audits of Public Companies Chapter 18 Integrated Audits of Public Companies True / False Questions 1. Section 404 of the Sarbanes-Oxley Act of 2002 includes internal control reporting requirements for both management and auditors.

  • 48 Pages Chap007
    Chap007

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 07 - Internal Control Chapter 07 Internal Control True / False Questions 1. Internal control is concerned with the reliability of financial information. True False 2. The Foreign Corrupt Practices Act prohibits bribes to foreign corporate official

  • 24 Pages ch13
    Ch13

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 13 STRATEGIC PLANNING AND CONTROL TRUE/FALSE 1. To build and preserve a significant market share in any competitive market, a firm must offer a unique value proposition, the key source of customer value, to its target market. LO1 True 2. Firms fol

  • 29 Pages ch12
    Ch12

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 12 PERFORMANCE EVALUATION IN DECENTRALIZED ORGANIZATIONS TRUE/FALSE 1. Decentralizing authority empowers employees at the higher levels. LO1 False Decentralizing authority empowers employees at the lower levels. 2. Ensuring smooth succession is im

  • 15 Pages Chap010
    Chap010

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 10 - Choices Involving Time Modeling Decisions: four issues Chapter 10: Choices Involving Time Main Concepts and Learning Objectives This chapter focuses on the time value of money and decisions by firms and households to shift resources between t

  • 19 Pages Chap009
    Chap009

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 09 - Profit Maximization Chapter 9: Profit Maximization Main Concepts and Learning Objectives This chapter focuses on the profit maximizing output quantity and price for a firm facing any type of demand curve. It then analyzes the special case of

  • 20 Pages Chap007
    Chap007

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 07 - Technology and Production Part III: Production Decisions Chapter 7: Technology and Production Main Concepts and Learning Objectives This chapter focuses on production. The chapter begins with analysis of short-run production functions with on

  • 27 Pages Chap006
    Chap006

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 06 - From Demand to Welfare Chapter 6: From Demand to Welfare Main Concepts and Learning Objectives This chapter focuses on the impacts of price changes on consumer decisions and consumer utility. This includes income and substitution effects of a

  • 117 Pages Chap005
    Chap005

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 05 - Constraints, Choices and Demand !Unexpected End of FormulaChapter 5: Constraints, Choices and Demand Main Concepts and Learning Objectives This chapter focuses on consumer decisions. Consumers maximize utility by considering the affordable op

  • 18 Pages Chap004
    Chap004

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 04 - Principles and Preferences Part II: Consumption Decisions Chapter 4: Principles and Preferences Main Concepts and Learning Objectives This chapter focuses on four fundamental consumer demand concepts: Decision-making, Consumer preferences, Su

  • 12 Pages Chap003
    Chap003

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 03 - Balancing Benefits and Costs Chapter 3: Balancing Benefits and Costs Main Concepts and Learning Objectives This chapter focuses on analytical skills that will be used in future chapters. These skills are useful for making decisions that maxim

  • 25 Pages Chap002
    Chap002

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 02 - Supply and Demand Chapter 2: Supply and Demand Main Concepts and Learning Objectives This chapter provides a quick review of introductory microeconomic information about shifting and moving along supply and demand curves. It builds on this in

  • 19 Pages Chap001
    Chap001

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 01 - Introduction Part I. Preliminaries Chapter 1: Introduction Main Concepts and Learning Objectives This chapter provides an overview of the purpose of this textbook: to help students develop a solid understanding of microeconomics, including bo

  • 64 Pages ch24
    Ch24

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 24-1 CHAPTER 24 24 FULL DISCLOSURE IN FULL FINANCIAL REPORTING FINANCIAL IntermediateAccounting 13thEdition Kieso,Weygandt,andWarfield Chapter 24-2 Learning Objectives Chapter 24-3 Full Disclosurein Financial Re porting Full Disclosure Principle I

  • 24 Pages Chap021
    Chap021

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 21 - Internal, Operational, and Compliance Auditing Chapter 21 Internal, Operational, and Compliance Auditing True / False Questions 1. The work of internal auditors is primarily for the benefit of management and the board of directors. True False

  • 56 Pages ch24
    Ch24

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 24 Full Disclosure in Financial Reporting ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics * 1. * 2. * 3. * 4. * 5. * 6. * 7. * 8. *9. *10. *11. *12. *13. *14. *15. *16. *17. The disclosure principle; type of disclosure. Role of notes that accomp

  • 26 Pages Chap020
    Chap020

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 20 - Additional Assurance Services: Other Information Chapter 20 Additional Assurance Services: Other Information True / False Questions 1. Assurance services improve the quality of information or its context for decision makers. True False 2. Att

  • 31 Pages ch24 12
    Ch24 12

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 24 FULL DISCLOSURE IN FINANCIAL REPORTING TRUE-FALSEConceptual Answer F T T F F T F T F T F T F T F T F T T F No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Items affected by FASB standards. SEC reporting re

  • 36 Pages Chap019
    Chap019

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 19 - Additional Assurance Services: Historical Financial Information Chapter 19 Additional Assurance Services: Historical Financial Information True / False Questions 1. An audit opinion on cash basis financial statements is an example of a specia

  • 56 Pages ch23
    Ch23

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 23-1 CHAPTER 23 23 STATEMENT OF CASH FLOWS IntermediateAccounting 13thEdition Kieso,Weygandt,andWarfield Chapter 23-2 Learning Objectives Chapter 23-3 S m nt of C Flows tate e ash Preparation of the Statement Usefulness Classification of cash flow

  • 74 Pages ch23
    Ch23

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 23 Statement of Cash Flows ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Format, objectives purpose, and source of statement. Classifying investing, financing, and operating activities. Direct vs. indirect methods of preparing operating act

  • 50 Pages ch23 12
    Ch23 12

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 23 STATEMENT OF CASH FLOWS TRUE-FALSEConceptual Answer F T T F T F T F T F T F F T F F T T F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Primary purpose of the statement of cash flows. Information provi

  • 38 Pages Chap016
    Chap016

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 16 - Auditing Operations and Completing the Audit Chapter 16 Auditing Operations and Completing the Audit True / False Questions 1. Analytical procedures are often used for verification of income statement accounts. True False 2. The Miscellaneous

  • 37 Pages ch17
    Ch17

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 17 INVESTMENTS TRUE-FALSEConceptual Answer F T F F T F T F T T F T F T F T F T F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Examples of debt securities. Definition of trading securities. Available-for-

  • 33 Pages 17a
    17a

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    De fining De rivative s Financial instruments that derive their value from values of other assets (e.g., stocks, bonds, or commodities). Three different types of derivatives: 1. Financial forwards or financial futures. 2. Options. 3. Swaps. Who Use De s r

  • 25 Pages Chap014
    Chap014

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 14 - Accounts Payable and Other Liabilities Chapter 14 Accounts Payable and Other Liabilities True / False Questions 1. Overstatement of financial results can involve failure to record a transaction. True False 2. Confirmation of accounts payable

  • 21 Pages Chap013
    Chap013

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 13 - Property, Plant, and Equipment: Depreciation and Depletion Chapter 13 Property, Plant, and Equipment: Depreciation and Depletion True / False Questions 1. The auditors' approach to the audit of property, plant and equipment largely results fr

  • 35 Pages ch22TB
    Ch22TB

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 22 ACCOUNTING CHANGES AND ERROR ANALYSIS TRUE-FALSEConceptual Answer F T F T F T T T F T F F T F T T F F T T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Change in accounting estimate. Errors in financial

  • 30 Pages Chap012
    Chap012

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 12 - Inventories and Cost of Goods Sold Chapter 12 Inventories and Cost of Goods Sold True / False Questions 1. Observation of inventories is a generally accepted auditing standard. True False 2. The receiving department should accept only goods f

  • 31 Pages ch22 12
    Ch22 12

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 22 ACCOUNTING CHANGES AND ERROR ANALYSIS TRUE-FALSEConceptual Answer F T F T F T T T F T F F T F T T F F T T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Change in accounting estimate. Errors in financial

  • 36 Pages Chap011
    Chap011

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 11 - Accounts Receivable, Notes Receivable, and Revenue Chapter 11 Accounts Receivable, Notes Receivable, and Revenue True / False Questions 1. The department approving a sales transaction should be the shipping department. True False 2. Accounts

  • 50 Pages ch20TB
    Ch20TB

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 20 ACCOUNTING FOR PENSIONS AND POSTRETIREMENT BENEFITS IFRS questions are available at the end of this chapter. TRUE-FALSE-Conceptual Answer F T F T T F F T F T F F T F T F T F F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18.

  • 35 Pages Chap010
    Chap010

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 10 - Cash and Financial Investments Chapter 10 Cash and Financial Investments True / False Questions 1. The auditors should count small petty cash funds at year-end to make sure that balance is not understated on the financial statements. True Fal

  • 47 Pages ch20 12
    Ch20 12

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 20 ACCOUNTING FOR PENSIONS AND POSTRETIREMENT BENEFITS TRUE-FALSEConceptual Answer F T F T T F F T F T F F T F T F F T F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Funded pension plan. Qualified pensio

  • 14 Pages ce_22-24
    Ce_22-24

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    COMPREHENSIVE EXAMINATION F PART 6 (Chapters 22-24) Problem F-I F-II F-III F-IV F-V Topic Multiple Choice Questions. Statement of Cash Flows. Accounting Changes, Error Corrections, and Prior Period Adjustments. *Analysis of Financial Statements. Segment R

  • 32 Pages Chap008
    Chap008

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 08 - Consideration of Internal Control in an Information Technology Environment Chapter 08 Consideration of Internal Control in an Information Technology Environment True / False Questions 1. Magnetic tape drives have the advantage of direct acces

  • 10 Pages ce_18-21 - Copy
    Ce_18-21 - Copy

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    COMPREHENSIVE EXAMINATION E PART 5 (Chapters 18-21) Problem E-I E-II E-III E-IV E-V Topic Long-Term Contracts. Installment Sales Method. Deferred Income Taxes. Pensions. Leases. Approximate Time 15 min. 20 min. 25 min. 15 min. 25 min. 100 min. E-2 Test Ba

  • 44 Pages Chap006
    Chap006

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 06 - Audit Planning, Understanding the Client, Assessing Risks, and Responding Chapter 06 Audit Planning, Understanding the Client, Assessing Risks, and Responding True / False Questions 1. Audit committees should be made up of the most qualified

  • 44 Pages Chap005
    Chap005

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 05 - Audit Evidence and Documentation Chapter 05 Audit Evidence and Documentation True / False Questions 1. The professional standards consider calculating depreciation expense a "routine" transaction. True False 2. The most reliable form of docum

  • 47 Pages 20
    20

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    20 - 6 Test Bank for Intermediate Accounting, Twelfth Edition TRUE-FALSE-Conceptual 1. A pension plan is contributory when the employer makes payments to a funding agency. 2. Qualified pension plans permit deductibility of the employer's contributions to

  • 35 Pages Chap004
    Chap004

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 04 - Legal Liability of CPAs Chapter 04 Legal Liability of CPAs True / False Questions 1. Fraud is defined as failure to use reasonable care in the performance of services. True False 2. Most of the burden of affirmative proof is on the defendant

  • 25 Pages Practice Test1-debit123
    Practice Test1-debit123

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Practice Test #1 Intermediate Accounting II Dr. Edward Nathan [1] Gleim #: 10.1.2 - Source: CPA, adapted At year end, Slim Co. held several investments with the intent of selling them in the near term. The investments consisted of $100,000, 8%, five-year

  • 34 Pages Chap003
    Chap003

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 03 - Professional Ethics Chapter 03 Professional Ethics True / False Questions 1. The Rules portion of the AICPA Code of Professional Conduct must be followed by only those members in private practice. True False 2. The AICPA Code of Professional

  • 45 Pages ch19TB
    Ch19TB

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 19 ACCOUNTING FOR INCOME TAXES IFRS questions are available at the end of this chapter. TRUE-FALSEConceptual Answer F F T T F T F T F T F T T F F T T T F F No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Taxa

  • 50 Pages ch18TB
    Ch18TB

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 18 REVENUE RECOGNITION IFRS questions are available at the end of this chapter. TRUE-FALSEConceptual Answer F T T F T F T T F F T F F T F F T T F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Recognition

  • 22 Pages Chap001
    Chap001

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 01 - The Role of the Public Accountant in the American Economy Chapter 01 The Role of the Public Accountant in the American Economy True / False Questions 1. Independent audits of today place more emphasis on sampling than did the audits of the 19

  • 75 Pages ch18
    Ch18

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 18-1 CHAPTER 18 REVENUE RECOGNITION Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield Chapter 18-2 Lea r ni ng Objecti ves 1. 2. 3. 4. 5. 6. 7. Appl y the r evenue r ecogni ti on pr i nci pl e. Descr i be accounti ng i ssues for r

  • 32 Pages Chap017
    Chap017

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 17 Auditors' Reports McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Audit Report Providing an independent and expert opinion on the fairness of financial statements through an audit is the most frequent att

  • 44 Pages ch17TB
    Ch17TB

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 17 INVESTMENTS IFRS questions are available at the end of this chapter. TRUE-FALSEConceptual Answer F T F F T F T F T T F T F T F T F T F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Examples of debt sec

  • 31 Pages Chap015
    Chap015

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 15 Debt and Equity Capital McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Source and Nature of Debt Long-term debt Substantial in amount and often extend for periods of 20 years or more Examples: Debentures

  • 44 Pages ch17TB - Copy
    Ch17TB - Copy

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 17 INVESTMENTS IFRS questions are available at the end of this chapter. TRUE-FALSEConceptual Answer F T F F T F T F T T F T F T F T F T F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Examples of debt sec

  • 31 Pages Chap014
    Chap014

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 14 Accounts Payable and Other Liabilities McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Sources of Accounts Payable Short-term obligations arising from purchase of goods and services in ordinary course of b

  • 84 Pages ch17
    Ch17

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 17-1 CHAPTER 17 INVESTMENTS Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield Chapter 17-2 Learning Objectives 1. I de ntify thethre cate s of de se e gorie bt curitie and de s scribetheaccounting and re porting tre e for atm nt e

  • 30 Pages Chap013
    Chap013

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 13 Property, Plant, and Equipment: Depreciation and Depletion McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Property, plant and equipment Tangible assets with a service life of more than one year that are

  • 52 Pages ch16TB - Copy
    Ch16TB - Copy

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 16 DILUTIVE SECURITIES AND EARNINGS PER SHARE IFRS questions are available at the end of this chapter. TRUE-FALSE-Dilutive Securities-Conceptual Answer T F T F F T F T F T F F T F T F T. F. T F No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15

  • 34 Pages Chap012
    Chap012

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 12 Inventories and Cost of Goods Sold McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. The Special Significance of Audit of Inventories The valuation of goods on hand and in process often presents complex an

  • 68 Pages ch16
    Ch16

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 16 Dilutive Securities and Earnings Per Share ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. 2. 3. Convertible debt and preferred stock. Warrants and debt. Stock options, restricted stock. Earnings Per Share (EPS)-terminology. EPS-Determinin

  • 30 Pages Chap011
    Chap011

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 11 Accounts Receivable, Notes Receivable and Revenue McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Sources of Accounts Receivable Sources Claims against customers from sale of goods Loans to officers or

  • 76 Pages ch15
    Ch15

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 15 Stockholders' Equity ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Stockholders' rights; corporate form. 2. Stockholders' equity. Questions 1, 2, 3 4, 5, 6, 16, 17, 18, 29, 30, 31 7, 10 8, 9 11, 12, 17 3, 13, 14, 15 3 7, 10, 16, 17 1, 2,

  • 35 Pages Chap010
    Chap010

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 10 Cash and Financial Investments McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Sources and Nature of Cash Sources General checking account Payroll checking accounts Petty cash Savings accounts Cash e

  • 92 Pages 19
    19

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    19 - 6 Test Bank for Intermediate Accounting, Thirteenth Edition TRUE-FALSE-Conceptual 1. 2. 3. 4. Taxable income is a tax accounting term and is also referred to as income before taxes. Pretax financial income is the amount used to compute income tax pay

  • 30 Pages Chap008
    Chap008

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 8 Consideration of Internal Control in an Information Technology Environment McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Nature of IT Based Systems Many systems have developed away from centralized system

  • 144 Pages 18
    18

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    18 - 6 Test Bank for Intermediate Accounting, Thirteenth Edition TRUE-FALSE-Conceptual 1. 2. 3. Companies should recognize revenue when it is realized and when cash is received. Revenues are realized when a company exchanges goods and services for cash or

  • 32 Pages Chap007
    Chap007

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 7 Internal Control McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Summary of Internal Control Definition A process, effected by the entity's board of directors, management, and other personnel, designed to p

  • 33 Pages Chap006
    Chap006

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 6 Audit Planning, Understanding the Client, Assessing Risks and Responding McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Obtaining Clients Submit a proposal Contact the audit committee Make fee arrangemen

  • 32 Pages Chap005
    Chap005

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 5 Audit Evidence and Documentation McGrawHill/Irwin Copyright 2010 by The McGrawHill Companies, Inc. All rights reserved. Audit Risk The possibility that the auditors may unknowingly fail to appropriately modify their opinion on financial statemen

  • 200 Pages 16
    16

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Dilutive Securities and Earnings per Share 16 - 7 TRUE-FALSE-Conceptual 1. The recording of convertible bonds at the date of issue is the same as the recording of straight debt issues. 2. 3. Companies recognize the gain or loss on retiring convertible deb

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