Final+Exam+102709 - ACC/421 Final Exam Course Beginning...

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ACC/421 Final Exam Course Beginning 10/27/09 Instructor: Roger Beckstead Submit Excel Answer Sheet for Grading Do Not Submit This Word File Page 1
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1. Members of the Financial Accounting Standards Board are A) employed by the American Institute of Certified Public Accountants (AICPA). B) part-time employees. C) required to hold a CPA certificate. D) independent of any other organization. 2. Which of the following is not a publication of the FASB? A) Statements of Financial Accounting Concepts B) Accounting Research Bulletins C) Interpretations D) Technical Bulletins 3. According to the FASB's conceptual framework, earnings A) is the same as comprehensive income. B) excludes certain gains and losses that are included in comprehensive income. C) includes certain gains and losses that are excluded from comprehensive income. D) includes certain losses that are excluded from comprehensive income. 4. The underlying theme of the conceptual framework is A) reliability. B) understandability. C) decision usefulness. D) comparability. 5. In November and December 2007, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2008 issue. Lane included the entire $90,000 in its 2007 income tax return. What amount should Lane report in its 2007 income statement for subscriptions revenue? A) $0. B) $5,000. C) $30,000. D) $90,000. Page 2
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6. Colaw Co. pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Colaw accrues salaries expense only at its December 31 year end. Data relating to salaries earned in December 2007 are as follows: Last payroll was paid on 12/26/07, for the 2-week period ended 12/26/07. Overtime pay earned in the 2-week period ended 12/26/07 was $10,000. Remaining work days in 2007 were December 29, 30, 31, on which days there was no overtime. The recurring biweekly salaries total $180,000. Assuming a five-day work week, Colaw should record a liability at December 31, 2007 for accrued salaries of A) $54,000. B) $64,000. C) $108,000. D) $118,000. Page 3
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7. The following information is available for Ace Company for 2007: Dis bur se me nts for pur cha ses $1, 05 0,0 00 Inc rea se in tra de acc ou nts pay abl e 75, 00 0 De cre ase in me rch and ise inv ent ory 30, Page 4
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A) $1,005,000 B) $1,095,000. C) $1,155,000 D) $945,000. 8. An unearned revenue can best be described as an amount A) collected and currently matched with expenses. B) collected and not currently matched with expenses. C) not collected and currently matched with expenses. D) not collected and not currently matched with expenses. 9. When a company discontinues an operation and disposes of the discontinued operation (component), the transaction should be included in the income statement as a gain or loss on disposal reported as A) a prior period adjustment. B)
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Final+Exam+102709 - ACC/421 Final Exam Course Beginning...

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