Earth Sciences


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Vocab Test

Mineral, Inorganic, Crystal, Streak, Luster, Mohs hardness scale, cleavage, Fracture, Geode, Crystallization, Solution, Vein, rock-forming mineral, Granite, Basalt

2016-01-27 • 31 Cards

CIS 336 Final Exam Answers

CIS 336 Final Exam Answers http://homeworktimes.com/downloads/cis-336-final-exam-answers/ • Question 1 2 out of 2 points Joe works for a company where the IT department charges him for the number of CRM login accounts that are in his department. What type of IT funding model is his company deploying?Answer • Question 2 2 out of 2 points This project cycle plan chart looks very much like a bar chart and is easy for management to read because of its visual nature.Answer • Question 3 2 out of 2 points What is at the center of the project triangle?Answer • Question 4 2 out of 2 points This is a text message that is stored on a user’s computer by a Web server that helps trace the user’s browsing habits.Answer • Question 5 2 out of 2 points All of the following are risks associated with IS outsourcing EXCEPT:Answer • Question 6 2 out of 2 points This project cycle plan tends to be used for projects that have direct relationships between time and resources.Answer • Question 7 2 out of 2 points This is an IT governance framework that is consistent with COSO controls.Answer • Question 8 2 out of 2 points The question “What information does a person or an organization have a right or a privilege to obtain?” is part of this ethical issue.Answer • Question 9 2 out of 2 points ________________ is the process of analyzing data warehouses for “gems”.Answer • Question 10 2 out of 2 points Which normative theory of business ethics would TJX have displayed if it had informed customers as soon as the breach was corrected and told other retailers how to prevent future security breaches?Answer • Question 11 2 out of 2 points Scorecards provide a summary of information gathered over a period of time. Another common IT monitoring tool is the _____________.Answer • Question 12 2 out of 2 points The initial reason organizations outsourced IT was which one of the following?Answer • Question 13 2 out of 2 points The project triangle includes 3 sides – time, scope and ________.Answer • Question 14 2 out of 2 points Sam has just purchased 10 new high speed color laser printers for his company. He is very excited because he got a 40% discount and paid only $2,990 for each unit. His boss, Joe, wants to know things such as operating costs, support, overhead, etc. for the printers. Joe wants to know this value:Answer • Question 15 2 out of 2 points All of the following are frameworks for implementing Sarbanes-Oxley compliance EXCEPT:Answer • Question 16 2 out of 2 points An organization may convert from an old system to a new system by choosing to run both the old and new systems at the same time until the new system is fully accepted. This is known as __________.Answer • Question 17 2 out of 2 points This allows individuals to own their creativity and innovation in a way similar to owning physical property.Answer • Question 18 2 out of 2 points The newest sourcing option for today’s IT organizations is:Answer • Question 19 2 out of 2 points Which one of the following is NOT one of the four essential elements of any project?Answer • Question 20 2 out of 2 points Most companies would like to obtain the advantages derived from both centralized and decentralized organizational paradigms. What type of IT governance model would best help them to achieve this goal?Answer • Question 21 2 out of 2 points This method of IT funding is the most equitable, as the costs associated with IT are based on use. However, it can be difficult and tedious to calculate the usage costs.Answer • Question 22 2 out of 2 points If a company decides to make and develop IS, they are using this type of sourcing.Answer • Question 23 2 out of 2 points To maintain balance in a project with a fixed budget and a well-defined scope, a project team will require flexibility ________.Answer • Question 24 2 out of 2 points Kellwood, the American apparel maker, decided to consolidate and bring IT operations back in-house in order to reduce costs. Kellwood choose which of the following strategies?Answer • Question 25 2 out of 2 points In the chapter, there is the statement, “Internet companies are in business for the money and hence they really would prefer to keep their customers in the dark about how their personal data is being used to generate profits”. Assuming this statement is true, with which ethical theory would you say these Internet companies are most aligned?Answer, CIS 336 Final Exam Answers http://homeworktimes.com/downloads/cis-336-final-exam-answers/ • Question 1 2 out of 2 points Joe works for a company where the IT department charges him for the number of CRM login accounts that are in his department. What type of IT funding model is his company deploying?Answer • Question 2 2 out of 2 points This project cycle plan chart looks very much like a bar chart and is easy for management to read because of its visual nature.Answer • Question 3 2 out of 2 points What is at the center of the project triangle?Answer • Question 4 2 out of 2 points This is a text message that is stored on a user’s computer by a Web server that helps trace the user’s browsing habits.Answer • Question 5 2 out of 2 points All of the following are risks associated with IS outsourcing EXCEPT:Answer • Question 6 2 out of 2 points This project cycle plan tends to be used for projects that have direct relationships between time and resources.Answer • Question 7 2 out of 2 points This is an IT governance framework that is consistent with COSO controls.Answer • Question 8 2 out of 2 points The question “What information does a person or an organization have a right or a privilege to obtain?” is part of this ethical issue.Answer • Question 9 2 out of 2 points ________________ is the process of analyzing data warehouses for “gems”.Answer • Question 10 2 out of 2 points Which normative theory of business ethics would TJX have displayed if it had informed customers as soon as the breach was corrected and told other retailers how to prevent future security breaches?Answer • Question 11 2 out of 2 points Scorecards provide a summary of information gathered over a period of time. Another common IT monitoring tool is the _____________.Answer • Question 12 2 out of 2 points The initial reason organizations outsourced IT was which one of the following?Answer • Question 13 2 out of 2 points The project triangle includes 3 sides – time, scope and ________.Answer • Question 14 2 out of 2 points Sam has just purchased 10 new high speed color laser printers for his company. He is very excited because he got a 40% discount and paid only $2,990 for each unit. His boss, Joe, wants to know things such as operating costs, support, overhead, etc. for the printers. Joe wants to know this value:Answer • Question 15 2 out of 2 points All of the following are frameworks for implementing Sarbanes-Oxley compliance EXCEPT:Answer • Question 16 2 out of 2 points An organization may convert from an old system to a new system by choosing to run both the old and new systems at the same time until the new system is fully accepted. This is known as __________.Answer • Question 17 2 out of 2 points This allows individuals to own their creativity and innovation in a way similar to owning physical property.Answer • Question 18 2 out of 2 points The newest sourcing option for today’s IT organizations is:Answer • Question 19 2 out of 2 points Which one of the following is NOT one of the four essential elements of any project?Answer • Question 20 2 out of 2 points Most companies would like to obtain the advantages derived from both centralized and decentralized organizational paradigms. What type of IT governance model would best help them to achieve this goal?Answer • Question 21 2 out of 2 points This method of IT funding is the most equitable, as the costs associated with IT are based on use. However, it can be difficult and tedious to calculate the usage costs.Answer • Question 22 2 out of 2 points If a company decides to make and develop IS, they are using this type of sourcing.Answer • Question 23 2 out of 2 points To maintain balance in a project with a fixed budget and a well-defined scope, a project team will require flexibility ________.Answer • Question 24 2 out of 2 points Kellwood, the American apparel maker, decided to consolidate and bring IT operations back in-house in order to reduce costs. Kellwood choose which of the following strategies?Answer • Question 25 2 out of 2 points In the chapter, there is the statement, “Internet companies are in business for the money and hence they really would prefer to keep their customers in the dark about how their personal data is being used to generate profits”. Assuming this statement is true, with which ethical theory would you say these Internet companies are most aligned?Answer

2015-09-04 • 2 Cards

ASHFORD SOC 120 Week 5 Final Paper

ASHFORD SOC 120 Week 5 Final Paper http://homeworktimes.com/downloads/ashford-soc-120-week-5-final-paper/ click above Link to get this A Graded Assignment For More information visit our website : http://homeworktimes.com/ Let us know if we can assist you with any thing else today Hit us Email at : Onlineeducationalservice@gmail.com Thank you, ASHFORD SOC 120 Week 5 Final Paper http://homeworktimes.com/downloads/ashford-soc-120-week-5-final-paper/ click above Link to get this A Graded Assignment For More information visit our website : http://homeworktimes.com/ Let us know if we can assist you with any thing else today Hit us Email at : Onlineeducationalservice@gmail.com Thank you, ASHFORD SOC 120 Week 5 Final Paper http://homeworktimes.com/downloads/ashford-soc-120-week-5-final-paper/ click above Link to get this A Graded Assignment For More information visit our website : http://homeworktimes.com/ Let us know if we can assist you with any thing else today Hit us Email at : Onlineeducationalservice@gmail.com Thank you

2015-09-04 • 3 Cards

ACC 545 Final Exam Answers

ACC 545 Final Exam Answers http://homeworktimes.com/downloads/acc-545-final-exam-answers/ 1) A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a A. debit to Retained Earnings in the amount of the difference on prior years, net of tax. B. debit to Loss on Long-Term Contracts in the amount of the difference on prior years, net of tax. C. credit to Deferred Tax Liability. D. debit to Construction in Process. 2) Which of the following is accounted for as a change in accounting principle? A. A change from expensing immaterial expenditures to deferring and amortizing them as they become material B. A change from the cash basis of accounting to the accrual basis of accounting C. A change in inventory valuation from average cost to FIFO D. A change in the estimated useful life of plant assets 3) A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a A. debit to Deferred Tax Asset. B. debit to Retained Earnings in the amount of the difference on prior years. C. credit to Deferred Tax Liability. D. credit to Accumulated Depreciation. 4) Presenting consolidated financial statements this year when statements of individual companies were presented last year is A. an accounting change that should be reported by restating the financial statements of all prior periods presented. B. an accounting change that should be reported prospectively. C. NOT an accounting change. D. a correction of an error. 5) During 2008, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. The following lists include gross profit figures under both methods for the past 3 years: Completed-Contract Percentage-of-Completion 2006 $ 475,000 $ 800,000 2007 625,000 950,000 2008 700,000 1,050,000 $1,800,000 $2,800,000 Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what? A. $390,000 on the 2008 income statement B. $600,000 on the 2008 income statement C. $390,000 on the 2008 retained earnings statement D. $600,000 on the 2008 retained earnings statement 6) On January 1, 2005, Baden Co. purchased a machine, which was its only depreciable asset, for $300,000. The machine has a 5-year life, and no salvage value. Sum-of-the-years’-digits depreciation has been used for financial statement reporting and the elective straight-line method for income tax reporting. Effective January 1, 2008, for financial statement reporting, Baden decided to change to the straight-line method for depreciation of the machine. Assume that Baden can justify the change. Baden’s income before depreciation, before income taxes, and before the cumulative effect of the accounting change, if any, for the year ended December 31, 2008, is $250,000. The income tax rate for 2008, and for 2005 through 2007, is 30%. What amount should Baden report as net income for the year ended December 31, 2008? A. $91,000 B. $60,000 C. $175,000 D. $154,000 7) The deferred tax expense is the A. increase in balance of deferred tax liability minus the increase in balance of deferred tax asset. B. increase in balance of deferred tax asset minus the increase in balance of deferred tax liability. C. decrease in balance of deferred tax asset minus the increase in balance of deferred tax liability. D. increase in balance of deferred tax asset plus the increase in balance of deferred tax liability. 8) A company records an unrealized loss on short-term securities. This might result in what type of difference and in what type of deferred income tax? Type of Difference Deferred Tax Option 1 Temporary Liability Option 2 Temporary Asset Option 3 Permanent Liability Option 4 Permanent Asset A. Option 2 B. Option 1 C. Option 4 D. Option 3 9) A company uses the equity method to account for an investment. This would result in what type of difference and in what type of deferred income tax? Type of Difference Deferred Tax Option 1 Permanent Asset Option 2 Permanent Liability Option 3 Temporary Asset Option 4 Temporary Liability A. Option 2 B. Option 1 C. Option 4 D. Option 3 10) Nottingham Corporation had accounts receivable of $100,000 on January 1st The only transactions affecting accounts receivable were sales of $900,000 and cash collections of $850,000. What is the accounts receivable turnover? A. 6.6 B. 6.0 C. 9.0 D. 7.2 11) If a petty cash fund is established in the amount of $250, and contains $150 in cash and $95 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to which of the following accounts? A. Petty Cash, $100 B. Petty Cash, $75 C. Cash, $100 D. Cash, $95; Cash Over and Short, $5 12) If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, what is the correct balance in the bank account at month end? A. $28,500 B. $27,500 C. $43,500 D. $20,500 13) If a short-term obligation is excluded from current liabilities because of refinancing, the footnote to the financial statements describing this event should include all of the following information EXCEPT: A. the terms of the new obligation incurred or to be incurred. B. the number of financing institutions that refused to refinance the debt, if any. C. the terms of any equity security issued or to be issued. D. a general description of the financing arrangement. 14) Stock dividends distributable should be classified on the A. balance sheet as an asset. B. balance sheet as an item of stockholders’ equity. C. balance sheet as a liability. D. income statement as an expense. 15) Which of the following items is a current liability? A. Bonds due in 3 years B. Bonds to be refunded when due in 8 months, there being no doubt about the marketability of the refunding issue C. Bonds, for which there is an adequate appropriation of retained earnings, due in 11 months D. Bonds for which there is an adequate sinking fund properly classified as a long-term investment, due in 3 months 16) A company borrows $10,000 and signs a 90-day nontrade note payable. In preparing a statement of cash flows (indirect method), this event would be reflected as A. a cash outflow from investing activities. B. a cash inflow from financing activities. C. a cash inflow from investing activities. D. an addition adjustment to net income in the cash flows from operating activities section. 17) An increase in inventory balance would be reported in a statement of cash flows using the indirect method (reconciliation method) as A. a deduction from net income in arriving at net cash flow from operating activities. B. a cash outflow from financing activities. C. a cash outflow from investing activities. D. an addition to net income in arriving at net cash flow from operating activities. 18) The primary purpose of the statement of cash flows is to provide information A. that is useful in assessing cash flow prospects. B. about the entity’s ability to meet its obligations, its ability to pay dividends, and its needs for external financing. C. about the cash receipts and cash payments of an entity during a period. D. about the operating, investing, and financing activities of an entity during a period. 19) Eller Co. received merchandise on consignment. As of January 31, Eller included the goods in inventory, but did not record the transaction. What would be the effect of this on its financial statements for January 31? A. Net income was correct and current assets were understated. B. Net income, current assets, and retained earnings were understated. C. Net income and current assets were overstated and current liabilities were understated. D. Net income, current assets, and retained earnings were overstated. 20) Cross Co. accepted delivery of merchandise that it purchased on account. As of December 31, Cross had recorded the transaction, but did not include the merchandise in its inventory. What would be the effect of this on its financial statements for December 31? A. Net income was correct and current assets were understated. B. Net income was overstated and current assets were understated. C. Net income was understated and current liabilities were overstated. D. Net income, current assets, and retained earnings were understated. 21) The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inventory results in A. an understatement of assets and net income. B. an understatement of cost of goods sold and liabilities and an overstatement of assets. C. an overstatement of assets and net income. D. an understatement of liabilities and an overstatement of owners’ equity. 22) Fences and parking lots are reported on the balance sheet as A. land improvements. B. land. C. current assets. D. property and equipment. 23) Which of these is not a major characteristic of a plant asset? A. Acquired for use in operations B. Yields services over a number of years C. Possesses physical substance D. All of these are major characteristics of a plant asset. 24) The debit for a sales tax properly levied and paid on the purchase of machinery preferably would be a charge to A. a separate deferred charge account. B. miscellaneous tax expense, which includes all taxes other than those on income. C. the machinery account. D. accumulated depreciation—machinery. 25) On November 1, 2007, Little Company purchased 600 of the $1,000 face value, 9% bonds of Player, Incorporated, for $632,000, which includes accrued interest of $9,000. The bonds, which mature on January 1, 2012, pay interest semiannually on March 1 and September 1. Assuming that Little uses the straight-line method of amortization and that the bonds are appropriately classified as available-for-sale, what would the net carrying value of the bonds be shown as on Little’s December 31, 2007, balance sheet? A. $623,000 B. $622,080 C. $600,000 D. $632,000 26) On October 1, 2007, Lyman Co. purchased to hold to maturity, 200 of the $1,000 face value, 9% bonds for $208,000. An additional $6,000 was paid for accrued interest. Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2011. Lyman uses straight-line amortization. Ignoring income taxes, what was the amount reported in Lyman’s 2007 income statement from this investment? A. $4,020 B. $4,980 C. $4,500 D. $5,460 27) On October 1, 2007, Porter Co. purchased to hold to maturity 1,000 of the $1,000 face value, 9% bonds for $990,000 which includes $15,000 accrued interest. The bonds, which mature on February 1, 2016, pay interest semiannually on February 1 and August 1. Porter uses the straight-line method of amortization. The bonds should be reported in the December 31, 2007 balance sheet at a carrying what value? A. $975,750 B. $990,000 C. $975,000 D. $990,250 28) Although only certain leases are currently accounted for as a sale or purchase, there is theoretic justification for considering all leases to be sales or purchases. The principal reason that supports this idea is that A. at the end of the lease the property usually can be purchased by the lessee. B. a lease reflects the purchase or sale of a quantifiable right to the use of property. C. all leases are generally for the economic life of the property and the residual value of the property at the end of the lease is minimal. D. during the life of the lease the lessee can effectively treat the property as if it were owned by the lessee. 29) An essential element of a lease conveyance is that the A. lessee provides a sinking fund equal to one year’s lease payments. B. property that is the subject of the lease agreement must be held for sale by the lessor prior to the drafting of the lease agreement. C. lessor conveys less than his or her total interest in the property. D. term of the lease is substantially equal to the economic life of the leased property. 30) Which of the following is a correct statement of one of the capitalization criteria? A. The lease contains a purchase option. B. The lease transfers ownership of the property to the lessor. C. The lease term is equal to or more than 75% of the estimated economic life of the leased property. D. The minimum lease payments, excluding executory costs, equal or exceed 90% of the fair value of the leased property. 31) Discount on notes payable is charged to interest expense A. only in the year the note is issued. B. equally over the life of the note. C. using the effective-interest method. D. only in the year the note matures. 32) The generally accepted method of accounting for gains or losses from the early extinguishment of debt treats any gain or loss as A. an amount that should be considered a cash adjustment to the cost of any other debt issued over the remaining life of the old debt instrument. B. an adjustment to the cost basis of the asset obtained by the debt issue. C. an amount received or paid to obtain a new debt instrument and, as such, should be amortized over the life of the new debt. D. a difference between the reacquisition price and the net carrying amount of the debt which should be recognized in the period of redemption. 33) A corporation borrowed money from a bank to build a building. The long-term note signed by the corporation is secured by a mortgage that pledges title to the building as security for the loan. The corporation is to pay the bank $80,000 each year for 10 years to repay the loan. Which of the following relationships can you expect to apply to the situation? A. The balance of mortgage payable will remain a constant amount over the 10-year period. B. The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability. C. The amount of interest expense will decrease each period the loan is outstanding, while the portion of the annual payment applied to the loan principal will increase each period. D. The amount of interest expense will remain constant over the 10-year period. 34) Benton Company issues $10,000,000 of 10-year, 9% bonds on March 1, 2007, at 97 plus accrued interest. The bonds are dated January 1, 2007, and pay interest on June 30 and December 31. What is the total cash received on the issue date? A. $10,225,000 B. $9,700,000 C. $9,850,000 D. $9,550,000 35) Limeway Company issues $5,000,000, 6%, 5-year bonds dated January 1, 2007, on January 1, 2007. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue? 2.5% 3.0% 5.0% 6.0% Present value of a single sum for 5 periods .88385 .88261 .78353 .74726 Present value of a single sum for 10 periods .78120 .74409 .61391 .55839 Present value of an annuity for 5 periods 4.64583 4.57971 4.32948 4.21236 Present value of an annuity for 10 periods 8.75206 8.53020 7.72173 7.36009 A. $5,216,494 B. $5,000,000 C. $5,218,809 D. $5,217,308 36) A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. Using effective-interest amortization, how much interest expense will be recognized in 2007? A. $1,560,000 B. $780,000 C. $1,568,498 D. $1,568,332 37) Which of the following is not a characteristic of a defined-contribution pension plan? A. The benefits to be received by employees are defined by the terms of the plan. B. The employer’s contribution each period is based on a formula. C. The accounting for a defined-contribution plan is straightforward and uncomplicated. D. The benefit of gain or the risk of loss from the assets contributed to the pension fund are borne by the employee. 38) In accounting for a defined-benefit pension plan A. the employer’s responsibility is simply to make a contribution each year based on the formula established in the plan. B. an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised. C. the expense recognized each period is equal to the cash contribution. D. the liability is determined based upon known variables that reflect future salary levels promised to employees. 39) The interest on the projected benefit obligation component of pension expense A. reflects the rates at which pension benefits could be effectively settled. B. reflects the incremental borrowing rate of the employer. C. is the same as the expected return on plan assets. D. may be stated implicitly or explicitly when reported. 40) Windsor Company has outstanding both common stock and nonparticipating, noncumulative preferred stock. The liquidation value of the preferred is equal to its par value. The book value per share of the common stock is unaffected by A. the declaration of a stock dividend on common stock payable in common stock when the market price of the common is equal to its par value. B. a 2-for-1 split of the common stock. C. the declaration of a stock dividend on preferred payable in preferred stock when the market price of the preferred is equal to its par value. D. the payment of a previously declared cash dividend on the common stock. 41) Dividends are not paid on A. nonparticipating preferred stock. B. Dividends are paid on all of these. C. noncumulative preferred stock. D. treasury common stock. 42) Assume common stock is the only class of stock outstanding in the B-Bar-B Corporation. Total stockholders’ equity divided by the number of common stock shares outstanding is called A. par value per share. B. market value per share. C. book value per share. D. stated value per share. 43) Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the A. relevance characteristic. B. neutrality characteristic. C. economic entity assumption. D. comparability characteristic. 44) In presenting segment information, which of the following items must be reconciled to the entity’s consolidated financial statements? Operating Revenue Identifiable Profit (Loss) Assets Option 1 Yes Yes Yes Option 2 No Yes Yes Option 3 Yes No Yes Option 4 Yes Yes No A. Option 2 B. Option 4 C. Option 1 D. Option 3 45) Presenting consolidated financial statements this year when statements of individual companies were presented last year is A. an accounting change that should be reported prospectively. B. NOT an accounting change. C. a correction of an error. D. an accounting change that should be reported by restating the financial statements of all prior periods presented., ACC 545 Final Exam Answers http://homeworktimes.com/downloads/acc-545-final-exam-answers/ 1) A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a A. debit to Retained Earnings in the amount of the difference on prior years, net of tax. B. debit to Loss on Long-Term Contracts in the amount of the difference on prior years, net of tax. C. credit to Deferred Tax Liability. D. debit to Construction in Process. 2) Which of the following is accounted for as a change in accounting principle? A. A change from expensing immaterial expenditures to deferring and amortizing them as they become material B. A change from the cash basis of accounting to the accrual basis of accounting C. A change in inventory valuation from average cost to FIFO D. A change in the estimated useful life of plant assets 3) A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a A. debit to Deferred Tax Asset. B. debit to Retained Earnings in the amount of the difference on prior years. C. credit to Deferred Tax Liability. D. credit to Accumulated Depreciation. 4) Presenting consolidated financial statements this year when statements of individual companies were presented last year is A. an accounting change that should be reported by restating the financial statements of all prior periods presented. B. an accounting change that should be reported prospectively. C. NOT an accounting change. D. a correction of an error. 5) During 2008, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. The following lists include gross profit figures under both methods for the past 3 years: Completed-Contract Percentage-of-Completion 2006 $ 475,000 $ 800,000 2007 625,000 950,000 2008 700,000 1,050,000 $1,800,000 $2,800,000 Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what? A. $390,000 on the 2008 income statement B. $600,000 on the 2008 income statement C. $390,000 on the 2008 retained earnings statement D. $600,000 on the 2008 retained earnings statement 6) On January 1, 2005, Baden Co. purchased a machine, which was its only depreciable asset, for $300,000. The machine has a 5-year life, and no salvage value. Sum-of-the-years’-digits depreciation has been used for financial statement reporting and the elective straight-line method for income tax reporting. Effective January 1, 2008, for financial statement reporting, Baden decided to change to the straight-line method for depreciation of the machine. Assume that Baden can justify the change. Baden’s income before depreciation, before income taxes, and before the cumulative effect of the accounting change, if any, for the year ended December 31, 2008, is $250,000. The income tax rate for 2008, and for 2005 through 2007, is 30%. What amount should Baden report as net income for the year ended December 31, 2008? A. $91,000 B. $60,000 C. $175,000 D. $154,000 7) The deferred tax expense is the A. increase in balance of deferred tax liability minus the increase in balance of deferred tax asset. B. increase in balance of deferred tax asset minus the increase in balance of deferred tax liability. C. decrease in balance of deferred tax asset minus the increase in balance of deferred tax liability. D. increase in balance of deferred tax asset plus the increase in balance of deferred tax liability. 8) A company records an unrealized loss on short-term securities. This might result in what type of difference and in what type of deferred income tax? Type of Difference Deferred Tax Option 1 Temporary Liability Option 2 Temporary Asset Option 3 Permanent Liability Option 4 Permanent Asset A. Option 2 B. Option 1 C. Option 4 D. Option 3 9) A company uses the equity method to account for an investment. This would result in what type of difference and in what type of deferred income tax? Type of Difference Deferred Tax Option 1 Permanent Asset Option 2 Permanent Liability Option 3 Temporary Asset Option 4 Temporary Liability A. Option 2 B. Option 1 C. Option 4 D. Option 3 10) Nottingham Corporation had accounts receivable of $100,000 on January 1st The only transactions affecting accounts receivable were sales of $900,000 and cash collections of $850,000. What is the accounts receivable turnover? A. 6.6 B. 6.0 C. 9.0 D. 7.2 11) If a petty cash fund is established in the amount of $250, and contains $150 in cash and $95 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to which of the following accounts? A. Petty Cash, $100 B. Petty Cash, $75 C. Cash, $100 D. Cash, $95; Cash Over and Short, $5 12) If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, what is the correct balance in the bank account at month end? A. $28,500 B. $27,500 C. $43,500 D. $20,500 13) If a short-term obligation is excluded from current liabilities because of refinancing, the footnote to the financial statements describing this event should include all of the following information EXCEPT: A. the terms of the new obligation incurred or to be incurred. B. the number of financing institutions that refused to refinance the debt, if any. C. the terms of any equity security issued or to be issued. D. a general description of the financing arrangement. 14) Stock dividends distributable should be classified on the A. balance sheet as an asset. B. balance sheet as an item of stockholders’ equity. C. balance sheet as a liability. D. income statement as an expense. 15) Which of the following items is a current liability? A. Bonds due in 3 years B. Bonds to be refunded when due in 8 months, there being no doubt about the marketability of the refunding issue C. Bonds, for which there is an adequate appropriation of retained earnings, due in 11 months D. Bonds for which there is an adequate sinking fund properly classified as a long-term investment, due in 3 months 16) A company borrows $10,000 and signs a 90-day nontrade note payable. In preparing a statement of cash flows (indirect method), this event would be reflected as A. a cash outflow from investing activities. B. a cash inflow from financing activities. C. a cash inflow from investing activities. D. an addition adjustment to net income in the cash flows from operating activities section. 17) An increase in inventory balance would be reported in a statement of cash flows using the indirect method (reconciliation method) as A. a deduction from net income in arriving at net cash flow from operating activities. B. a cash outflow from financing activities. C. a cash outflow from investing activities. D. an addition to net income in arriving at net cash flow from operating activities. 18) The primary purpose of the statement of cash flows is to provide information A. that is useful in assessing cash flow prospects. B. about the entity’s ability to meet its obligations, its ability to pay dividends, and its needs for external financing. C. about the cash receipts and cash payments of an entity during a period. D. about the operating, investing, and financing activities of an entity during a period. 19) Eller Co. received merchandise on consignment. As of January 31, Eller included the goods in inventory, but did not record the transaction. What would be the effect of this on its financial statements for January 31? A. Net income was correct and current assets were understated. B. Net income, current assets, and retained earnings were understated. C. Net income and current assets were overstated and current liabilities were understated. D. Net income, current assets, and retained earnings were overstated. 20) Cross Co. accepted delivery of merchandise that it purchased on account. As of December 31, Cross had recorded the transaction, but did not include the merchandise in its inventory. What would be the effect of this on its financial statements for December 31? A. Net income was correct and current assets were understated. B. Net income was overstated and current assets were understated. C. Net income was understated and current liabilities were overstated. D. Net income, current assets, and retained earnings were understated. 21) The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inventory results in A. an understatement of assets and net income. B. an understatement of cost of goods sold and liabilities and an overstatement of assets. C. an overstatement of assets and net income. D. an understatement of liabilities and an overstatement of owners’ equity. 22) Fences and parking lots are reported on the balance sheet as A. land improvements. B. land. C. current assets. D. property and equipment. 23) Which of these is not a major characteristic of a plant asset? A. Acquired for use in operations B. Yields services over a number of years C. Possesses physical substance D. All of these are major characteristics of a plant asset. 24) The debit for a sales tax properly levied and paid on the purchase of machinery preferably would be a charge to A. a separate deferred charge account. B. miscellaneous tax expense, which includes all taxes other than those on income. C. the machinery account. D. accumulated depreciation—machinery. 25) On November 1, 2007, Little Company purchased 600 of the $1,000 face value, 9% bonds of Player, Incorporated, for $632,000, which includes accrued interest of $9,000. The bonds, which mature on January 1, 2012, pay interest semiannually on March 1 and September 1. Assuming that Little uses the straight-line method of amortization and that the bonds are appropriately classified as available-for-sale, what would the net carrying value of the bonds be shown as on Little’s December 31, 2007, balance sheet? A. $623,000 B. $622,080 C. $600,000 D. $632,000 26) On October 1, 2007, Lyman Co. purchased to hold to maturity, 200 of the $1,000 face value, 9% bonds for $208,000. An additional $6,000 was paid for accrued interest. Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2011. Lyman uses straight-line amortization. Ignoring income taxes, what was the amount reported in Lyman’s 2007 income statement from this investment? A. $4,020 B. $4,980 C. $4,500 D. $5,460 27) On October 1, 2007, Porter Co. purchased to hold to maturity 1,000 of the $1,000 face value, 9% bonds for $990,000 which includes $15,000 accrued interest. The bonds, which mature on February 1, 2016, pay interest semiannually on February 1 and August 1. Porter uses the straight-line method of amortization. The bonds should be reported in the December 31, 2007 balance sheet at a carrying what value? A. $975,750 B. $990,000 C. $975,000 D. $990,250 28) Although only certain leases are currently accounted for as a sale or purchase, there is theoretic justification for considering all leases to be sales or purchases. The principal reason that supports this idea is that A. at the end of the lease the property usually can be purchased by the lessee. B. a lease reflects the purchase or sale of a quantifiable right to the use of property. C. all leases are generally for the economic life of the property and the residual value of the property at the end of the lease is minimal. D. during the life of the lease the lessee can effectively treat the property as if it were owned by the lessee. 29) An essential element of a lease conveyance is that the A. lessee provides a sinking fund equal to one year’s lease payments. B. property that is the subject of the lease agreement must be held for sale by the lessor prior to the drafting of the lease agreement. C. lessor conveys less than his or her total interest in the property. D. term of the lease is substantially equal to the economic life of the leased property. 30) Which of the following is a correct statement of one of the capitalization criteria? A. The lease contains a purchase option. B. The lease transfers ownership of the property to the lessor. C. The lease term is equal to or more than 75% of the estimated economic life of the leased property. D. The minimum lease payments, excluding executory costs, equal or exceed 90% of the fair value of the leased property. 31) Discount on notes payable is charged to interest expense A. only in the year the note is issued. B. equally over the life of the note. C. using the effective-interest method. D. only in the year the note matures. 32) The generally accepted method of accounting for gains or losses from the early extinguishment of debt treats any gain or loss as A. an amount that should be considered a cash adjustment to the cost of any other debt issued over the remaining life of the old debt instrument. B. an adjustment to the cost basis of the asset obtained by the debt issue. C. an amount received or paid to obtain a new debt instrument and, as such, should be amortized over the life of the new debt. D. a difference between the reacquisition price and the net carrying amount of the debt which should be recognized in the period of redemption. 33) A corporation borrowed money from a bank to build a building. The long-term note signed by the corporation is secured by a mortgage that pledges title to the building as security for the loan. The corporation is to pay the bank $80,000 each year for 10 years to repay the loan. Which of the following relationships can you expect to apply to the situation? A. The balance of mortgage payable will remain a constant amount over the 10-year period. B. The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability. C. The amount of interest expense will decrease each period the loan is outstanding, while the portion of the annual payment applied to the loan principal will increase each period. D. The amount of interest expense will remain constant over the 10-year period. 34) Benton Company issues $10,000,000 of 10-year, 9% bonds on March 1, 2007, at 97 plus accrued interest. The bonds are dated January 1, 2007, and pay interest on June 30 and December 31. What is the total cash received on the issue date? A. $10,225,000 B. $9,700,000 C. $9,850,000 D. $9,550,000 35) Limeway Company issues $5,000,000, 6%, 5-year bonds dated January 1, 2007, on January 1, 2007. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue? 2.5% 3.0% 5.0% 6.0% Present value of a single sum for 5 periods .88385 .88261 .78353 .74726 Present value of a single sum for 10 periods .78120 .74409 .61391 .55839 Present value of an annuity for 5 periods 4.64583 4.57971 4.32948 4.21236 Present value of an annuity for 10 periods 8.75206 8.53020 7.72173 7.36009 A. $5,216,494 B. $5,000,000 C. $5,218,809 D. $5,217,308 36) A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. Using effective-interest amortization, how much interest expense will be recognized in 2007? A. $1,560,000 B. $780,000 C. $1,568,498 D. $1,568,332 37) Which of the following is not a characteristic of a defined-contribution pension plan? A. The benefits to be received by employees are defined by the terms of the plan. B. The employer’s contribution each period is based on a formula. C. The accounting for a defined-contribution plan is straightforward and uncomplicated. D. The benefit of gain or the risk of loss from the assets contributed to the pension fund are borne by the employee. 38) In accounting for a defined-benefit pension plan A. the employer’s responsibility is simply to make a contribution each year based on the formula established in the plan. B. an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised. C. the expense recognized each period is equal to the cash contribution. D. the liability is determined based upon known variables that reflect future salary levels promised to employees. 39) The interest on the projected benefit obligation component of pension expense A. reflects the rates at which pension benefits could be effectively settled. B. reflects the incremental borrowing rate of the employer. C. is the same as the expected return on plan assets. D. may be stated implicitly or explicitly when reported. 40) Windsor Company has outstanding both common stock and nonparticipating, noncumulative preferred stock. The liquidation value of the preferred is equal to its par value. The book value per share of the common stock is unaffected by A. the declaration of a stock dividend on common stock payable in common stock when the market price of the common is equal to its par value. B. a 2-for-1 split of the common stock. C. the declaration of a stock dividend on preferred payable in preferred stock when the market price of the preferred is equal to its par value. D. the payment of a previously declared cash dividend on the common stock. 41) Dividends are not paid on A. nonparticipating preferred stock. B. Dividends are paid on all of these. C. noncumulative preferred stock. D. treasury common stock. 42) Assume common stock is the only class of stock outstanding in the B-Bar-B Corporation. Total stockholders’ equity divided by the number of common stock shares outstanding is called A. par value per share. B. market value per share. C. book value per share. D. stated value per share. 43) Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the A. relevance characteristic. B. neutrality characteristic. C. economic entity assumption. D. comparability characteristic. 44) In presenting segment information, which of the following items must be reconciled to the entity’s consolidated financial statements? Operating Revenue Identifiable Profit (Loss) Assets Option 1 Yes Yes Yes Option 2 No Yes Yes Option 3 Yes No Yes Option 4 Yes Yes No A. Option 2 B. Option 4 C. Option 1 D. Option 3 45) Presenting consolidated financial statements this year when statements of individual companies were presented last year is A. an accounting change that should be reported prospectively. B. NOT an accounting change. C. a correction of an error. D. an accounting change that should be reported by restating the financial statements of all prior periods presented.

2015-09-04 • 2 Cards

motion

an object is in motion if its position changes relative to another object, a place or an object used for comparison to determine if somethings in motion, 1m= 1000mm 1m=100cm 1km=1000m

2015-08-27 • 3 Cards

4.2

The temperature at which condensation begins., Wispy,feathery clouds made of ice crystals that form at high levels., Fluffy,white clouds,usually with flat bottoms,that look like rounded piles of cotton., Clouds that form in flat layers and often cover much of the sky.

2015-01-12 • 4 Cards

Bio S1

Aminosäure, Peptidbindung, Bildung von Eiweißen (Proteinen), PCR (Ablauf), STR's, Enzyme, Substrat, Produkt, DNA, m-RNA, Basen, t-RNA, Gel-Elektrophorese, Prokaryoten, Eukaryoten

2014-12-14 • 32 Cards

Scince

2014-12-10 • 0 Cards

Invert Lab Practical 1

Nematoda Ascarsis Female, Nematoda Ascarsis Male, Cnidaria, Schyphozoa, Auerlia Ephyra, Cnidaria, Schyphozoa, Aurelia Planula, Cnidaria, Schyphosoza, Aurelia Schyphistoma, Platyhelminthes, Cestoda Proglottid, Platyhelminthes Cestoda Scolex, Porifera Desmospongea, Cnidaria, Hydrozoa, Hydroida, Hydra, Cnidaria, Hydrozoa, Hydroida, Hydra, Cnidaria, Hydrozoa, Hydroida, Hydra, Cnidaria, Hydrozoa, Hydroida, Hydra C.S., Cnidaria, Hydrozoa, Hydroida, Hydra, C.S., Cnidaria, Anthozoa, Hexacoralia, Actinaria, Metridium C.S., Cnidaria, Anthozoa, Hexacoralia, Actinaria, Metridium C.S.

2014-10-23 • 89 Cards

Boilogy Test 1

Fermentation, When something is reduced, it..., When something is oxidized, it..., An oxidizing agent..., A reducing agent..., Cellular respiration Formula

2014-10-21 • 6 Cards

Bio Exam #3

Viruses, Viroids, Prions, Prokaryotes, Protists, Algae, protozoans, plants, byrophytes, Ferns: Sporangia, Gymnosperms, Angiosperms, Fungi, animals, cambrian explosion

2014-04-10 • 26 Cards

Evolution

Evolution, Nicolas Steno (1638-1686), Carolus Linnaeus (1707-1778), Jean-Baptiste Lamarck (1774-1829), George Cuvier (1769-1832), Charles Lyell (1797-1875), Alfred Russell Wallace (1823-1913), Charles Darwin (1809-1882), Darwinism Evolution, Gregor Mendel (1822-1884), The Modern Synthesis, Theodosius Dobzhansky (1900-1975), George Gaylord Simpson (1902-1984), Ernst Mayr (1904-2005), Phylogeny

2014-03-09 • 55 Cards

biology

2014-02-23 • 0 Cards

RNR 1001- TEST 1

2014-02-03 • 0 Cards

Environmental Science

Describe the environmental benefits and problems associated with expanding nuclear energy production, Discuss the environmental advantages and drawbacks of both wind power and active solar collection systems., What is a stream hydrograph? Draw 2 hydrographs: in one, show how a stream responds to a storm in a natural setting, and in the second, show how that hydrograph would look in a highly urbanized watershed., What is groundwater?, List at least 3 examples of greenhouse gases, and describe how they impact global climate., Discuss the objectives, successes and/or failures of the Montreal Protocol and the Kyoto Protocol., Define environmental sustainability. Provide or give at least two examples of how lifestyle choices affect environmental sustainability, and explain why it is necessary to have an environmentally sustainable society., 6. How do scientists reconstruct historical climates?

2013-12-03 • 8 Cards