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5. A table that shows the relationship between the price of a good and the quantity
demanded of that good is called
A. a price-quantity table
B. a complementary table
C. a demand schedule
D. an equilibrium schedule
6. If policymakers increase aggregate demand, the price level
A. falls, but unemployment rises
B. and unemployment fall
C. and unemployment rise
D. rises, but unemployment falls
B. increase
C. remain unchanged
D. move toward 1
10. The specific cost of each source of long-term financing is based on ________ and
________ costs.
A. before-tax; historical
B. after-tax; historical
C. before-tax; book value
D. after-tax; current
11. At the operating break-even point, ________ equals zero.
A. sales revenue
B. fixed operating costs
C. variable operating costs
D. earnings before interest and taxes
14. Software that enables businesses and government agencies to transmit and
manipulate financial data on an organization-wide basis best describes
A. communication software
B. CAD software
C. enterprise resource planning (ERP) software
D. programming software
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15. A simple diagram that shows estimated completion times versus actual
completion times for the various activities in a systems implementation project
A. an E-R diagram
B. a PERT chart
C. a Gantt chart
D. a Data flow diagram
16. What would be the best explanation for the absence of complete information on
computer crime?
A. Abuse is handled as an internal matter
B. Hesitant disclosure of abuse due to embarrassment
C. Documentation of abuses hasn't caught up with actual abuses
D. Most computer crime is not caught
B. machine hours
C. direct material dollars
D. units of production
19. If standard costs are incorporated into the accounting system
A. it may simplify the costing of inventories and reduce clerical costs
B. it can eliminate the need for the budgeting process
C. the accounting system will produce information which is less relevant than the
historical cost accounting system
D. approval of the stockholders is required
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26. The primary purpose of the statement of cash flows is to provide information
A. about the operating, investing, and financing activities of an entity during a
period.
B. that is useful in assessing cash flow prospects.
C. about the cash receipts and cash payments of an entity during a period.
D. about the entity's ability to meet its obligations, its ability to pay dividends, and
its needs for external financing.
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27. Which of the following is considered cash?
A. Travel Advances
B. Money market checking accounts
C. Money market savings certificates
D. Postdated checks
28. A company offers a cash rebate of $1 on each $4 package of batteries sold during
2007. Historically, 10% of customers mail in the rebate form. During 2007,
6,000,000 packages of batteries are sold, and 210,000 $1 rebates are mailed to
customers. Assuming there is no beginning liability balance, what is the rebate
expense and liability, respectively, shown on the 2007 financial statements dated
December 31?
A. $600,000; $600,000
B. $600,000; $390,000
C. $390,000; $390,000
D. $210,000; $390,000
29. Which of the following is a debt security?
A. Convertible bonds
B. Certificate of deposit
C. Loans receivable
D. US treasury bill
30. The balance in Newsprint Corp.'s foreign exchange loss account was $10,000 on
December 31, 2008, before any necessary year-end adjustment relating to the
following:
(1) Newsprint had a $15,000 debit resulting from the restatement in dollars of the
accounts of its wholly owned foreign subsidiary for the year ended December 31, 2008.
(2) Newsprint had an account payable to an unrelated foreign supplier, payable in the
supplier's local currency unit (LCU) on January 15, 2009. The U.S. dollarequivalent of
the payable was $50,000 on the December 1, 2008, invoice date and $53,000 on
December 31, 2008.
In Newsprint's 2008 consolidated income statement, what amount should be included
as foreign exchange loss in computing net income, if the LCU is the functional currency
and the translation method is appropriate?
A. $28,000
B. $13,000
C. $25,000
D. $8,000
C. present value of the minimum lease payments plus the present value of any
unguaranteed residual value.
D. carrying value of the asset on the lessor's books.
33. In computations of weighted average of shares outstanding, when a stock
dividend or stock split occurs, the additional shares are
A. weighted by the number of days outstanding.
B. weighted by the number of months outstanding.
C. considered outstanding at the beginning of the year.
D. considered outstanding at the beginning of the earliest year reported.
34. Debt securities that are accounted for at amortized cost, NOT fair value, are
A. held-to-maturity debt securities.
B. trading debt securities.
C. available-for-sale debt securities.
D. never-sell debt securities.
35. Elvis Company purchases inventory for $70,000 on March 19, 2008, and sells it to
Graceland Corporation for $95,000 on May 14, 2008. Graceland still holds the
inventory on December 31, 2008, and determines that its market value
(replacement cost) is $82,000 at that time. Graceland writes the inventory down
from $95,000 to its lower market value of $82,000 at the end of the year. Elvis
owns 75% of Graceland. Based on this information, what amount of inventory
should be eliminated in the consolidation workpaper for 2008?
A. $15,000
B. $14,000
C. $12,000
D. $13,000
B. Budgetary compliance
C. Interperiod equity
D. Service efforts and accomplishments
37. Expenditures should be budgeted by character. An example of a character
classification is
A. current expenditures.
B. salaries
C. public safety.
D. police department.
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38. Which of the following funds is accounted for on the modified accrual basis of
accounting?
A. General
B. Internal service
C. Proprietary
D. Pension trust
39. Several years ago, Durham City issued $1 million in zero coupon bonds due and
payable in 2010. The bonds were sold at an amount to yield investors 6% over the
life of the bonds. During the current year, how much interest expenditures would
Durham City recognize related to these bonds?
A. Difference between the present value of the bonds at the beginning of the period
and the present value of the bonds at the end of the period
B. Face amounts of bonds times 6%
C. Book value of bonds times 6%
D. The present value of the bonds at the beginning of the period minus the present
value of the bonds at the end of the period multiplied by 6%
40. As used in governmental accounting, interperiod equity refers to a concept of
A. providing the same level of services to citizens each year.
B. measuring whether current revenues are sufficient to pay for current services.
C. levying property taxes at the same rate each year.
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REGULATION
Section 1: Ethics and Professional and Legal Responsibilities
45. What agency has the ultimate authority in defining independence for publicly
traded companies?
A. AICPA
B. SEC
C. Department of Justice
D. Congress
46. A report on internal control effectiveness by management of public companies is
required by which of the following:
A. The Sarbanes-Oxley Act of 2002
B. The PCAOB
C. The AICPA
D. Only auditors are required to report on internal control effectiveness
47. Once sufficient predication has been established, what is the first step a fraud
examiner following the fraud theory approach should take?
A. Create a hypothesis.
B. Analyze data.
C. Interview witnesses.
D. Interview the suspect.
48. Which of the following best describes the objective of a fraud examination?
A. Make recommendations to management about how to prevent fraud.
B. Determine whether financial statements are free of misstatements because of
fraud.
C. Express an opinion on the guilt or innocence of a suspect.
D. Determine whether a crime has been committed, and if so, who is responsible.
REGULATION
52. Jane and Bill are married. They purchase a house and lot as tenants by the
entirety. Then Jane is killed in a car accident. Her will leaves everything to her
sister, Ruth. What will happen to Janes interest in the property?
A. Ruth will own the property with Bill as tenants by the entirety.
B. Ruth will own the property with Bill as joint tenants.
C. Bill will be the sole owner of the property.
D. Bill will have to buy out Ruths interest in the property.
53. Which of the following is a correct statement of the requirements for a bona fide
occupational qualification?
A. Job related and cost effective
B. Job related and nondiscriminatory
C. Job related and a business necessity
D. Rationally based and evenly applied
54. Which of the following statements accurately describes the workers
compensation rules?
A. The employer can avoid liability if the injured employee was contributory
negligent.
B. The employer is liable for employment-related injuries only if negligent.
C. The employee will collect for all work-related injuries and will not need to prove
negligence on the part of the employer.
D. The employee has the choice to sue or proceed under the workers compensation
statute.
REGULATION
Section 3: Federal Tax Procedures and Accounting Issues
55. When a company holds between 20% and 50% of the outstanding stock of an
investee, which of the following statements applies?
A. The investor should always use the equity method to account for its investment.
B. The investor should use the equity method to account for its investment unless
circumstances indicate that it is unable to exercise significant influence over the
investee.
C. The investor must use the fair-value method unless it can clearly demonstrate
the ability to exercise significant influence over the investee.
D. The investor should always use the fair-value method to account for its
investment.
56. On December 31, 2008, Kean Company changed its method of accounting for
inventory from weighted-average cost method to the FIFO method. This change
caused the 2008 beginning inventory to increase by $420,000. The cumulative
effect of this accounting change to be reported for the year ended December 31,
2008, assuming a 40% tax rate, is
A. $420,000.
B. $252,000.
C. $168,000.
D. $0.
57. Which of the following serves as the highest authority for tax research, planning,
and compliance activities?
A. Internal Revenue Code
B. Income Tax Regulations
C. Revenue rulings
D. Revenue procedure
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58. The retail inventory method is based on the assumption that the
A. final inventory and the total of goods available for sale contain the same
proportion of high-cost and low-cost ratio goods.
B. ratio of gross margin to sales is approximately the same each period.
C. ratio of cost to retail changes at a constant rate.
D. proportions of markups and markdowns to selling price are the same.
59. When an item of expense is paid and recorded in advance, it is normally called
A. a prepaid expense.
B. an accrued expense.
C. an estimated expense.
D. a cash expense.
REGULATION
Section 4: Federal Taxation of Property Transactions
60. Antonio owns land held for investment with a basis of $28,000. The city of
Lafayette exercises the right of eminent domain and Antonio receives a payment
of $48,000. What is Antonio's realized gain?
A. $0
B. $20,000
C. $28,000
D. $48,000
61. In April 2009 of this year, Emma acquired a machine for $50,000 for use in her
business. The machine is classified as 7-year property. Emma elects out of bonus
depreciation and does not expense the asset under Sec. 179. Emma's depreciation
on the machine this year is
A. $5,000.
B. $7,145.
C. $10,000.
D. $50,000.
62. During the current year, a corporation sells equipment for $300,000 that it had
purchased and placed in service in 2007. The equipment cost $270,000, and
$60,000 of depreciation deductions was allowed. The results of the sale are
A. ordinary income of $90,000.
B. Sec. 1231 gain of $90,000.
C. ordinary income of $60,000 and LTCG of $30,000.
D. ordinary income of $60,000 and Sec. 1231 gain of $30,000.
63. Susie owns a ranch in Wyoming, which Pat offers to purchase. Susie is not willing
to sell the ranch but is willing to exchange the ranch for an apartment complex in
Louisiana. The complex is available for sale. Pat purchases the apartment complex
in Louisiana from Jody and transfers it to Susie in exchange for Susie's ranch. The
ranch and the complex each have a $1,000,000 fair market value. Which of the
following is true?
A. The transaction qualifies as a like-kind exchange for Pat but not for Susie.
B. The transaction qualifies as a like-kind exchange for both Pat and Susie.
C. The transaction qualifies as a like-kind exchange for Susie but not for Pat.
D. The transaction does not qualify as a like-kind exchange for either Pat or Susie.
REGULATION
Section 5: Federal Taxation Individuals
64. A married person who files a separate return can claim a personal exemption for
his or her spouse if the spouse is not the dependent of another and has
A. gross income that is less than the personal exemption.
B. adjusted gross income that is less than the personal exemption.
C. no gross income.
D. no taxable income.
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65. Ricky has rented a house from Sarah since last year. The rent is usually $800 per
month, but Sarah reduced the monthly rent down to $600 for all 12 months this
year in exchange for Ricky constructing an addition to the house. The addition has
a fair market value of $3,500. How much total rental income must Sarah report
this year?
A. $7,200
B. $9,600
C. $10,700
D. $14,200
66. Alex is a calendar-year sole proprietor. He began business on December 1 of this
year. He uses the accrual method of accounting. Alex had the following collections
in the same month: He collected $7,000 in December from clients who paid cash
for services to be performed next year. He collected $5,000 in December for
services performed during December, which he deposited in an operating account
on December 31 of this year. He collected $9,000 in December on accounts
REGULATION
Section 6: Federal Taxation-Entities
70. Which of the following best describes the weight of a revenue ruling?
A. Revenue rulings carry more weight than regulations.
B. Revenue rulings carry more weight than federal court decisions.
C. Regulations carry more weight than revenue rulings.
D. Revenue rulings should never be used as authority because they only apply to the
taxpayer requesting the ruling.
71. Which of the following statements is true?
A. A corporation's fiscal year generally ends on the last day of the month.
B. A fiscal year may end on December 31.
C. A new corporation can elect a fiscal year that runs from February 16 to February
15 of the following year.
D. A corporation's first tax year must cover a full 12-month period.
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Answers
72. One consequence of a property distribution by a corporation to a shareholder is
A. the amount of the distribution is increased by any liability assumed by the
shareholder.
B. the holding period of the distributed property includes the holding period of the
distributing corporation.
C. the shareholder's basis in the distributed property is the same as the distributing
corporation's basis.
D. any liabilities assumed by the shareholder do not reduce the shareholder's basis.
73. Joshua owns 100% of Steeler Corporation's stock. Joshua's basis in the stock is
$8,000. Steeler Corporation has E&P of $40,000. If Steeler Corporation redeems
60% of Joshua's stock for $50,000, Joshua must report dividend income of
A. $0.
B. $8,000.
C. $40,000.
D. $50,000.
74. In computing the ordinary income of a partnership, a deduction is allowed for
A.
B.
C.
D.
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questions & answers of ACC 497 Final Exam Assignment from UOP. Other topics in the
class are as follows:
ACC 497 Week 1 Complete
ACC 497 Week 1 DQ 1
ACC 497 Week 1 DQ 2
ACC 497 Week 1 DQ 3
ACC 497 Week 1 FASB Codification System Orientation Paper
ACC 497 Week 2 Case Study Assignment
ACC 497 Week 2 Complete
ACC 497 Week 2 DQ 1
ACC 497 Week 2 DQ 2
ACC 497 Week 2 DQ 3
ACC 497 Week 2 Financial Statements Paper Part 1
ACC 497 Week 3 Assignments From The Readings
ACC 497 Week 3 Assignments From the Readings (Learning Team)
ACC 497 Week 3 Case Study Assignment
ACC 497 Week 3 Complete