Financial Accounting

Which of the following fraud schemes might be detected through the use of a bank

Which of the following fraud schemes might be detected through the use of a bank cutoff statement? OChecks received by the cashier were not deposited and accounts receivable was n…

Which of the following fringe benefits received by an employee would be excluded

Which of the following fringe benefits received by an employee would be excluded from the employee’s gross income? 1. Employer-provided parking. 2. Dues to an athletic club paid f…

Which of the following goods is excludable but not rival in consumption? a, fire

Which of the following goods is excludable but not rival in consumption? a, fire protection in a small town b. a tornado siren c. a congested toll road d. whales in the ocean OC. …

Which of the following groups constitute a controlled group? (Any stock not list

Which of the following groups constitute a controlled group? (Any stock not listed below is held by unrelated individuals each owning less than 1% of the outstanding stock.) For b…

Which of the following in NOT interest that can be reported on schedule A Mortga

Which of the following in NOT interest that can be reported on schedule A Mortgage interest on main house Amortization points Home improvement loan interest subject to limitations…

Which of the following income items would be included in the Haig-Simons definit

Which of the following income items would be included in the Haig-Simons definition of comprehensive income: Pell Grant money to students, tuition scholarships granted to students…

Which of the following individuals is eligible to claim a Premium Tax Credit for

Which of the following individuals is eligible to claim a Premium Tax Credit for 2015, assuming their household income is 100% or more of the federal poverty line (FPL), but not m…

Which of the following investments below should be accountedfor using the cost m

Which of the following investments below should be accountedfor using the cost method? a) tempory investments in stocks b) long-term investments in stock where the investordoes no…

Which of the following investments should be classified as cash equivalents for

Which of the following investments should be classified as cash equivalents for Able Company in preparing the statement of cash flows? 1. Shares of stock in Able Company. 2. A one…

Which of the following is CORRECT regarding the tiebreaker rules for a qualifyin

Which of the following is CORRECT regarding the tiebreaker rules for a qualifying child? If neither claimant is a parent, the one who lived with the child longer has the higher ri…

Which of the following is INCORRECT in the MS Excel operation for constructing a

Which of the following is INCORRECT in the MS Excel operation for constructing a short-run production function with labor input (L)? The regression model should be a cubic functio…

Which of the following is NOT CORRECT? Answer a. If there is annual compounding,

Which of the following is NOT CORRECT? Answer a. If there is annual compounding, then the effective, periodic, and nominal rates of interest are all the same. b. An investment tha…

Which of the following is NOT a benefit of participative or grassroots budgeting

Which of the following is NOT a benefit of participative or grassroots budgeting? a The process of participative budgeting can be time-consuming. b Participative budgeting enhance…

Which of the following is NOT a circumstance indicating potential impairment of

Which of the following is NOT a circumstance indicating potential impairment of long-lived assets a Losses or projections indicating continuing losses associated with an asset use…

Which of the following is NOT a difference between financial accounting and mana

Which of the following is NOT a difference between financial accounting and managerial accounting? Financial accounting is primarily concerned with reporting the past, while manag…

Which of the following is NOT a part of investing activities? A. Borrowing money

Which of the following is NOT a part of investing activities? A. Borrowing money B. Buying a building C. Collecting on a loan receivable D. Selling off equipment Exchanging stock …

Which of the following is NOT a pressure that might lead to fraud? A. Desire to

Which of the following is NOT a pressure that might lead to fraud? A. Desire to maximize the value of stock options B. Budget pressures C. Meet financial analysts’ earnings expect…

Which of the following is NOT a reason why aggregate demand is downward sloping?

Which of the following is NOT a reason why aggregate demand is downward sloping? "As the domestic price level falls, domestic goods become more attractive to foreign buyers and fo…

Which of the following is NOT a restriction placed on audit partners by Sarbanes

Which of the following is NOT a restriction placed on audit partners by Sarbanes-Oxley? A. Limits engagement partners to a five-year term as the engagement partner B. Limits other…

Which of the following is NOT a right of stockholders Unlimited liability Vote a

Which of the following is NOT a right of stockholders Unlimited liability Vote at Stockholders meetings Buy or sell stock Receive dividends Pamela and Penelope have a partnership …

Which of the following is NOT a test for an employee business expense. The expen

Which of the following is NOT a test for an employee business expense. The expense must be paid or incurred during the employee’s taxyear The expense must be for the employee’s co…

Which of the following is NOT an element of internal controls to guarantee the e

Which of the following is NOT an element of internal controls to guarantee the existence of inventory? a- Disposals of inventory must be recorded timely b. Warehouse must be safeg…

Which of the following is NOT an exception to the penalty for failure to pay ess

Which of the following is NOT an exception to the penalty for failure to pay esstimated tax? A. The total balance due after withholding is less than $1,000, B. The total balance d…

Which of the following is NOT considered earnings management? a. “Earnings manag

Which of the following is NOT considered earnings management? a. “Earnings management” is done to project smoother earnings from year to year? b. Management emphasizes achieving l…

Which of the following is NOT considered to be an advantage of forming a corpora

Which of the following is NOT considered to be an advantage of forming a corporation? A. ability to raise more capital than a partnership or proprietorship B. government regulatio…

Which of the following is NOT true about profit maximization for a firm? A. Prof

Which of the following is NOT true about profit maximization for a firm? A. Profit maximization occurs where marginal revenue equals marginal cost. B. Profit maximization occurs w…

Which of the following is NOT true regarding the International Accounting Standa

Which of the following is NOT true regarding the International Accounting Standards Board (IASB)? a. IASB standards are gaining increasing acceptance throughout the world. b. The …

Which of the following is NOT true? The financial statement which reports inform

Which of the following is NOT true? The financial statement which reports information helpful in calculating the current ratio would be the balance sheet. A gain on the sale of la…

Which of the following is TRUE? The allowance method does not relate to bad debt

Which of the following is TRUE? The allowance method does not relate to bad debts expense. It is a method used to prepare a bank reconciliation. The allowance method requires a bu…

Which of the following is a change inestimate? 1) A change from thefull costing

Which of the following is a change inestimate? 1) A change from thefull costing method in the extractive industries. 2) A change frompercentage-of-completion to the completed cont…

Which of the following is a change inreporting entity? 1) A change to the fullco

Which of the following is a change inreporting entity? 1) A change to the fullcost method in the extractive industries. 2) Switching to thecompleted contract method. 3) A change f…

Which of the following is a characteristic of a contribution margin income state

Which of the following is a characteristic of a contribution margin income statement? Question options: Variable and fixed expenses are combined into total expenses. The amount of…

Which of the following is a characteristic of a current liability but not a long

Which of the following is a characteristic of a current liability but not a long-term liability? a. Unavoidable obligation. b. Present obligation that entails settlement by probab…

Which of the following is a characteristic of a inter-enterprise information sys

Which of the following is a characteristic of a inter-enterprise information system? a. it does not require users to have any formal training b. its problem solutions affect multi…

Which of the following is a characteristic of a job order costing system? Applie

Which of the following is a characteristic of a job order costing system? Applied overhead of a company exceeds actual overhead when the? The document used to accumulate the costs…

Which of the following is a characteristic of a partnership? a. The partnership

Which of the following is a characteristic of a partnership? a. The partnership is subject to federal income tax. b. The partners have limited liability. c. The partnership distri…

Which of the following is a characteristic of management by exception? Managemen

Which of the following is a characteristic of management by exception? Management by exception means that managers focus attention on the most significant variances and give less …

Which of the following is a common cash flow? (Points : 3) The ready money purch

Which of the following is a common cash flow? (Points : 3)        The ready money purchase price of new assets        Revenues from sales on account        Operating costs incurre…

Which of the following is a control procedure that most likely could help preven

Which of the following is a control procedure that most likely could help prevent employee payroll fraud? (Points : 2)        Salary rates resulting from new hires are approved by…

Which of the following is a correct definition of a concept related to partnersh

Which of the following is a correct definition of a concept related to partnership taxation? a. A partner’s capital sharing ratio is defined as the percent of partnership profits …

Which of the following is a criterion for a lease to be classified as a capital

Which of the following is a criterion for a lease to be classified as a capital lease in the books of a lessee? A. The lease contains a bargain purchase option. B. The lease does …

Which of the following is a criterion for classifying a lease as a capital lease

Which of the following is a criterion for classifying a lease as a capital lease by a lessee? A. The present value of the minimum lease payments is 75% or more of the fair value o…

Which of the following is a criterion for classifying a lease as a capital lease

Which of the following is a criterion for classifying a lease as a capital lease by a lessee? A. The lease term is equal to 75% or more of the estimated economic life of the lease…

Which of the following is a deficiency of using the lower of cost or market rule

Which of the following is a deficiency of using the lower of cost or market rule? Inventory valued at cost in one year and at normal profit" in determining inventory values, which…

Which of the following is a deficiency of using the lower of cost or market rule

Which of the following is a deficiency of using the lower of cost or market rule? Inventory valued at cost in one Year and at market in the next year. LCM uses a normal profit" in…

Which of the following is a difference between incentive stock options (qualifie

Which of the following is a difference between incentive stock options (qualified options) and non qualified stock options? Qualified options always provide for a bargain purchase…

Which of the following is a disadvantage of a matrix structure? A matrix structu

Which of the following is a disadvantage of a matrix structure? A matrix structure stresses that top managers must engage in both lower-level problem as well as more strategic iss…

Which of the following is a disadvantage of decentralization? A) It results in i

Which of the following is a disadvantage of decentralization? A) It results in increased customer response time. B) It allows only the top management to make decisions. C) It does…

Which of the following is a false statement regarding court cases, revenue rulin

Which of the following is a false statement regarding court cases, revenue rulings, and revenue procedures? U.S. Supreme Court decisions on federal tax matters are published in In…

Which of the following is a false statement? The Supreme Court has the authority

Which of the following is a false statement? The Supreme Court has the authority to declare a section of the Internal Revenue Code to be unconstitutional. All courts, except the U…