What is the accounting objective which best relates to the MACRS method?
a. Income Smoothing
b. Profit Maximization
c. Tax Minimization
d. None of the above
ODESK : Changing How the World Works.
Item No: 2 of 40 Time Remaining: 0:39:20
Question:
What statements are required of a Non-Profit organization?
a. statement of financial position, statement of cash flows, and statement of activity and changes in net assets
b. Bank Statements
c. Cash Flows and Income Statement
d. Changes in retained earnings, statement of cash flows, income statement
ODESK : Changing How the World Works.
Item No: 3 of 40 Time Remaining: 0:38:43
Question:
Which of the following is used by the FASB in the selection of acceptable accounting principles?
a. Conservatism
b. Matching
c. Materialism
d. Conceptual Framework
ODESK : Changing How the World Works.
Item No: 4 of 40 Time Remaining: 0:38:28
Question:
How are services donated by a CPA accounted for by a non-profit organization?
a. Dr: Expenses, Cr: Revenue
b. Dr: Revenue, Cr: Liability
c. Dr: Expenses, Cr: Assets
d. Dr: Revenue, Cr: Expenses
ODESK : Changing How the World Works.
Item No: 5 of 40 Time Remaining: 0:38:12
Question:
Which of the following is a method of accounting for the exploration costs of a mineral resource that would best attain the objective of income tax accounting?
a. Expense in total when incurred
b. Capitalize only the costs related to mineral deposits
c. Capitalize all costs associated with productive as well as non-productive mineral deposits
d. None of the above
ODESK : Changing How the World Works.
Item No: 6 of 40 Time Remaining: 0:37:58
Question:
How should a firm compensating its employees by granting them the option to purchase its shares report it?
a. Merely disclose the cost of those grants
b. Charge that cost as expense for the period during which it makes the grant
c. Choose either of the options a and b
d. Neither a nor b
ODESK : Changing How the World Works.
Item No: 7 of 40 Time Remaining: 0:37:49
Question:
For which of the following would the use of the straight-line method of amortization be acceptable?
a. Building
b. Patent
c. Goodwill
d. All of the above
ODESK : Changing How the World Works.
Item No: 8 of 40 Time Remaining: 0:37:31
Question:
What is the acronym for the organization that promotes international harmonization of accounting standards?
a. IASB
b. FASB
c. SEC
d. IRS
ODESK : Changing How the World Works.
Item No: 9 of 40 Time Remaining: 0:37:19
Question:
What is the accounting objective which best relates to the expensing the cost of employee stock options?
a. Accurate Presentation
b. Income Smoothing
c. Conservatism
d. Profit Maximization
ODESK : Changing How the World Works.
Item No: 10 of 40 Time Remaining: 0:36:56
Question:
What is the acronym for the agency authorized by the U.S. Congress to regulate, among other things, the financial reporting practices of most public corporations?
a. SEC
b. IASC
c. FASB
d. GAAP
Changing How the World Works
Item No: 11 of 40 Time Remaining: 0:36:42
Question:
What is the accounting objective which best relates to the Operating Method (accounting for leases) followed by the lessor?
a. Conservatism
b. Accurate Presentation
c. Income Smoothing
d. None of the above
ODESK : Changing How the World Works.
Item No: 12 of 40 Time Remaining: 0:36:22
Question:
What is the doctrine that the firm should account for a given set of operations so as to make reported net income as large as possible known as?
a. Conservatism
b. Quality of Earnings
c. Profit Maximization
d. Matching
ODESK : Changing How the World Works.
Item No: 13 of 40 Time Remaining: 0:36:09
Question:
Companies of what size have been impacted the most by the SOX from a cost perspective?
a. Mid-sized companies feel the impact the most
b. There is no correlation between company size and the cost of implementing the provisions of the Act
c. The larger companies as the larger the company, the more it has to pay to implement the provisions of the Act
d. The smaller companies as the cost of implementing the provisions of the Act does not decrease proportionally with the size of the company
ODESK : Changing How the World Works.
Item No: 14 of 40 Time Remaining: 0:35:59
Question:
What is the accounting objective which best relates to the double declining balance method?
a. Conservatism
b. Income Smoothing
c. Profit Maximization
d. Tax Minimization
ODESK : Changing How the World Works.
Item No: 15 of 40 Time Remaining: 0:35:48
Question:
What is the phrase which, though there is no agreement on its meaning, implies to most analysts that the quality of earnings improves with the likelihood of recurrence?
a. Quality of Financial Position
b. Quality of Earnings
c. Least and Latest Rule
d. Accurate Presentation
ODESK : Changing How the World Works.
Item No: 16 of 40 Time Remaining: 0:35:37
Question:
What change was made in regarding the penalization of the whistleblowers (people who alert the authorities about the illegal activities in a corporation) by the companies?
a. They are now themselves subject to fraud charges for uncovering the crimes
b. They are put under witness protection
c. They are offered a transfer to a new department
d. They are now protected against retaliation by the company in order to encourage employees to bring the wrong doings of the companies to light
ODESK : Changing How the World Works.
Item No: 17 of 40 Time Remaining: 0:35:27
Question:
What value should a contribution be accounted for at?
a. Historical value
b. Fair value
c. Market value
d. Value determined by auditors
ODESK : Changing How the World Works.
Item No: 18 of 40 Time Remaining: 0:35:15
Question:
What is the accounting objective which best relates to the completed contract method?
a. Income Smoothing
b. Profit Maximization
c. Tax Minimization
d. None of the above
ODESK : Changing How the World Works.
Item No: 19 of 40 Time Remaining: 0:35:04
Question:
What is the accounting objective which best relates to the weighted average inventory method?
a. Tax Minimization
b. Income Smoothing
c. Profit Maximization
d. None of the above
ODESK : Changing How the World Works.
Item No: 20 of 40 Time Remaining: 0:34:50
Question:
Which of the following is not an example of the accounting practices followed by a firm having wide flexibility in the choice of alternative methods for financial reporting?
a. Accounting for depreciation
b. Accounting for investment in common stocks
c. Accounting for inventories
d. None of the above
ODESK : Changing How the World Works.
Item No: 21 of 40 Time Remaining: 0:34:38
Question:
Which of the following must generally be used for financial reporting if it is used for income tax reporting?
a. FIFO
b. LIFO
c. NIFO
d. Installment sales method
ODESK : Changing How the World Works.
Item No: 22 of 40 Time Remaining: 0:34:27
Question:
What entry would a donor make when giving a cash donation to a charity, where the donor retains the right to revoke the contribution?
a. Dr: Cash, Cr: Refundable Advance to Charity
b. Dr: Refundable Advance to Charity, Cr: Cash
c. Dr: Expense, Cr: Cash
d. Dr: Revenue, Cr: Expense
ODESK : Changing How the World Works.
Item No: 23 of 40 Time Remaining: 0:34:16
Question:
What is the accounting objective which best relates to the expensing of R&D costs?
a. Income Smoothing
b. Accurate Reporting
c. Conservatism
d. Profit Maximization
ODESK : Changing How the World Works.
Item No: 24 of 40 Time Remaining: 0:34:05
Question:
What is the accounting objective which best relates to the capital lease by the lessee?
a. Tax Minimization
b. Profit Maximization
c. Accurate Presentation
d. None of the above
ODESK : Changing How the World Works.
Item No: 25 of 40 Time Remaining: 0:33:52
Question:
What change was made by the Act regarding the authority competent to sign the company tax returns?
a. Only the CEO now has the authority to sign the company tax returns
b. Any employee can now sign a tax return
c. Only the firm’s CPA can sign the tax returns
d. Only the person who has prepared the return can sign it
ODESK : Changing How the World Works.
Item No: 26 of 40 Time Remaining: 0:33:41
Question:
Which of the following courses of action should a firm take in order to minimize the present value of income tax payments?
a. Use the LIFO inventory method instead of FIFO durating periods of rising prices
b. Depreciate fixed assets on the straight-line method rather than the MACRS method
c. Capitalize exploration costs instead of expensing them
d. All of the above
ODESK : Changing How the World Works.
Item No: 27 of 40 Time Remaining: 0:33:29
Question:
What is the reporting objective that calls for the anticipation of all losses incurred but defers the recognition of gains or profits until they are realized in arm’s length transactions?
a. Conservatism
b. Materialism
c. Matching
d. Smoothing
ODESK : Changing How the World Works.
Item No: 28 of 40 Time Remaining: 0:33:18
Question:
What kind of organization issuing securities would NOT have to register them with the SEC?
a. A private IT firm
b. The government
c. A publicly traded book publisher
d. A firm with no revenue
ODESK : Changing How the World Works.
Item No: 29 of 40 Time Remaining: 0:33:04
Question:
What is the accounting objective which best relates to the Lower of Cost or Market Price method?
a. Accurate Presentation
b. Tax Minimization
c. Profit Maximization
d. Conservatism
ODESK : Changing How the World Works.
Item No: 30 of 40 Time Remaining: 0:32:53
Question:
Which FASB sets the requirements for accounting for Non-Profit organizations?
a. FASB SFAS 999
b. FASB SFAS 100
c. FASB SFAS 99
d. FASB SFAS 117
ODESK : Changing How the World Works.
Item No: 31 of 40 Time Remaining: 0:32:36
Question:
What are forms 10K and 10Q referred to as?
a. Periodic Filings
b. Financial Statements
c. Information Returns
d. Tax Returns
ODESK : Changing How the World Works.
Item No: 32 of 40 Time Remaining: 0:32:23
Question:
Which of the following methods is normally considered to be acceptable for financial reporting?
a. MACRS
b. Lower of cost or market price for inventories
c. Direct write off of uncollectible accounts
d. Capitalization of R&D Costs
ODESK : Changing How the World Works.
Item No: 33 of 40 Time Remaining: 0:32:05
Question:
What are the 3 types of Health Care Organizations for accounting purposes?
a. Incorporated, Limited Liability, Sole Proprietor
b. Asset based, Liability based, Expense based
c. Investor-owned, Non-Profit, Governmental
d. Private, Public, LLC
ODESK : Changing How the World Works.
Item No: 34 of 40 Time Remaining: 0:31:53
Question:
What is form 8-K?
a. Monthly filing with the SEC reporting director salaries
b. As needed filing to disclose any significant issues or changes
c. Quarterly financial reports filed with the SEC
d. Annual financial reports filed with the SEC
ODESK : Changing How the World Works.
Item No: 35 of 40 Time Remaining: 0:31:40
Question:
What is ‘paying the least amount of taxes as late as possible within the law to minimize the present value of tax payments for a given set of operations’ a description of?
a. Profit Maximization
b. Least and Latest Rule
c. Conservatism
d. Income Smoothing
ODESK : Changing How the World Works.
Item No: 36 of 40 Time Remaining: 0:31:29
Question:
For which of the following accounts would the use of ‘the lower of cost or market price’ principle be acceptable?
a. Inventory
b. Land
c. Prepaid rent
d. All of the above
ODESK : Changing How the World Works.
Item No: 37 of 40 Time Remaining: 0:31:15
Question:
What is Form 10-K?
a. Monthly filing with the SEC reporting salaries to the directors
b. As needed filing to disclose any significant issues or changes
c. Quarterly financial reports filed with the SEC
d. Annual financial reports filed with the SEC
ODESK : Changing How the World Works.
Item No: 38 of 40 Time Remaining: 0:31:03
Question:
What is the phrase with no agreement on meaning which implies to most analysts that earnings quality increase with the likelihood of recurrence?
a. Quality of financial position
b. Quality of earnings
c. Conservatism objective
d. None of the above
ODESK : Changing How the World Works.
Item No: 39 of 40 Time Remaining: 0:30:48
Question:
What factors affect the balance sheet, given the articulation of the income statement with the balance sheet and the factors that imply high or low quality of earnings?
a. Quality of Financial Position
b. Profit Maximization
c. Quality of Earnings
d. Conceptual Framework
ODESK : Changing How the World Works.
Item No: 40 of 40 Time Remaining: 0:30:31
Question:
What is the accounting objective which best relates to the percentage of sales method for uncollectible accounts?
a. Accurate Presentation
b. Tax Minimization
c. Profit Maximization
d. Conservatism
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