30 May ACC 499 Final Exam Part 1 (2 Sets) NEW
This Tutorial contains 2 Sets of Final (All Question Listed Below)
ACC 499 Final Exam Part 1 (Set 1)
ACC 499 – Final Exam Part 1 (Chapters 5-7)
Question 1
Vested benefits are
Question 2
According to current GAAP, termination benefits paid to an employee should be
Question 3
The projected benefit obligation is equal to the
Question 4
Which of the following is not a component of the net periodic pension expense to be reported on a company’s income statement?
Question 5
Unrecognized prior service cost would be reported on the balance sheet and affect the amount(s) reported for
Question 6
If an employer were to account for a defined benefit pension plan on the cash basis, it would be a violation of the
Question 7
GAAP for pension plans requires companies with defined benefit pension plans to
Question 8
A company’s net periodic pension cost (expense) includes all of the following items except
Question 9
The expense for other postretirement benefits, such as health care benefits, dental benefits, and eye care benefits, currently is accounted for
Question 10
Spoofing is which of the following?
Question 11
A risk assessment should:
Question 12
The best way to reduce fraud in an e-business environment is to focus on _______?
Question 13
Viewing information that passes along a network communication channel is referred to as:
Question 14
___________ are self-contained programs that spread via direct transfer, email, or another mechanism.
Question 15
What is the primary electronic transaction and document control used in e-commerce?
Question 16
Separation of duties falls under which of the following internal control element
Question 17
Generally, the best way to prevent fraud in e-business settings is to focus on:
Question 18
Phillips Corp. purchased raw materials with a catalog price of $60,000. Credit terms of 3/15, n/60 apply. If Phillips uses the net price method, the purchase should be recorded at
Question 19
The purchases discounts taken account may appear in the accounting records if which one of the following methods is used to account for purchase discounts?
Question 20
The cost of goods sold can be determined only after a physical count of inventory on hand under the
Question 21
An American company purchasing goods from a foreign supplier has to account for differences in currencies. This process is made easier
Question 22
Which of the following items would not be used in the calculation of the cost-to-retail ratio if the FIFO retail inventory method were used to determine the ending inventory?
Question 23
When comparing the lower of cost to market
Question 24
The most common approach to implementing the lower of cost or market rule for inventory valuation is to apply it
Question 25
Relevance of the gross profit margin depends upon
ACC 499 Final Exam Part 1 (Set 2)
Final Part 1 ACC 499 Capstone
Question 1
Current GAAP requires that the net gain or loss from a settlement or curtailment be included in the
Question 2
Because of significant government funding of benefits to retirees, it is likely that total pension costs are
Question 3
Vested benefits are
Question 4
The interest rate that may be used to compute the interest cost component of pension expense is equal to the
Question 5
Current GAAP defines the required calculations for all of the following items except
Question 6
GAAP for pension plans requires companies with defined benefit pension plans to
Question 7
The expense for other postretirement benefits, such as health care benefits, dental benefits, and eye care benefits, currently is accounted for
Question 8
A company’s net periodic pension cost (expense) includes all of the following items except
Question 9
A pension plan provides for future retirement income based on the employee’s income and length of service with the company. This type of pension plan is termed a
Question 10
Viewing information that passes along a network communication channel is referred to as:
Question 11
Which is the most secure method of computer authorization?
Question 12
In an electronic environment, no other control can better prevent fraud than the wise use of:
Question 13
Which of the following uses features of the human body to create secure access controls?
Question 14
Spoofing is which of the following?
Question 15
Traditional ___ reduces the risk of falsified identity.
Question 16
Locks on the doors to the computer room, is an example of which electronic control?
Question 17
Specific fraud risks to conducting e-business include:
Question 18
Phillips Corp. purchased raw materials with a catalog price of $60,000. Credit terms of 3/15, n/60 apply. If Phillips uses the net price method, the purchase should be recorded at
Question 19
An American company purchasing goods from a foreign supplier has to account for differences in currencies. This process is made easier
Question 20
A retail firm would normally use an inventory account titled
Question 21
IFRS do not allow the use of LIFO because it
Question 22
When comparing the lower of cost to market
Question 23
Which of the following items would not be used in the calculation of the cost-to-retail ratio if the FIFO retail inventory method were used to determine the ending inventory?
Question 24
The most common approach to implementing the lower of cost or market rule for inventory valuation is to apply it
Question 25
When applying lower of cost or market, market value
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