Acct 551 Study guides, Class notes & Summaries

Behavioral and Integrity RisksCollusion, including with Third Parties Conflicts of Interest Unethical Conduct Insider Trading and Self-Dealing Operational/Financial RisksPressure to meet Earnings Targets Poor Internal Controls Lax Data/Information Security Structure Compensation Tied to Earnings/Performance Economic Downturn Creates Pressure Subtle and nondescript clues include: pt1Numbers do not add up Revenues outside core business Important documents missing Journal entries withou...

Certified Payroll Professional Exam 120 Questions with Verified Answers Form SS-8 - CORRECT ANSWER Determination of worker status for purpose of federal employment taxes and income tax withholding. Can be filled out by the business or worker. Form W-4 - CORRECT ANSWER Employees withholding allowance certificate. Documents the amount of federal tax withholding. Form SS-4 - CORRECT ANSWER Application for employer identification number. Form 8233 - CORRECT ANSWER Exemption from withhold...

Liberty University ACCT 370 Exam 2 Complete solution Liberty University ACCT 370 Exam 2 Complete solution 100% satisfied: solutions 1. The Common Stock account is reported on the balance sheet at the: 2. The time that the performance obligation is satisfied for revenue recognition is usually: 3. When reporting a change in an accounting principle, the general rule requires that the current year’s income from continuing operations reflect: 4. Using the same accounting methods to recor...

ACCT 551 exam docs new questions with answers graded A+ Question 1. Question : (TCO C) The cost of an intangible asset includes all of the following except Question 2. Question : (TCO C) When a patent is amortized, the credit is usually made to Question 3. Question : (TCO C) Negative goodwill arises when the of the net assets acquired is higher than the purchase price of the assets. excess earnings Instructor Explanation: Chapter 12 Questi...

ACCT 551 Week 1 Quiz → Question: (TCO C) Which of the following should not be reported in the income statement? Question: (TCO C) Which of the following is often reported as an extraordinary item? Question: (TCO C) Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaq’s books as follows: Patent AA, $5,000; Patent BB, $2,000; and Patent CC, $3,000. When Alonzo acquired the patents, their fair market values were: Patent AA, $20,000; Patent...

ACCT 551 Final Exam (Version 1) Question: On August 31, Jenks Co. partially refunded $180,000 of its outstanding 10% note payable, made one year ago to Arma State Bank by paying $180,000 plus $18,000 interest, having obtained the $198,000 by using $52,400 cash and signing a new one-year $160,000 note discounted at 9% by the bank. (1) Make the entry to record the partial refunding. Assume Jenks Co. makes reversing entries when appropriate. (2) Prepare the adjusting entry at December 31, assuming ...

ACCT 551 Final Exam (Version 2) Question: (TCO C) Redstone Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000to market the process that was patented. How should these costs be accounted for in the year they are incurred? Question: (TCO D) Total payroll of Watson Co. was $920,000, of which $160,000 represented amounts paid in excess of $100,000 to certain employees. The amount paid to employees in excess of $7,000……….payroll taxes. Questio...

Exam (elaborations) Liberty University ACCT 370 Exam 2 Complete solution Liberty University ACCT 370 Exam 2 Complete solution 100% satisfied: solutions 1. The Common Stock account is reported on the balance sheet at the: 2. The time that the performance obligation is satisfied for revenue recognition is usually: 3. When reporting a change in an accounting principle, the general rule requires that the current year’s income from continuing operations reflect: 4. Using the same account...

ACCT 551 Week 6 Quiz/ACCT 551 Week 6 Quiz/ACCT 551 Week 6 Quiz

Acct 551 Midterm (2020) (TCO C) The major problem of accounting for intangibles is determining fair market value. separability. salvage value. useful life. Points Received: 5 of 5 Comments: Question 2. Question : (TCO C) Wriglee, Inc. went to court this year and successfully defended its patent from infringement by a competitor. The cost of this defense should be charged to patents, and amortized over the legal life of the patent. legal fee...