Acct i s 100 Study guides, Class notes & Summaries
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![ACCT 431 CHAPTER 2:The CPA Profession](/docpics/61fba7323552c_1537367.jpg)
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ACCT 431 CHAPTER 2:The CPA Profession
- Exam (elaborations) • 25 pages • 2022
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ACCT 431 CHAPTER 2 
 
Auditing and Assurance Services, 15e (Arens) The CPA Profession 
 
Learning Objective 2-1 
 
1)	The legal right to perform audits is granted to a CPA firm by regulation of: 
A)	each state. 
B)	the Financial Accounting Standards Board (FASB). 
C)	the American Institute of Certified Public Accountants (AICPA). 
D)	the Audit Standards Board. Answer: A 
Terms: Legal rights to perform audits Diff: Moderate 
Objective: LO 2-1 
AACSB: Reflective thinking skills 
 
2)	The four cat...
![ACCT 431 CHAPTER 2:The CPA Profession](/docpics/61fba72c1ce0f_1537364.jpg)
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ACCT 431 CHAPTER 2:The CPA Profession
- Exam (elaborations) • 25 pages • 2022
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ACCT 431 CHAPTER 2 
 
Auditing and Assurance Services, 15e (Arens) The CPA Profession 
 
Learning Objective 2-1 
 
1)	The legal right to perform audits is granted to a CPA firm by regulation of: 
A)	each state. 
B)	the Financial Accounting Standards Board (FASB). 
C)	the American Institute of Certified Public Accountants (AICPA). 
D)	the Audit Standards Board. Answer: A 
Terms: Legal rights to perform audits Diff: Moderate 
Objective: LO 2-1 
AACSB: Reflective thinking skills 
 
2)	The four cat...
![Chapter 5--Accounting Syste.docx](/docpics/5f9c4389bcaf8_868855.jpg)
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Chapter 5--Accounting Syste.docx
- Exam (elaborations) • 50 pages • 2020
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Chapter 5--Accounting Systems
Student: ___________________________________________________________________________
1. Businesses must implement controls to help guide the behavior of their employees toward business objectives. 
True False
 
2. The methods or procedures used to record and report financial data are called the accounting system. 
True False
 
3. Systems analysis is the final phase in the creation or revision of an accounting system. 
True False
 
4. Processing methods are ...
![Exam (elaborations) Liberty University ACCT 370 Exam 2 Complete solution](/docpics/617874c6b4fce_1357184.jpg)
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Exam (elaborations) Liberty University ACCT 370 Exam 2 Complete solution
- Exam (elaborations) • 310 pages • 2021
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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 201A Exam II Review test solution docs](/docpics/5fb8490c1cd28_890489.jpg)
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ACCT 201A Exam II Review test solution docs
- Exam (elaborations) • 39 pages • 2020
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ACCT 201A Exam II Review test solution docs 
 
Ch. 5 
	1.	A generally accepted method of valuation is 
1.	trading securities at market value. 
2.	accounts receivable at net realizable value. 
3. 	inventories at current cost. 
a.	1 
b.	2 
c.	3 
d.	1 and 2 
 
	2.	Fulton Company owns the following investments: 
Trading securities (fair value)	$160,000 
Available-for-sale securities (fair value)	70,000 
Held-to-maturity securities (amortized cost)	94,000 
Fulton will report investments in its curre...
![Chapter 1--Introduction to.docx](/docpics/5f9c45a438d2b_868864.jpg)
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Chapter 1--Introduction to.docx
- Exam (elaborations) • 56 pages • 2020
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Chapter 1--Introduction to Accounting and Business
Student: ___________________________________________________________________________
1. The main objective of a not-for-profit business is not to make a profit. 
True False
 
2. An example of an external user of accounting information is the federal government. 
True False
 
3. A corporation is a business that is legally separate and distinct from its owners. 
True False
 
4. About 90% of the businesses in the United States are organiz...
![Exam (elaborations) Liberty University ACCT 370 Exam 3 Complete solution](/docpics/618230676122e_1369097.jpg)
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Exam (elaborations) Liberty University ACCT 370 Exam 3 Complete solution
- Exam (elaborations) • 334 pages • 2021
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Liberty University ACCT 370 Exam 3 Complete solution 
Liberty University ACCT 370 Exam 3 Complete solution 
100% satisfied: 

solutions 
1. Under IFRS, deferred taxes: 
2. Which of the following items used for resolving intra-firm comparisons 
is not generally disclosed? 
3. Which of the following does not properly describe the presentation by the lessor 
under ASC 842? 
4. Which of the following statements is correct with respect to the use of fair value 
accounting for liabilities under IFRS?...
![ACCT 505 WEEK 4 MIDTERM EXAM ANSWERS](/docpics/60bfbb2a8daff_1153544.jpg)
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ACCT 505 WEEK 4 MIDTERM EXAM ANSWERS
- Exam (elaborations) • 8 pages • 2021
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ACCT 505 WEEK 4 MIDTERM EXAM 
ANSWERS 
1. Question : (TCO A) Wages paid to an assembly line worker in a factory are a 
: 
Prime Cost YES.....Conversion Cost NO. 
Prime Cost YES.....Conversion Cost YES. 
Prime Cost NO....Conversion Cost NO. 
Prime Cost NO.....Conversion Cost YES. 
: Chapter 2 
2. Question : (TCO A) A cost incurred in the past that is not relevant to any current 
decision is classified as a(n) 
: 
period cost. 
incremental cost. 
opportunity cost. 
None of the above 
: Chapte...
![ACCT 505 WEEK 8: FINAL EXAM GUIDE](/docpics/60bfb3ac45fe1_1153477.jpg)
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ACCT 505 WEEK 8: FINAL EXAM GUIDE
- Exam (elaborations) • 11 pages • 2021
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ACCT 505 WEEK 8: FINAL EXAM GUIDE 
ACCT 505 WEEK 8: FINAL EXAM GUIDE 
1. (TCO E) Complying with regulations is a(n) (Points : 5) 
 batch-level activity. 
 product-level activity. 
 unit-level activity. 
 organization sustaining activity. 
2. (TCO G) Given the following data, what would ROI be? 
Sales $90,000 
Net operating income $18,000 
Contribution margin $40,000 
Average operating assets $100,000 
Stockholder's equity $250,000 
(Points : 5) 
 7.2% 
 20.0% 
 18.0% 
 44.4% 
Page 2 
1. (TCO C)...
![ACCT 505 FINAL EXAM GUIDE (NEW) SET 3](/docpics/60bfb5124c2ae_1153500.jpg)
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ACCT 505 FINAL EXAM GUIDE (NEW) SET 3
- Exam (elaborations) • 8 pages • 2021
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ACCT 505 FINAL EXAM GUIDE 
(NEW) SET 3 
(TCO E) Preparing purchase orders is a(n) (Points : 5) 
 batch-level activity. 
 product-level activity. 
 unit-level activity. 
 organization sustaining activity. 
2. (TCO G) Given the following data, what would ROI be? 
Sales $70,000 
Net operating income $10,000 
Contribution margin $20,000 
Average operating assets $50,000 
Stockholder's equity $25,000 
(Points : 5) 
 28.6% 
 20.0% 
 40.0% 
 50.0% 
3. (TCO C) Heckaman Corporation produces an...
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