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ACC 401 Final Exam Part 2

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ACC 401 Final Exam Part 2 When a business becomes insolvent, it generally has three possible courses of action. Which of the following is not one of the three possible courses of action? When a bankruptcy court enters an “order for relief” it has: The duties of the trustee include: An involuntary petition filed by a firm’s creditors whereby there are twelve or more creditors must be signed by at least: The amount of a long-lived asset impairment loss is generally determined by comparing Which statement below concerning the accountability and funding of the IASC Foundation is correct? SFAS No.162, the Accounting Standards Codification, is directed to In accounting for liabilities, IFRS interprets “probable” as A transaction gain or loss is reported currently in the determination of income if the purpose of the forward contract is to: The forward exchange rate quoted for the remaining term of a forward contract is used to account for the contract when the forward contract: A discount or premium on a forward contract is deferred and included in the measurement of the related foreign currency transaction if the contract is classified as a: The discount or premium on a forward contract entered into as a hedge of an exposed asset or liability position should be: The exchange rate quoted for future delivery of foreign currency is the definition of a(n): Under the temporal method, monetary assets and liabilities are translated by using the exchange rate existing at the: The objective of remeasurement is to: Which of the following would be restated using the current exchange rate under the temporal method? Average exchange rates are used to translate certain items from foreign financial statements into U.S. dollars. Such averages are used in order to: An entity is permitted to aggregate operating segments that have similar economic characteristics under certain circumstances. Which of the following circumstances would allow aggregation of a Entity A into Segment B? Current authoritative pronouncements require the disclosure of segment information when certain criteria are met. Which of the following reflects the type of firm and type of financial statement for which this disclosure is required? An enterprise determines that it must report segment data in annual reports for the year ended December 31, 2014. Which of the following would not be an acceptable way of reporting segment information? In January 2014, Cain Company paid $200,000 in property taxes on its plant for the calendar year 2014. Also in January 2014, Cain estimated that its year-end bonuses to executives for 2014 would be $800,000. What is the amount of expenses related to these two items that should be reflected in Cain’s quarterly income statement for the three months ended June 30, 2014 (second quarter)? Pale Company has four manufacturing divisions, each of which has been determined to be a reportable segment. Common operating costs are appropriately allocated on the basis of each division’s sales in relation to Pale’s aggregate sales. Pale’s Delta division accounted for 40% of Pale’s total sales in 2014. For the year ended December 31, 2014, Delta had sales of $5,000,000 and traceable costs of $3,600,000. In 2014, Pale incurred operating costs of $350,000 that were not directly traceable to any of the divisions. In addition, Pale incurred interest expense of $360,000 in 2014. In reporting supplementary segment information, how much should be shown as Delta’s operating profit for 2014? Letterman and Conan are partners who share profits and losses 3:7. The capital accounts on January 1, 2014, are $120,000 and $160,000, respectively. Leno is to be admitted as a partner with a one-fourth interest in the capital and profits and losses by investing $80,000. Goodwill is not notto be recorded. The capital balances after admission

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