MAC 7100 WEEK 7 FINAL EXAM Week 7 Final Exam â€¢ Question 1 “Which of the following refers to accounting information that is used by investors, creditors, and other outside parties for analyzing management performance and decision-making?” â€¢ Question 2 Which of the following statements regarding behavioral research in accounting is not true? â€¢ Question 3 FASB lost a significant amount of independence from the SEC due to Sarbanes-Oxley’s passage. â€¢ Question 4 The SEC requires disclose of both retrospective and prospective information in the Management’s Discussion and Analysis section of the annual report. â€¢ Question 5 Which of the following applies to the measurement and recognition of an asset? â€¢ Question 6 “Which of the following best describes “”comprehensive income””?” â€¢ Question 7 Which of the following best describes when revenues are generally recognized? â€¢ Question 8 Most accountants believe that the method of cost allocation used is nothing more than an arbitrary decision. â€¢ Question 9 Predicting future legal changes that have not yet been enacted should be a major consideration in the recognition of future events. â€¢ Question 10 Which of the following is not considered one of the three broad categories of accounting changes? â€¢ Question 11 The direct method requires a schedule reconciling net operating cash flow with net income. â€¢ Question 12 Which of the following is not a function of financial statements as stated in the text? â€¢ Question 13 Most firms elected to define funds in the statement of changes in financial position as: â€¢ Question 14 Which of the following is a true statement? â€¢ Question 15 The income tax law established which of the following as a basis for taxation? â€¢ Question 16 Tax allocation is made necessary by the permanent differences in financial statement income and tax income. â€¢ Question 17 Amounts recognized as revenue on the financial statements but not yet included in tax income generate deferred tax assets. â€¢ Question 18 International Accounting Standards use deferred tax assets and liabilities for recognizing temporary differences. â€¢ Question 19 Which of the following is a true statement regarding deferred taxes under APB No. 11? â€¢ Question 20 Accounting for defined contribution plans is more complex than accounting for defined benefit plans. â€¢ Question 21 Which of the following is not a characteristic of a defined contribution plan? â€¢ Question 22 Vesting refers to a qualifying period of pension plan membership that must be met before contributions are made by the employer. â€¢ Question 23 Which of the following is not a characteristic of a defined benefit plan? â€¢ Question 24 Actuaries are often consulted to determine annual contribution levels for a defined contribution plan.
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