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


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