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ACC 577 Final Exam Guide
All Questions Details given below (Please Check)
ACC 577 Final Exam Study Question 1 At the
time Company P acquired controlling interest of
Company S the following accounts and balances
existed on the books of the two companies Which
one of the following amounts should be eliminated
in preparing a consolidated balance sheet
immediately following the business combination?
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ACC 577 Week 1 Quiz (100 Correct Answers)
Week 1 Quiz All Questions Details given below
(Please Check) Question 1 The fair value
hierarchy provided by GAAP in FASB 157 is
comprised of three (3) levels. Which of these
levels is/are based, either directly or
indirectly, on observable data?
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ACC 577 Week 2 Quiz (100 Correct Answers)
Week 2 Quiz All Questions Details given below
(Please Check) Question 1 On December 30,
2004, Astor Corp. sold merchandise for 75,000 to
Day Co. The terms of the sale were net 30, FOB
shipping point. The merchandise was shipped on
December 31, 2004, and arrived at Day on January
5, 2005. Due to a clerical error, the sale was
not recorded until January 2005 and the
merchandise, sold at a 25 markup, was included
in Astor's inventory at December 31, 2004. As a
result, Astor's cost of goods sold for the year
ended December 31, 2004, was
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ACC 577 Week 3 Quiz (100 Correct Answers)
Week 3 Quiz All Questions Details given below
(Please Check) Question 1 During 2004, Yvo
Corp. installed a production assembly line to
manufacture furniture. In 2005, Yvo purchased a
new machine and rearranged the assembly line to
install this machine. The rearrangement did not
increase the estimated useful life of the
assembly line, but it did result in significantly
more efficient production. The following
expenditures were incurred in connection with
this project What amount of the above
expenditures should be capitalized in 2005?
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ACC 577 Week 4 Quiz (100 Correct Answers)
Week 4 Quiz All Questions Details given below
(Please Check) Question 1 Treasury stock was
acquired for cash at a price in excess of its
original issue price. The treasury stock was
subsequently reissued for cash at a price in
excess of its acquisition price. Assuming that
the par value method of accounting for treasury
stock transactions is used, what is the effect on
total stockholders' equity of each of the
following events?
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ACC 577 Week 5 Quiz (100 Correct Answers)
Week 5 Quiz All Questions Details given below
(Please Check) Question 1 Parker Co. amended
its pension plan on January 2 of the current
year. It also granted 600,000 of unrecognized
prior service costs to its employees. The
employees are all active and expect to provide
2,000 service years in the future, with 350
service years this year. What is Parker's
unrecognized prior service cost amortization for
the year?
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ACC 577 Week 6 Quiz (100 Correct Answers)
All Questions Details given below (Please Check)
Week 6 Quiz Review ACC 577 Question 1 At the
time Company P acquired controlling interest of
Company S the following accounts and balances
existed on the books of the two companies Which
one of the following amounts should be eliminated
in preparing a consolidated balance sheet
immediately following the business combination?
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ACC 577 Week 7 Quiz (100 Correct Answers)
All Questions Details given below (Please Check)
ACC 577 Week 7 Quiz Question 1 Hedges of foreign
currency risks can be the hedge of Question 2
On its December 31, 2004 balance sheet, Nilo
Corp reported bonds payable of 8,000,000 and
related unamortized bond issue costs of 430,000.
The bonds had been issued at par. On January 2,
2005, Nilo retired 4,000,000 of the outstanding
bonds at par plus a call premium of 100,000.
What amount should Nilo report in its 2005 income
statement as loss on extinguishment of debt?
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ACC 577 Week 8 Assignment 1 Emerging Issues Task
Force
ACC 577 Week 8 Assignment 1 Emerging Issues Task
Force Assignment 1 Emerging Issues Task Force
Review the Emerging Issues Task Force (EITF)
on the FASB Website, located at
http//www.fasb.org/jsp/FASB/Page/SectionPagecid
1218220137512. Next, review the Description and
Status of Current Issues section, located at
http//www.fasb.org/jsp/FASB/Page/SectionPage
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ACC 577 Week 9 Quiz (100 Correct Answers)
All Questions Details given below (Please Check)
ACC 577 Week 9 Quiz Question 1 Which of the
following should be disclosed for each reportable
operating segment of an enterprise? Question
2 Advertising costs may be accrued or deferred to
provide an appropriate expense in each period for
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ACC 577 Week 10 Quiz (100 Correct Answers)
All Questions Details given below (Please Check)
ACC 577 Week 10 Quiz Question 1 Which of
the following is a required financial statement
for an investment trust fund? Question 2
Taxes collected and held by Franklin County for
a separate school district would be accounted for
in which fund?
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