ACC 499 - Final Exam Part 1 (Chapters 5-7) Solution

ACC 499 - Final Exam Part 1 (Chapters 5-7) Solution

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Question 1

Vested benefits are

not contingent on future service to a company

not contingent on future service to a company

Question 2

According to current GAAP, termination benefits paid to an employee should be

charged to a loss

charged to a loss

Question 3

The projected benefit obligation is equal to the

actuarial present value of all benefits earned as of a specified date, both vested and nonvested, by employees using anticipated future salary levels in the pension plan formula

actuarial present value of all benefits earned as of a specified date, both vested and nonvested, by employees using anticipated future salary levels in the pension plan formula

Question 4

Which of the following is not a component of the net periodic pension expense to be reported on a company's income statement?

unrecognized past service cost

unrecognized past service cost

Question 5

Unrecognized prior service cost would be reported on the balance sheet and affect the amount(s) reported for

both accrued/prepaid pension cost and accumulated other comprehensive income

both accrued/prepaid pension cost and accumulated other comprehensive income

Question 6

If an employer were to account for a defined benefit pension plan on the cash basis, it would be a violation of the

accrual concept

accrual concept

Question 7

GAAP for pension plans requires companies with defined benefit pension plans to

recognize pension expense based on accrual-basis concepts

recognize pension expense based on accrual-basis concepts

Question 8

A company's net periodic pension cost (expense) includes all of the following items except

employer's contribution to the pension fund

employer's contribution to the pension fund

Question 9

The expense for other postretirement benefits, such as health care benefits, dental benefits, and eye care benefits, currently is accounted for

on an accrual basis

on an accrual basis

Question 10

Spoofing is which of the following?

Changing the information in e-mail headers or IP addresses

Changing the information in e-mail headers or IP addresses

Question 11

A risk assessment should:

Identify the risk of doing business with e-business partners

Identify the risk of doing business with e-business partners

Question 12

The best way to reduce fraud in an e-business environment is to focus on _______?

Reducing opportunities through the implementation of appropriate internal controls

Reducing opportunities through the implementation of appropriate internal controls

Question 13

Viewing information that passes along a network communication channel is referred to as:

Sniffing

Sniffing

Question 14

___________ are self-contained programs that spread via direct transfer, email, or another mechanism.

Internet worms

Internet worms

Question 15

What is the primary electronic transaction and document control used in e-commerce?

Encryption

Encryption

Question 16

Separation of duties falls under which of the following internal control element

Control activities

Control activities

Question 17

Generally, the best way to prevent fraud in e-business settings is to focus on:

Reducing fraud opportunities

Reducing fraud opportunities

Question 18

Phillips Corp. purchased raw materials with a catalog price of $60,000. Credit terms of 3/15, n/60 apply. If Phillips uses the net price method, the purchase should be recorded at

$58,200

$58,200

Question 19

The purchases discounts taken account may appear in the accounting records if which one of the following methods is used to account for purchase discounts?

gross price method

gross price method

Question 20

The cost of goods sold can be determined only after a physical count of inventory on hand under the

periodic system

periodic system

Question 21

An American company purchasing goods from a foreign supplier has to account for differences in currencies. This process is made easier

if purchases are made in the local currency

if purchases are made in the local currency

Question 22

Which of the following items would not be used in the calculation of the cost-to-retail ratio if the FIFO retail inventory method were used to determine the ending inventory?

beginning inventory

beginning inventory

Question 23

When comparing the lower of cost to market

the appropriate market value is determined before comparing it to the cost

the appropriate market value is determined before comparing it to the cost

Question 24

The most common approach to implementing the lower of cost or market rule for inventory valuation is to apply it

separately to each item of inventory

separately to each item of inventory

Question 25

Relevance of the gross profit margin depends upon

the accuracy of the gross profit percentage

the accuracy of the gross profit percentage