ACC 577 Inspiring Minds/uophelp.com

1. ACC 577 Inspiring Minds/uophelp.com For more course tutorials visit www.uophelp.com

2. ACC 577 Final Exam Guide For more course tutorials visit www.uophelp.com 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?

3. ACC 577 Week 1 Quiz (100 % Correct Answers) For more course tutorials visit www.uophelp.com 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?

4. ACC 577 Week 2 Quiz (100 % Correct Answers) For more course tutorials visit www.uophelp.com 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

5. ACC 577 Week 3 Quiz (100 % Correct Answers) For more course tutorials visit www.uophelp.com 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?

6. ACC 577 Week 4 Quiz (100 % Correct Answers) For more course tutorials visit www.uophelp.com 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?

7. ACC 577 Week 5 Quiz (100 % Correct Answers) For more course tutorials visit www.uophelp.com 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?

8. ACC 577 Week 6 Quiz (100 % Correct Answers) For more course tutorials visit www.uophelp.com 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?

9. ACC 577 Week 7 Quiz (100 % Correct Answers) For more course tutorials visit www.uophelp.com 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?

10. ACC 577 Week 8 Assignment 1 Emerging Issues Task Force For more course tutorials visit www.uophelp.com 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/SectionPage&cid=1218220137512. Next, review the Description and Status of Current Issues section, located at http://www.fasb.org/jsp/FASB/Page/SectionPage &cid=1218220137528, along with the Exposure Drafts and Public Comment Documents, located at http://www.fasb.org/cs/ContentServer?site=FASB&c=Page&pagen ame=FASB%2FPage%2FSectionPage&cid=1176157086783.

11. ACC 577 Week 9 Quiz (100 % Correct Answers) For more course tutorials visit www.uophelp.com 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

12. ACC 577 Week 10 Quiz (100 % Correct Answers) For more course tutorials visit www.uophelp.com 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?

13. ACC 577 Inspiring Minds/uophelp.com For more course tutorials visit www.uophelp.com