Acc 576 Midterm Questions Acc576 Midterm Questions

In: Business and Management

Submitted By MataiXperts
Words 4186
Pages 17
ACC 576 MIDTERM QUESTIONS ACC576 MIDTERM QUESTIONS

Click Link for the Answer:
Download Answer http://workbank247.com/q/acc-576-acc576-midterm/16974 Download Answer http://workbank247.com/q/acc-576-acc576-midterm/16974 Question 1
Which of the following is least likely to be considered a risk assessment procedure? Analytical procedures. Confirmation of ending accounts receivable. Inspection of documents. Observation of the performance of certain accounting procedures.

Question 2
An auditor’s engagement letter most likely would include a statement regarding Management’s responsibility to provide certain written representations to the auditor. Conditions under which the auditor may modify the preliminary judgment about materiality. Internal control activities that would reduce the auditor’s assessment of control risk. Materiality matters that could modify the auditor’s preliminary assessment of fraud risk.

Question 3

Which of the following describes a weakness in accounts payable procedures? The accounts payable clerk files invoices and supporting documentation after payment. The accounts payable clerk manually verifies arithmetic on the vendor invoice. The accounts payable system compares the receiving report to the vendor invoice. The accounts payable manager issues purchase order
Question 4
Which of the following procedures is an accountant required to perform when reviewing the financial statements of a nonpublic entity in accordance with Statements on Standards for Accounting and Review Services (SSARS)? Assess control risk. Obtain a management representation letter. Confirm account balances. Perform a physical inventory observati
Question 5
Which of the following procedures would least likely result in the discovery of possible illegal acts? Reading the minutes of the board of directors’ meetings.…...

Similar Documents

Acc 555 Wk 5 Midterm Exam - All Possible Questions

...ACC 555 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-555-WK-5-Midterm-Exam-All-Possible-Questions-ACC5551.htm ACC 555 WK 5 Midterm Exam - All Possible Questions   1) The federal income tax is the dominant form of taxation by the federal government.   2) The Sixteenth Amendment permits the passage of a federal income tax.   3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised.   4) A progressive tax rate structure is one where the rate of tax increases as the tax base increases.   5) The terms "progressive tax" and "flat tax" are synonymous.   6) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels.   7) Regressive tax rates decrease as the tax base increases.   8) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction.   9) A taxpayer's average tax rate is the tax rate applied to an incremental amount of taxable income that is added to the tax base.   10) If a taxpayer's total tax liability is $30,000, taxable income is $100,000, and economic income is $120,000, the average tax rate is 30 percent.   11) If a taxpayer's total tax liability is $4,000, taxable income is $20,000, and total economic income is $40,000, then the effective tax rate is 20 percent.   12) All states impose a state income tax which is generally......

Words: 900 - Pages: 4

Acc 555 Wk 5 Midterm Exam - All Possible Questions

...ACC 555 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-555-WK-5-Midterm-Exam-All-Possible-Questions-ACC5551.htm ACC 555 WK 5 Midterm Exam - All Possible Questions 1) The federal income tax is the dominant form of taxation by the federal government. 2) The Sixteenth Amendment permits the passage of a federal income tax. 3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. 4) A progressive tax rate structure is one where the rate of tax increases as the tax base increases. 5) The terms "progressive tax" and "flat tax" are synonymous. 6) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels. 7) Regressive tax rates decrease as the tax base increases. 8) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction. 9) A taxpayer's average tax rate is the tax rate applied to an incremental amount of taxable income that is added to the tax base. 10) If a taxpayer's total tax liability is $30,000, taxable income is $100,000, and economic income is $120,000, the average tax rate is 30 percent. 11) If a taxpayer's total tax liability is $4,000, taxable income is $20,000, and total economic income is $40,000, then the effective tax rate is 20 percent. 12) All states impose a state income tax which is generally......

Words: 900 - Pages: 4

Acc 555 Wk 5 Midterm Exam - All Possible Questions

...ACC 555 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-555-WK-5-Midterm-Exam-All-Possible-Questions-ACC5551.htm ACC 555 WK 5 Midterm Exam - All Possible Questions 1) The federal income tax is the dominant form of taxation by the federal government. 2) The Sixteenth Amendment permits the passage of a federal income tax. 3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. 4) A progressive tax rate structure is one where the rate of tax increases as the tax base increases. 5) The terms "progressive tax" and "flat tax" are synonymous. 6) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels. 7) Regressive tax rates decrease as the tax base increases. 8) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction. 9) A taxpayer's average tax rate is the tax rate applied to an incremental amount of taxable income that is added to the tax base. 10) If a taxpayer's total tax liability is $30,000, taxable income is $100,000, and economic income is $120,000, the average tax rate is 30 percent. 11) If a taxpayer's total tax liability is $4,000, taxable income is $20,000, and total economic income is $40,000, then the effective tax rate is 20 percent. 12) All states impose a state income tax which is generally......

Words: 900 - Pages: 4

Acc 350 Wk 5 Midterm Exam - All Possible Questions

...ACC 350 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-350-WK-5-Midterm-Exam-All-Possible-Questions-ACC3504.htm ACC 350 WK 5 Midterm Exam - All Possible Questions 1) Direct costs are allocated to the cost object using a cost-allocation method. 2) Raw materials that can be traced to a cost object are an example of an indirect cost. 3) Fixed and variable costs may be allocated to a cost object. 4) Quality control costs may be a direct cost of the Manufacturing Department, but an indirect cost of an individual job. 5) Cost objects may be jobs, products, or customers. 6) The cost driver of an indirect cost is often used as the cost-allocation base. 7) A company may use job costing to assign costs to different product lines and then use process costing to calculate unit costs within each product line. 8) In each period, job costing divides the total cost of producing an indentical or similar product by the total number of units produced to obtain a per-unit cost. 9) Job costing is commonly used to estimate costs in beverage production. 10) In a job-costing system the cost object is an individual unit, batch, or lot of a distinct product or service. 11) Actual costing is a method of job costing that allocates an indirect cost based on the actual indirect-cost rate times the actual quantity of the cost-allocation base. 12)...

Words: 479 - Pages: 2

Acc 555 Wk 5 Midterm Exam - All Possible Questions

...ACC 555 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-555-WK-5-Midterm-Exam-All-Possible-Questions-ACC5551.htm ACC 555 WK 5 Midterm Exam - All Possible Questions 1) The federal income tax is the dominant form of taxation by the federal government. 2) The Sixteenth Amendment permits the passage of a federal income tax. 3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. 4) A progressive tax rate structure is one where the rate of tax increases as the tax base increases. 5) The terms "progressive tax" and "flat tax" are synonymous. 6) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels. 7) Regressive tax rates decrease as the tax base increases. 8) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction. 9) A taxpayer's average tax rate is the tax rate applied to an incremental amount of taxable income that is added to the tax base. 10) If a taxpayer's total tax liability is $30,000, taxable income is $100,000, and economic income is $120,000, the average tax rate is 30 percent. 11) If a taxpayer's total tax liability is $4,000, taxable income is $20,000, and total economic income is $40,000, then the effective tax rate is 20 percent. 12) All states impose a state income tax which is generally......

Words: 900 - Pages: 4

Acc 555 Wk 5 Midterm Exam - All Possible Questions

...ACC 555 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-555-WK-5-Midterm-Exam-All-Possible-Questions-ACC5551.htm ACC 555 WK 5 Midterm Exam - All Possible Questions 1) The federal income tax is the dominant form of taxation by the federal government. 2) The Sixteenth Amendment permits the passage of a federal income tax. 3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. 4) A progressive tax rate structure is one where the rate of tax increases as the tax base increases. 5) The terms "progressive tax" and "flat tax" are synonymous. 6) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels. 7) Regressive tax rates decrease as the tax base increases. 8) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction. 9) A taxpayer's average tax rate is the tax rate applied to an incremental amount of taxable income that is added to the tax base. 10) If a taxpayer's total tax liability is $30,000, taxable income is $100,000, and economic income is $120,000, the average tax rate is 30 percent. 11) If a taxpayer's total tax liability is $4,000, taxable income is $20,000, and total economic income is $40,000, then the effective tax rate is 20 percent. 12) All states impose a state income tax which is generally......

Words: 900 - Pages: 4

Acc 555 Wk 5 Midterm Exam - All Possible Questions

...ACC 555 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-555-WK-5-Midterm-Exam-All-Possible-Questions-ACC5551.htm ACC 555 WK 5 Midterm Exam - All Possible Questions 1) The federal income tax is the dominant form of taxation by the federal government. 2) The Sixteenth Amendment permits the passage of a federal income tax. 3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. 4) A progressive tax rate structure is one where the rate of tax increases as the tax base increases. 5) The terms "progressive tax" and "flat tax" are synonymous. 6) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels. 7) Regressive tax rates decrease as the tax base increases. 8) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction. 9) A taxpayer's average tax rate is the tax rate applied to an incremental amount of taxable income that is added to the tax base. 10) If a taxpayer's total tax liability is $30,000, taxable income is $100,000, and economic income is $120,000, the average tax rate is 30 percent. 11) If a taxpayer's total tax liability is $4,000, taxable income is $20,000, and total economic income is $40,000, then the effective tax rate is 20 percent. 12) All states impose a state income tax which is generally......

Words: 900 - Pages: 4

Acc 350 Wk 5 Midterm Exam - All Possible Questions

...ACC 350 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-350-WK-5-Midterm-Exam-All-Possible-Questions-ACC3504.htm ACC 350 WK 5 Midterm Exam - All Possible Questions 1) Direct costs are allocated to the cost object using a cost-allocation method. 2) Raw materials that can be traced to a cost object are an example of an indirect cost. 3) Fixed and variable costs may be allocated to a cost object. 4) Quality control costs may be a direct cost of the Manufacturing Department, but an indirect cost of an individual job. 5) Cost objects may be jobs, products, or customers. 6) The cost driver of an indirect cost is often used as the cost-allocation base. 7) A company may use job costing to assign costs to different product lines and then use process costing to calculate unit costs within each product line. 8) In each period, job costing divides the total cost of producing an indentical or similar product by the total number of units produced to obtain a per-unit cost. 9) Job costing is commonly used to estimate costs in beverage production. 10) In a job-costing system the cost object is an individual unit, batch, or lot of a distinct product or service. 11) Actual costing is a method of job costing that allocates an indirect cost based on the actual indirect-cost rate times the actual quantity of the cost-allocation base. 12)...

Words: 479 - Pages: 2

Acc 555 Wk 5 Midterm Exam - All Possible Questions

...ACC 555 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-555-WK-5-Midterm-Exam-All-Possible-Questions-ACC5551.htm ACC 555 WK 5 Midterm Exam - All Possible Questions 1) The federal income tax is the dominant form of taxation by the federal government. 2) The Sixteenth Amendment permits the passage of a federal income tax. 3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. 4) A progressive tax rate structure is one where the rate of tax increases as the tax base increases. 5) The terms "progressive tax" and "flat tax" are synonymous. 6) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels. 7) Regressive tax rates decrease as the tax base increases. 8) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction. 9) A taxpayer's average tax rate is the tax rate applied to an incremental amount of taxable income that is added to the tax base. 10) If a taxpayer's total tax liability is $30,000, taxable income is $100,000, and economic income is $120,000, the average tax rate is 30 percent. 11) If a taxpayer's total tax liability is $4,000, taxable income is $20,000, and total economic income is $40,000, then the effective tax rate is 20 percent. 12) All states impose a state income tax which is generally......

Words: 900 - Pages: 4

Acc 555 Wk 5 Midterm Exam - All Possible Questions

...ACC 555 WK 5 Midterm Exam - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-555-WK-5-Midterm-Exam-All-Possible-Questions-ACC5551.htm ACC 555 WK 5 Midterm Exam - All Possible Questions 1) The federal income tax is the dominant form of taxation by the federal government. 2) The Sixteenth Amendment permits the passage of a federal income tax. 3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. 4) A progressive tax rate structure is one where the rate of tax increases as the tax base increases. 5) The terms "progressive tax" and "flat tax" are synonymous. 6) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels. 7) Regressive tax rates decrease as the tax base increases. 8) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction. 9) A taxpayer's average tax rate is the tax rate applied to an incremental amount of taxable income that is added to the tax base. 10) If a taxpayer's total tax liability is $30,000, taxable income is $100,000, and economic income is $120,000, the average tax rate is 30 percent. 11) If a taxpayer's total tax liability is $4,000, taxable income is $20,000, and total economic income is $40,000, then the effective tax rate is 20 percent. 12) All states impose a state income tax which is generally......

Words: 900 - Pages: 4

Acc 553 Midterm Exam Solution All Possible Questions

...ACC 553 Midterm Exam Solution All Possible Questions To Buy this Class Copy & paste below link in your Brower http://homeworkregency.com/downloads/acc-553-midterm-exam-solution-possible-questions/ Or Visit Our Website Visit : http://www.homeworkregency.com Email Us : homeworkregency@gmail.com ACC 553 Midterm Exam Solution All Possible Questions 1. (TCO C) Under current accounting practice, intangible assets are classified as (Points: 5) 2. (TCO C) Which of the following intangible assets should not be amortized? (Points: 5) 3. (TCO C) The intangible asset goodwill may be (Points: 5) 4. (TCO C) ELO Corporation purchased a patent for $90,000 on September 1, 2008. It had a useful life of ten years. On January 1, 2010, ELO spent $22,000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is five years. What amount should be reported for patent amortization expense for 2010? (Points: 5) 5. (TCO C) During 2011, Bond Company purchased the net assets of May Corporation for $1,000,000. On the date of the transaction, May had $300,000 of liabilities. The fair value of May’s assets when acquired were as follows: How should the $500,000 difference between the fair value of the net assets acquired ($1,500,000) and the cost ($1,000,000) be accounted for by Bond? (Points: 5) 6. (TCO D) Which of the following is a condition for accruing a liability for the cost of compensation for future absences? (Points: 5) 7.......

Words: 1152 - Pages: 5

Acc 576 Midterm Questions Acc576 Midterm Questions

...ACC 576 MIDTERM QUESTIONS ACC576 MIDTERM QUESTIONS Click Link for the Answer: Download Answer http://workbank247.com/q/acc-576-acc576-midterm/16974 Download Answer http://workbank247.com/q/acc-576-acc576-midterm/16974 Question 1 Which of the following is least likely to be considered a risk assessment procedure? Analytical procedures. Confirmation of ending accounts receivable. Inspection of documents. Observation of the performance of certain accounting procedures. Question 2 An auditor’s engagement letter most likely would include a statement regarding Management’s responsibility to provide certain written representations to the auditor. Conditions under which the auditor may modify the preliminary judgment about materiality. Internal control activities that would reduce the auditor’s assessment of control risk. Materiality matters that could modify the auditor’s preliminary assessment of fraud risk. Question 3 Which of the following describes a weakness in accounts payable procedures? The accounts payable clerk files invoices and supporting documentation after payment. The accounts payable clerk manually verifies arithmetic on the vendor invoice. The accounts payable system compares the receiving report to the vendor invoice. The accounts payable manager issues purchase order Question 4 Which of the following procedures is an accountant required to perform when reviewing the financial statements of a nonpublic entity in......

Words: 4186 - Pages: 17

Acc576 Acc 576 Midterm Questions

...ACC 576 ACC576 MIDTERM QUESTIONS Click Link for the Answer: Download Answer http://workbank247.com/q/acc-576-acc576-midterm/16974 Download Answer http://workbank247.com/q/acc-576-acc576-midterm/16974 Question 1 Which of the following is least likely to be considered a risk assessment procedure? Analytical procedures. Confirmation of ending accounts receivable. Inspection of documents. Observation of the performance of certain accounting procedures. Question 2 An auditor’s engagement letter most likely would include a statement regarding Management’s responsibility to provide certain written representations to the auditor. Conditions under which the auditor may modify the preliminary judgment about materiality. Internal control activities that would reduce the auditor’s assessment of control risk. Materiality matters that could modify the auditor’s preliminary assessment of fraud risk. Question 3 Which of the following describes a weakness in accounts payable procedures? The accounts payable clerk files invoices and supporting documentation after payment. The accounts payable clerk manually verifies arithmetic on the vendor invoice. The accounts payable system compares the receiving report to the vendor invoice. The accounts payable manager issues purchase order Question 4 Which of the following procedures is an accountant required to perform when reviewing the financial statements of a nonpublic entity in accordance with......

Words: 4248 - Pages: 17

Acc 576 Acc576 Midterm Questions

...ACC 576 ACC576 MIDTERM QUESTIONS Click Link for the Answer: Download Answer http://workbank247.com/q/acc-576-acc576-midterm/16974 Download Answer http://workbank247.com/q/acc-576-acc576-midterm/16974 Question 1 Which of the following is least likely to be considered a risk assessment procedure? Analytical procedures. Confirmation of ending accounts receivable. Inspection of documents. Observation of the performance of certain accounting procedures. Question 2 An auditor’s engagement letter most likely would include a statement regarding Management’s responsibility to provide certain written representations to the auditor. Conditions under which the auditor may modify the preliminary judgment about materiality. Internal control activities that would reduce the auditor’s assessment of control risk. Materiality matters that could modify the auditor’s preliminary assessment of fraud risk. Question 3 Which of the following describes a weakness in accounts payable procedures? The accounts payable clerk files invoices and supporting documentation after payment. The accounts payable clerk manually verifies arithmetic on the vendor invoice. The accounts payable system compares the receiving report to the vendor invoice. The accounts payable manager issues purchase order Question 4 Which of the following procedures is an accountant required to perform when reviewing the financial statements of a nonpublic entity in accordance with......

Words: 4248 - Pages: 17

Midterm Review Questions

...MGT 300 Midterm Review Questions Chapter 1 1. What is organizational performance and what is its relationship with efficiency and effectiveness?  Organizational performance: a measure of how efficiently and effectively managers use organizational resources to satisfy customers and achiever organizational goals. Efficiency: A measure of how well or productively resources are used to achieve a goal Effectiveness: A measure of the appropriateness of the goals an organization is pursuing and the degree to which the organization achieves those goals. 2. Explain the following terms: strategy, low-cost strategy, and differentiation strategy Strategy: A cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals. Low cost strategy: a way of obtaining customers by making decision that allow an organization to produce goods or services more cheaply than its competitors so it can charge lower prices than they do Differentiation strategy: To deliver to customers new, exciting, and unique products 3. What does the managerial function of organizing involve? What is its outcome?  Organizing: structuring working relationships so organization members interact and cooperate to achieve organization goals. Outcome: The outcome of organizing is the creation of organization structure Organization structure: a formal system of task and reporting relationships that coordinates and motivates organizational members so......

Words: 3544 - Pages: 15