This Tutorial contains 2 Sets of Final (All Question Listed Below)   ACC 499 Final Exam Part 1 (Set 1) ACC 499 – Final Exam Part 1 (Chapters 5-7) Question 1 Vested benefits are Question 2 According to current GAAP, termination benefits paid to an employee should be Question 3 The projected benefit obligation is equal to the 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? Question 5 Unrecognized prior service cost would be reported on the balance sheet and affect the amount(s) reported for 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 Question 7 GAAP for pension plans requires companies with defined benefit pension plans to Question 8 A company’s net periodic pension cost (expense) includes all of the following items except Question 9 The expense for other postretirement benefits, such as health care benefits, dental benefits, and eye care benefits, currently is accounted for Question 10 Spoofing is which of the following? Question 11 A risk assessment should: Question 12 The best way to reduce fraud in an e-business environment is to focus on _______? Question 13 Viewing information that passes along a network communication channel is referred to as: Question 14 ___________ are self-contained programs that spread via direct transfer, email, or another mechanism. Question 15 What is the primary electronic transaction and document control used in e-commerce? Question 16 Separation of duties falls under which of the following internal control element Question 17 Generally, the best way to prevent fraud in e-business settings is to focus on: 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 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? Question 20 The cost of goods sold can be determined only after a physical count of inventory on hand under the Question 21 An American company purchasing goods from a foreign supplier has to account for differences in currencies. This process is made easier 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? Question 23 When comparing the lower of cost to market Question 24 The most common approach to implementing the lower of cost or market rule for inventory valuation is to apply it Question 25 Relevance of the gross profit margin depends upon ACC 499 Final Exam Part 1 (Set 2) Final Part 1 ACC 499 Capstone Question 1 Current GAAP requires that the net gain or loss from a settlement or curtailment be included in the Question 2 Because of significant government funding of benefits to retirees, it is likely that total pension costs are Question 3 Vested benefits are Question 4 The interest rate that may be used to compute the interest cost component of pension expense is equal to the Question 5 Current GAAP defines the required calculations for all of the following items except Question 6 GAAP for pension plans requires companies with defined benefit pension plans to Question 7 The expense for other postretirement benefits, such as health care benefits, dental benefits, and eye care benefits, currently is accounted for Question 8 A company’s net periodic pension cost (expense) includes all of the following items except Question 9 A pension plan provides for future retirement income based on the employee’s income and length of service with the company. This type of pension plan is termed a Question 10 Viewing information that passes along a network communication channel is referred to as: Question 11 Which is the most secure method of computer authorization? Question 12 In an electronic environment, no other control can better prevent fraud than the wise use of: Question 13 Which of the following uses features of the human body to create secure access controls? Question 14 Spoofing is which of the following? Question 15 Traditional ___ reduces the risk of falsified identity. Question 16 Locks on the doors to the computer room, is an example of which electronic control? Question 17 Specific fraud risks to conducting e-business include: 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 Question 19 An American company purchasing goods from a foreign supplier has to account for differences in currencies. This process is made easier Question 20 A retail firm would normally use an inventory account titled Question 21 IFRS do not allow the use of LIFO because it Question 22 When comparing the lower of cost to market Question 23 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? Question 24 The most common approach to implementing the lower of cost or market rule for inventory valuation is to apply it Question 25 When applying lower of cost or market, market value

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