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In order to be successful domestically and globally, the Apollo Group Inc. The University of Phoenix has a belief that the services that are being offered by them in the international market can have a major growth opportunity for their international expansion. Traditionally, it is a fact that the international students who want to study abroad, come to the USA.
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We clearly analyze each and every topic and then direct our actions so that you can get the highest marks. In traditional costing systems, overhead is generally applied based on direct labor machine hours direct material dollars units of production Concepts and standards for financial statements Generally accepted accounting principles are income tax regulations of the Internal Revenue Service.
An increase to finished goods A decrease to applied overhead A decrease to work in process inventory An increase to cost of goods sold Typical items in financial statements The process of formally recording or incorporating an item in the financial statements of an entity is allocation articulation realization recognition The primary purpose of the statement of cash flows is to provide information about the operating, investing, and financing activities of an entity during a period.
Which of the following is considered cash? Travel Advances Money market checking accounts Money market savings certificates Postdated checks Which of the following is a debt security?
Convertible bonds Certificate of deposit Loans receivable US treasury bill Specific types of transactions and events Costs incurred internally to create intangibles are capitalized. The amount to be recorded as the cost of an asset under capital lease is equal to the present value of the minimum lease payments. In computations of weighted average of shares outstanding, when a stock dividend or stock split occurs, the additional shares are weighted by the number of days outstanding.
Debt securities that are accounted for at amortized cost, NOT fair value, are held-to-maturity debt securities. Accounting and reporting for governmental entities Accountability Budgetary compliance Interperiod equity Service efforts and accomplishments An example of a character classification is current expenditures.
General Internal service Proprietary Pension trust As used in governmental accounting, interperiod equity refers to a concept of providing the same level of services to citizens each year. The authority would be considered a n primary government.
Accounting and reporting for nongovernmental and not-for-profit organizations Revenues of a not-for-profit organization should be reported as increases in one of the three categories of net assets. Ethics and Professional and Legal Responsibilities Which of the following best describes the objective of a fraud examination? Make recommendations to management about how to prevent fraud. Determine whether financial statements are free of misstatements because of fraud.
Express an opinion on the guilt or innocence of a suspect. Determine whether a crime has been committed, and if so, who is responsible. Damages intended to punish a defendant and deter the defendant and others from engaging in the same tortious conduct in the future are called penalty damages.
Where a contract calls for action that violates a statute, in a breach of contract case the court will impose the appropriate criminal penalty. No, Ted should have written a letter to change the type of boxes in the contract. Yes, Ted will prevail because he has a witness to the telephone call. No, Ted will not prevail because his attempt to modify the agreement was not effective. Ruth will own the property with Bill as tenants by the entirety.
Ruth will own the property with Bill as joint tenants. Bill will be the sole owner of the property. Job related and cost effective Job related and nondiscriminatory Job related and a business necessity Rationally based and evenly applied The employer can avoid liability if the injured employee was contributory negligent.
The employer is liable for employment-related injuries only if negligent. The employee will collect for all work-related injuries and will not need to prove negligence on the part of the employer.
Federal Tax Procedures and Accounting Issues The investor should always use the equity method to account for its investment. The investor should use the equity method to account for its investment unless circumstances indicate that it is unable to exercise significant influence over the investee.
The investor must use the fair-value method unless it can clearly demonstrate the ability to exercise significant influence over the investee. The investor should always use the fair-value method to account for its investment. The retail inventory method is based on the assumption that the final inventory and the total of goods available for sale contain the same proportion of high-cost and low-cost ratio goods.
When an item of expense is paid and recorded in advance, it is normally called a prepaid expense. Federal Taxation of Property Transactions The transaction qualifies as a like-kind exchange for Pat but not for Susie. The transaction qualifies as a like-kind exchange for both Pat and Susie.
The transaction qualifies as a like-kind exchange for Susie but not for Pat. The transaction does not qualify as a like-kind exchange for either Pat or Susie. Federal Taxation — Individuals A married person who files a separate return can claim a personal exemption for his or her spouse if the spouse is not the dependent of another and has gross income that is less than the personal exemption. There is no taxable income. Which of the following best describes the weight of a revenue ruling?
Revenue rulings carry more weight than regulations. Revenue rulings carry more weight than federal court decisions. Regulations carry more weight than revenue rulings. Revenue rulings should never be used as authority because they only apply to the taxpayer requesting the ruling. A fiscal year may end on December A new corporation can elect a fiscal year that runs from February 16 to February 15 of the following year.
One consequence of a property distribution by a corporation to a shareholder is the amount of the distribution is increased by any liability assumed by the shareholder. In computing the ordinary income of a partnership, a deduction is allowed for net Sec.
Which of the following would terminate a Subchapter S election? Estate becomes a shareholder. Grantor trust becomes a shareholder.
Voting trust becomes a shareholder. Partnership becomes a shareholder. The function of auditing is to locate every financial error to provide interested parties with added assurance that the financials are not materially inaccurate to provide more precise accounting information for accurate tax reporting to locate every dollar misappropriated Auditing, accounting, and review services Auditing, tax, and review services Accounting, tax, and review services Auditing, accounting, and tax services Internal auditors are primarily involved with compliance audits operational audits compliance audits and operational audits financial statement audits Click here and download ACC Week 3 Assignments from the Readings Since then, a sixth category has been identified, which is monitoring risk assessment information and communication antifraud programs and controls Periodic independent bank reconciliations Electronic cancellation of vouchers and supporting information when a check is issued Separate duties for approving payment vouchers and signing checks A computer comparing the sum of checks issued with the entry to cash disbursements Understand the role of analytical procedures in planning and performing the audit.
Understand the relationship between materiality and audit evidence. Analyze data and identify significant differences. Perform the calculations using industry data. In a normal audit, the relationship between the level of materiality used to plan the engagement and the level of materiality used to evaluate evidence is that they must be identical the former may be higher or lower than the latter the former is higher than the latter the former is lower than the latter Use of auditor judgment or of a risk matrix is necessary in revising planned detection risk whenever risk assessments are not quantified assessed control risk at the account balance level does not support the planned level of control risk control risk is assessed above the minimum control risk is assessed below the maximum In the audit risk model, audit sampling applies to detection risk inherent risk and control risk control risk and detection risk inherent risk and detection risk How can long-term assets best be tested for ownership?
Examining documents of title Reviewing the ledger to ensure the item is listed Inquiring with management Reviewing prior year workpapers How can long-term assets best be tested for current present value? Sales Sales returns and allowances Inventory Accounts receivable Inventory turnover Finished goods produced to raw material used Inventory growth to cost of sales growth Finished goods produced to direct labor Prepare Communications to Satisfy Engagement Objectives Whether the entity maintains effective controls to provide reasonable assurance that private customer information obtained because of e-commerce is protected is defined as transaction integrity information protection risk assessment performance measurement Which of the following is a tort?
What is the probability one of the minority candidates is hired? Which concept of probability did you use to make this estimate?
Round your answer to 2 decimal places. Use the complement rule to find the probability it will not lose money next quarter.
What is the probability a vacationer will visit at least one of these attractions? What is the probability. Are the events mutually exclusive? The number of new accounts established by a salesperson in a year. The time between customer arrivals to a bank ATM. The number of minorities on a jury. The outside temperature today. Chapter 6 Exercise 14 The U. Chapter 6 Exercise 26 A population consists of 15 items, 10 of which are acceptable. What is the mean amount spent on insurance?
What is the standard deviation of the amount spent? About what percent of the observations lie between 55 and 65? About what percent of the observations lie between 50 and 70? About what percent of the observations lie between 45 and 75?
Chapter 7 Exercise 14 A normal population has a mean of Compute the z value associated with What proportion of the population is between What proportion of the population is less than Chapter 7 Exercise 18 A normal population has a mean of Compute the probability of a value between Round intermediate calculations to 2 decimal places.
Round final answer to 4 decimal places. Compute the probability of a value of Some studies indicate the best approach for transformational change may have the chief executive officer create an atmosphere for change And establish a reward system. But carefully set limits for the program. But let others decide how to initiate change. And begin establishing a vision. Kelly wants to continue working for the organization because many of her college friends are working there.
Kelly actively takes part in team activities and proactively takes up additional job responsibilities. Kelly always complains about her work to her colleagues. Mary Tim Joe Sarah Want to check out the complete paper..?? Reinforce interdependence and reduce boundaries. Avoid the use of cross-functional teams.
Individuals from collectivist cultures are typically more likely to use soft tactics that reflect personal power. The combination of a soft tactic with reasonable persuasion is more effective than a combination of two hard tactics.
All tactics are equally effective with regard to upward influence. Soft tactics are less effective than hard tactics when used individually. Formal models of implementation. Which of the following is the first step in the negotiation process? The country in which the organization operates. Women express anger more frequently than men.
Men experience emotions more intensely than women. Women tend to hold onto emotions longer than men. Men display positive emotions more frequently than women. A competitive work environment. Difficulty in developing a successor. Greater understanding of the company mission. A job has an impact on the lives or work of other people.
A job provides the worker freedom, independence, and discretion. A job generates direct and clear information about performance. Which of the following is true of the baby boomer generation? They are more questioning and entrepreneurial than the other generations.
They lead lives shaped mainly by globalization. They give high importance to achievement and material success. They give the highest importance to flexibility and life options. Articulate a vision of confidence. Have expertise and commitment. Appeal to shared values. Which of the following statements is true regarding a matrix structure? It avoids duplication of activities.
It reduces ambiguity about who reports to whom. It cannot achieve economies of scale. It breaks the unity-of-command concept. Which of the following types of strategic control has a low degree of formalization?
The cash basis of accounting is prohibited under GAAP for the following reason: It divides the economic life of a business into artificial time frames. It violates the revenue recognition principle and the expense recognition principle. It fails to provide for adjusting entries. It records revenues only in the time period in which they are received.
This will only affect the cost of capital if the firm uses CAPM to compute the cost of equity. Buying and selling in more than one market to make a riskless profit is called profit maximization arbitrage international trading This cannot be determined from the above information. Which of the following monetary policies reduces aggregate demand and output?
How are goods manufactured in other countries creating jobs in the United States?
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