Accounting Principles
 

  1. Question: What is the accounting objective which best relates to the Lower of Cost or Market Price method?

    A
    Accurate Presentation

    B
    Tax Minimization

    C
    Profit Maximization

    D
    Conservatism

    Note: Not available
    1. Report

  2. Question: Which of the following is a method of accounting for the exploration costs of a mineral resource that would best attain the objective of income tax accounting?

    A
    Expense in total when incurred

    B
    Capitalize only the costs related to mineral deposits

    C
    Capitalize all costs associated with productive as well as non-productive mineral deposits

    D
    None of the above

    Note: Not available
    1. Report

  3. Question: What is the accounting objective which best relates to the straight line method?

    A
    Profit Maximization

    B
    Conservatism

    C
    Tax Minimization

    D
    None of the above

    Note: Not available
    1. Report

  4. Question: How is an unconditional promise to give a donation to a charity accounted for by the charity?

    A
    Not recorded at all until 100% contribution is received

    B
    Never recorded even after receipt

    C
    As revenue only when the donation is made

    D
    As revenue when the promise is made

    Note: Not available
    1. Report

  5. Question: What is the acronym for the independent board responsible, since 1973, for establishing generally accepted accounting principles?

    A
    GAAP

    B
    IASC

    C
    SEC

    D
    FASB

    Note: Not available
    1. Report

  6. Question: What is form 8-K?

    A
    Monthly filing with the SEC reporting director salaries

    B
    As needed filing to disclose any significant issues or changes

    C
    Quarterly financial reports filed with the SEC

    D
    Annual financial reports filed with the SEC

    Note: Not available
    1. Report

  7. Question: Who can review the filings made by public companies with the SEC?

    A
    Only company executives

    B
    Anyone using the EDGAR system

    C
    Only law enforcement officials

    D
    Only the staff of the SEC and the company executives

    Note: Not available
    1. Report

  8. Question: What change was made in regarding the penalization of the whistleblowers (people who alert the authorities about the illegal activities in a corporation) by the companies?

    A
    They are now themselves subject to fraud charges for uncovering the crimes

    B
    They are put under witness protection

    C
    They are offered a transfer to a new department

    D
    They are now protected against retaliation by the company in order to encourage employees to bring the wrong doings of the companies to light

    Note: Not available
    1. Report

  9. Question: Which of the following courses of action should a firm take in order to minimize the present value of income tax payments?

    A
    Use the LIFO inventory method instead of FIFO durating periods of rising prices

    B
    Depreciate fixed assets on the straight-line method rather than the MACRS method

    C
    Capitalize exploration costs instead of expensing them

    D
    All of the above

    Note: Not available
    1. Report

  10. Question: What kind of organization issuing securities would NOT have to register them with the SEC?

    A
    A private IT firm

    B
    The government

    C
    A publicly traded book publisher

    D
    A firm with no revenue

    Note: Not available
    1. Report
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