ACC 497 Final Exam - Assignment

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C. present value of the minimum lease payments plus the present value of any unguaranteed residual value. D. carrying value of the asset on the lessor's books. 33. In computations of weighted average of shares outstanding, when a stock dividend or stock split occurs, the additional shares are A. weighted by the number of days outstanding. B. weighted by the number of months outstanding. C. considered outstanding at the beginning of the year. D. considered outstanding at the beginning of the earliest year reported. 34. Debt securities that are accounted for at amortized cost, NOT fair value, are A. held-to-maturity debt securities. B. trading debt securities. C. available-for-sale debt securities. D. never-sell debt securities. 35. Elvis Company purchases inventory for $70,000 on March 19, 2008, and sells it to Graceland Corporation for $95,000 on May 14, 2008. Graceland still holds the inventory on December 31, 2008, and determines that its market value (replacement cost) is $82,000 at that time. Graceland writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Elvis owns 75% of Graceland. Based on this information, what amount of inventory should be eliminated in the consolidation workpaper for 2008? A. $15,000 B. $14,000 C. $12,000 D. $13,000 FINANCIAL ACCOUNTING AND REPORTING Section 4: Accounting and reporting for governmental entities 36. Which of the following objectives is considered the cornerstone of financial reporting by a governmental entity? A. Accountability
B. Budgetary compliance C. Interperiod equity D. Service efforts and accomplishments 37. Expenditures should be budgeted by character. An example of a character classification is A. current expenditures. B. salaries C. public safety. D. police department. Complete Week 1 Answers just a click away ACC 497 Week 1 Complete 38. Which of the following funds is accounted for on the modified accrual basis of accounting? A. General B. Internal service C. Proprietary D. Pension trust 39. Several years ago, Durham City issued $1 million in zero coupon bonds due and payable in 2010. The bonds were sold at an amount to yield investors 6% over the life of the bonds. During the current year, how much interest expenditures would Durham City recognize related to these bonds? A. Difference between the present value of the bonds at the beginning of the period and the present value of the bonds at the end of the period B. Face amounts of bonds times 6% C. Book value of bonds times 6% D. The present value of the bonds at the beginning of the period minus the present value of the bonds at the end of the period multiplied by 6% 40. As used in governmental accounting, interperiod equity refers to a concept of A. providing the same level of services to citizens each year. B. measuring whether current revenues are sufficient to pay for current services. C. levying property taxes at the same rate each year.
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ACC 497 Final Exam - Assignment

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