ACCT 312 DeVry Final Exam Latest
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<strong>ACCT</strong> <strong>312</strong> <strong>DeVry</strong> <strong>Final</strong> <strong>Exam</strong> <strong>Latest</strong><br />
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<strong>ACCT</strong> <strong>312</strong> <strong>DeVry</strong> <strong>Final</strong> <strong>Exam</strong> <strong>Latest</strong><br />
Question 1. 1. (TCO 1) Using straight-line depreciation for financial reporting purposes and MACRS for tax purposes<br />
in the first year of an asset's life creates a (Points : 6)<br />
future deductible amount.<br />
permanent difference not requiring interperiod tax allocation.<br />
deferred tax asset.<br />
deferred tax liability.<br />
Question 2. 2. (TCO 2) Eligibility requirements and the nature of benefits for postretirement healthcare plans usually<br />
are specified in the (Points : 6)<br />
written plan.<br />
informal plan.<br />
substantive plan.<br />
severance plan.<br />
Question 3. 3. (TCO 3) Which of the following is not included among the assumptions needed to estimate postretirement<br />
healthcare benefits? (Points : 6)<br />
Employee turnover<br />
Expected retirement age of plan participants<br />
Life expectancy of plan participants<br />
Return on plan assets<br />
Question 4. 4. (TCO 4) A small stock dividend is defined as one that is (Points : 6)<br />
less than or equal to 10%.<br />
less than 25%.
less than or equal to 40%.<br />
less than 40%.<br />
Question 5. 5. (TCO 5) Stock options do not affect the calculation of (Points : 6)<br />
basic EPS.<br />
weighted-average common shares.<br />
the denominator in the diluted EPS fraction.<br />
diluted EPS.<br />
Question 6. 6. (TCO 7) Which of the following changes should be accounted for using the retrospective approach?<br />
(Points : 6)<br />
A change in the estimated life of a depreciable asset<br />
A change from straight-line to declining balance depreciation<br />
A change from the completed-contract method of accounting for long-term construction contracts<br />
A change to the LIFO method of costing inventories<br />
Question 7. 7. (TCO 7) A change in depreciation method is accounted for (Points : 6)<br />
retrospectively.<br />
as a cumulative adjustment to income in the year of change.<br />
prospectively, like changes in accounting estimates.<br />
None of the above<br />
Question 8. 8. (TCO 8) How is the amortization of patents reported in a statement of cash flows that is prepared using<br />
the indirect method? (Points : 6)<br />
A decrease in cash flows from investing activities<br />
An increase in cash flows from investing activities<br />
A deduction from net income in arriving at cash flows from operations<br />
An addition to net income in arriving at cash flows from operations<br />
Question 9. 9. (TCO 5) Which of the following is reported as an operating activity in the statement of cash flows? (Points<br />
: 6)<br />
The repayment of bonds payable<br />
The sale of a building<br />
The payment of interest on long-term notes<br />
The issuance of a preferred stock<br />
Question 10. 10. (TCO 6) Which of the following is not a potential common stock? (Points : 6)
Convertible preferred stock<br />
Convertible bonds<br />
Stock rights<br />
Participating preferred stock<br />
Question 11. 11. (TCO 1) Please describe the differences of how IFRS differs from U.S. GAAP in respect to deferred<br />
taxes. (Points : 30)<br />
Question 12. 12. (TCO 2) IAS 19 covers accounting for compensation plans. What are some examples of how they<br />
differ from U.S. GAAP? (Points : 30) employee services are rendered.<br />
Question 13. 13. (TCO 4) What is a stock split? How does a stock split impact outstanding shares and the per-share<br />
market price? How do stock splits impact the financial statements? (Points : 30)<br />
Question 14. 14. (TCO 5) Please describe three examples of dilutive securities in a complex capital structure, and<br />
discuss why they are dilutive. (Points : 30)<br />
Question 15. 15. (TCO 7) Please describe the retrospective approach and an example of when it should be used.<br />
(Points : 35)<br />
Question 16. 16. (TCO 8) Drexon Corp., which follows U.S. GAAP, uses the direct method to report its cash flows. The<br />
CFO is assessing the impact on cash flows of four events during the fiscal year. Specify which category each event<br />
falls under (under the direct method), and note whether it increases cash, decreases cash, or has no impact on cash.<br />
(1) 40,000 new shares of stock are issued near the close of the fiscal year.<br />
(2). Drexon purchases 60% of a subsidiary company.<br />
(3). Accounts receivable decreases from $620,000 to $610,000.<br />
(4). Dividends of $12,000 are paid on Drexon company stock. (Points : 35)
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