ACCT 312 Week 4 Midterm Exam Answers

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ACCT 312 Week 4 Midterm Exam Answers
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ACCT 312 Week 4 Midterm Exam Answers

1. Question :
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Question 2. Question :
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Question 3. Question :
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(TCO 1) Which event will result in a deferred tax liability?
Accelerated depreciation in the tax return
Interest income on municipal bonds
Subscriptions collected in advance
Estimated warranty expense
See Chapter 16.
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(TCO 1) Which of the following differences between financial
accounting and tax accounting ordinarily creates a deferred tax
asset?
Tax depreciation in excess of book depreciation
The installment sales method for tax purposes
Revenue collected in advance
None of the above
See Chapter 16.
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(TCO 2) Interest cost is calculated by multiplying the
ABO by the expected return on the plan assets.
ABO by the discount rate.

PBO by the expected return on plan assets.
PBO by the discount rate.
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Question 4. Question :
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Question 5. Question :
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Question 6. Question :
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See Chapter 17.
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(TCO 3) Accounting for postretirement healthcare benefits is
similar, in most respects, to accounting for
payroll taxes.
health insurance costs for current employees.
pension benefits.
sick pay and vacation pay.
See Chapter 17.
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(TCO 4) Retained earnings represents a company’s
undistributed net assets.
undistributed net income.
extra paid-in capital.
undistributed cash.
See Chapter 18.
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(TCO 4) Any dividend that is considered to be a liquidating
dividend will
reduce retained earnings.
reduce paid-in capital.
increase paid-in capital.

reduce the common stock account.
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Question 7. Question :
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Question 8. Question :

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See Chapter 17.
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(TCO 5) Executive stock options should be reported as
compensation expense
using the intrinsic value method.
using the fair value method.
using either the fair value method or the intrinsic value method.
only on rare occasions.
See Chapter 19.
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(TCO 5) Our company granted options for 2 million shares of its
$1 par common stock at the beginning of the current year. The
exercise price is $35 per share, which was also the market value of
the stock on the grant date. The fair value of the options was
estimated at $9 per option. If the options have a vesting period of 5
years, which would be the balance in Paid-in Capital – Stock
Options 3 years after the grant date?
A credit of $10.8 million
A credit of $18 million
A debit of $70 million
A debit of $3.6 million
2,000,000 × $9 × (3 ÷ 5) = $10,800,000
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Question 9. Question :
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Question 10. Question :
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(TCO 6) Our company declared and paid cash dividends to its
common shareholders in February of the current year. The
dividend
will be added to the numerator of the earnings per share fraction
for the current year.
will be added to the denominator of the earnings per share fraction
for the current year.
will be subtracted from the numerator of the earnings per share
fraction for the current year.
has no effect on the earnings per share for the coming year.
See Chapter 19.
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(TCO 6) Basic earnings per share is computed using
the actual number of common shares outstanding at the end of the
year.
a weighted average of preferred and common shares.
the number of common shares outstanding plus common stock
equivalents.
weighted-average common shares outstanding for the year.
See Chapter 19.
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