All quizes 6314

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University of Houston, Downtown *

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6314

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Accounting

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Jan 9, 2024

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P o O 0 O r o o O 0 0 P o O 0 O P tarted on Thursday, 12 October 2023, 2:48 PM State Finished Completed on Thursday, 12 October 2023, 2:57 PM Time taken 9 mins 45 secs Marks 7.98/7.98 Grade 8.00 out of 8.00 ( 100 %) Question 1 Correct Mark 0.57 out of 0.57 Flag question Question 2 Correct Mark 0.57 out of 0.57 Flag question Question 3 Correct Mark 0.57 out of 0.57 Flag question Question 4 Correct Mark 0.57 out of 0.57 Flag question 01-05 Ideally, companies with sufficient resources will perform accounting research for a transaction at which time? Ideally, companies with sufficient resources will perform accounting research for a transaction at which time? At the time when, or after, a transaction occurs After financial statements are issued Before a transaction occurs All of the other answers are correct Mark 1.00 out of 1.00 The correct answer is: Before a transaction occurs Correct Marks for this submission: 0.57/0.57. 01-07 It may not always be possible to research the accounting for proposed transactions. Research may be required at the time, or after, a transaction is executed It may not always be possible to research the accounting for proposed transactions. Research may be required at the time, or after, a transaction is executed if the transaction or event could not have been anticipated, such as issues arising from a fire or natural disaster the transaction was time-sensitive, and there was not sufficient lead time to research the accounting communication broke down between the accounting team and the operations teams in the organization, and the accounting team was not made aware of the proposed transaction the preparer has limited resources and therefore only performs research for final transactions. All of the other answers are correct Mark 1.00 out of 1.00 The correct answer is: All of the other answers are correct Correct Marks for this submission: 0.57/0.57. The FASB is funded primarily by which of the following? The FASB is funded primarily by which of the following? Private donations Sales of publications and Codification access Accounting support fees The U.S. Congress (via an approved budget) Mark 1.00 out of 1.00 The correct answer is: Accounting support fees Correct Marks for this submission: 0.57/0.57. The ________________________ gave the SEC __________________ authority to establish accounting standards.

P 0 1 7 0 1 7 1 7 0 0 0 0 Question 5 Correct Mark 0.57 out of 0.57 Flag question Question 6 Correct Mark 0.57 out of 0.57 Flag question Question 7 Correct Mark 0.57 out of 0.57 Flag question Question 8 Correct Mark 0.57 out of 0.57 Flag question The gave the SEC authority to establish accounting standards. Securities Exchange Act of 1934 statutory Correct Marks for this submission: 0.57/0.57. 01-09 True or False: In your career, you will likely not perform accounting research until you reach the manager or senior manager level. True or False: In your career, you will likely not perform accounting research until you reach the manager or senior manager level. True False Mark 1.00 out of 1.00 The correct answer is: False Correct Marks for this submission: 0.57/0.57. 01-17 True or False: The SEC views itself—first and foremost—as a law enforcement agency. True or False: The SEC has the authority to act as a law enforcement agency. True False Mark 1.00 out of 1.00 The correct answer is: True Correct Marks for this submission: 0.57/0.57. What types of companies issue financial statements because they are required to do so by the SEC. companies issue financial statements because they are required to do so by the SEC. companies may issue financial statements as necessary to satisfy the requirements of their investors, lenders, and other stakeholders. Public Private Correct Marks for this submission: 0.57/0.57. 01-06 Which of the following is not a benefit of researching a proposed transaction? Which of the following is not a benefit of researching a proposed transaction? Researching a proposed transaction allows management to evaluate whether the expected financial statement impacts of the transaction are acceptable. Management can use this information to adjust forecasted earnings to reflect the expected impacts of the transaction. It allows investors to research a company’s choice of accounting methods before the transaction is finalized. The accounting team can prepare timely documentation of the expected accounting position. The audit team can review the proposed accounting position before the transaction is recorded. Mark 1.00 out of 1.00

F 0 0 0 F 0 0 0 F 0 0 0 F Question 9 Correct Mark 0.57 out of 0.57 Flag question Question 10 Correct Mark 0.57 out of 0.57 Flag question Question 11 Correct Mark 0.57 out of 0.57 Flag question Question 12 Correct Mark 0.57 out of 0.57 Flag question The correct answer is: It allows investors to research a company’s choice of accounting methods before the transaction is finalized. Correct Marks for this submission: 0.57/0.57. 01-03 This type of accountant may perform accounting research before financial This type of accountant may perform accounting research before financial statements are issued in order to review that a company’s financial statements are presented fairly in conformity with GAAP. Choose the best answer. Corporate accountant Auditor Regulator Investor Mark 1.00 out of 1.00 The correct answer is: Auditor Correct Marks for this submission: 0.57/0.57. 01-04 An accountant in this role may perform accounting research in order to An accountant in this role may perform accounting research in order to understand accounting positions of the companies or industries his/her agency oversees, and these individuals may send comment letters to the extent they question a given position. Corporate accountant Auditor Regulator Investor Mark 1.00 out of 1.00 The correct answer is: Regulator Correct Marks for this submission: 0.57/0.57. 01-02 This type of accountant, also referred to as a preparer of financial statements, may perform This type of accountant, also referred to as a preparer of financial statements, may perform accounting research in conjunction with the preparation of financial statements. Choose the best answer. Corporate accountant Auditor Regulator Investor Mark 1.00 out of 1.00 The correct answer is: Corporate accountant Correct Marks for this submission: 0.57/0.57. Within large firms’ advisory practices, entire teams may be devoted to assisting clients with accounting policy judgments.

* 0 I' I' Question 13 Correct Mark 0.57 out of 0.57 Flag question Question 14 Correct Mark 0.57 out of 0.57 Flag question True or False: Within large firms’ advisory practices, entire teams may be devoted to assisting clients with accounting policy judgments. True False Mark 1.00 out of 1.00 The correct answer is: True Correct Marks for this submission: 0.57/0.57. Within which of the following environments is accounting research performed? Within which of the following environments is accounting research performed? U.S. public companies U.S. private companies Governmental entities International companies All other answers are correct Mark 1.00 out of 1.00 The correct answer is: All other answers are correct Correct Marks for this submission: 0.57/0.57. 01-01 What are the two key objectives, described in the chapter, for why technical accounting research is performed? What are the two key objectives , described in the chapter, for why technical accounting research is performed? Select one or more: To account for transactions or items in a manner that is appropriate based on authoritative guidance. To submit contemporaneous documentation to the SEC in response to comment letters. To determine the proper procedures to be performed during an audit. To create documentation describing the research performed and supporting the conclusion reached. Your answer is correct. The correct answers are: To account for transactions or items in a manner that is appropriate based on authoritative guidance., To create documentation describing the research performed and supporting the conclusion reached. Correct

P o O 0 O r O 0 O o r O 0 O o P Started on Thursday, 12 October 2023, 3:06 PM State Finished Completed on Thursday, 12 October 2023, 3:09 PM Time taken 2 mins 46 secs Marks 8.03/8.03 Grade 8.00 out of 8.00 ( 100 %) Question 1 Correct Mark 0.73 out of 0.73 Flag question Question 2 Correct Mark 0.73 out of 0.73 Flag question Question 3 Correct Mark 0.73 out of 0.73 Flag question Question 4 Correct Mark 0.73 out of 0.73 Flag question A resident of Miami, Florida, loses her case at the U.S. Tax Court. Assuming that the case can be appealed to an appellate court, to which of the following courts sho A resident of Miami, Florida, loses her case at the U.S. Tax Court. Assuming that the case can be appealed to an appellate court, to which of the following courts should the taxpayer directly appeal the U.S. Tax Court’s decision? U.S. Court of Appeals for the Federal Circuit U.S. District Court for the Southern District of Florida U.S. Court of Appeals for the Eleventh Circuit U.S. Court of Federal Claims Mark 1.00 out of 1.00 The correct answer is: U.S. Court of Appeals for the Eleventh Circuit Correct Marks for this submission: 0.73/0.73. If the U.S. House of Representatives and the U.S. Senate pass different versions of a tax bill, the bill is referred to the _________________, where the differences are If the U.S. House of Representatives and the U.S. Senate pass different versions of a tax bill, the bill is referred to the _________________, where the differences are resolved and the resulting compromise bill is then voted on by both houses of Congress. Congressional Taxation Committee Joint Conference Committee Congressional Compromise Committee Joint Committee on Taxation Mark 1.00 out of 1.00 The correct answer is: Joint Conference Committee Correct Marks for this submission: 0.73/0.73. In the citation Rev. Rul. 99-25, the number “99” means which of the following? In the citation Rev. Rul. 99-25, the number “99” means which of the following? It was the 99th ruling issued during the year that it was issued. It was issued during 1999. It begins on page 99 of the applicable publication. It involves Internal Revenue Code Section 99. Mark 1.00 out of 1.00 The correct answer is: It was issued during 1999. Correct Marks for this submission: 0.73/0.73. In the second step of the tax research process, the researcher should do which of the following? In the second step of the tax research process, the researcher should do which of the following?

0 0 0 P 0 0 0 P o o o P 0 0 0 Question 5 Correct Mark 0.73 out of 0.73 Flag question Question 6 Correct Mark 0.73 out of 0.73 Flag question Question 7 Correct Mark 0.73 out of 0.73 Flag question Document and communicate tax research results. Understand the relevant facts. Identify the tax issues. Find, analyze, and update applicable sources of tax law. Mark 1.00 out of 1.00 The correct answer is: Identify the tax issues. Correct Marks for this submission: 0.73/0.73. In the U.S. Congress, tax legislation is primarily considered by which of the following? In the U.S. Congress, tax legislation is primarily considered by which of the following? The House Finance Committee and the Senate Ways and Means Committee The Senate Finance Committee and the House Ways and Means Committee The House Taxation Committee and the Senate Finance Committee The House Finance Committee and the Senate Taxation Committee Mark 1.00 out of 1.00 The correct answer is: The Senate Finance Committee and the House Ways and Means Committee Correct Marks for this submission: 0.73/0.73. The hypothetical citation Rev. Rul. 2013-20, 2013-12 I.R.B. 218 refers to which of the following? The hypothetical citation Rev. Rul. 2013-20, 2013-12 I.R.B. 218 refers to which of the following? A Revenue Ruling that can be found on page 218 of the 2013-12 volume of the Internal Revenue Bulletin A Revenue Ruling that can be found on page 20 of the 2013-12 volume of the Internal Revenue Bulletin A Revenue Ruling that can be found on page 12 of the 2013-20 volume of the Internal Revenue Booklet A Revenue Ruling that can be found on page 218 of the 2013-12 volume of the Internal Revenue Booklet Mark 1.00 out of 1.00 The correct answer is: A Revenue Ruling that can be found on page 218 of the 2013-12 volume of the Internal Revenue Bulletin Correct Marks for this submission: 0.73/0.73. The IRS has issued an income tax notice of deficiency to taxpayer Lucy van Pelt. If Lucy wants to dispute this without first paying the tax that the IRS alleges she ow The IRS has issued an income tax notice of deficiency to taxpayer Lucy van Pelt. If Lucy wants to dispute this without first paying the tax that the IRS alleges she owes, Lucy should file a petition with which court? U.S. District Court U.S. Tax Court U.S. Court of Federal Claims U.S. Circuit Court of Appeals Mark 1.00 out of 1.00 The correct answer is: U.S. Tax Court Correct

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