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Accounting principles and standards exam solutions

Welcome to your accountingprinciplesandstandardsqualifiedassessment

Which of the following best describes accounting principles in general?

A sound accounting framework allows for all of the following benefits except:

Match the correct description to each of the accounting principles

On March 1st, Mr. Smithe signed up for a fitness program at Fit Co. and paid $960 for the entire program upfront. The program includes a total of 12 sessions and two sessions are delivered each month. How much revenue from Mr. Smithe should Fit Co. recognize at the end of March?

Which of the following characteristics does not enhance the usefulness of financial information?

Identify the statement that is most accurate.

Which of the following is not a correct description of how an operating lease is recognized on the financial statements?

Company Inc. enters into a 10-year finance lease at the beginning of 2021 for a total of $250,000. The annual lease payment is $25,000 (payable at the end of each year) and the rate implicit in the lease is 5%. No initial direct costs are incurred. How much interest expense should be recognized in 2021?

Which of the following statements about income taxes is not correct?

Match the appropriate items to each type of temporary differences.

Calculate the deferred tax liability given the following items incurred in 2020 by Company B. Bonuses are tax deductible only in the year in which they are paid. Accounting Income $86,000 Depreciation Expense $6,500 Tax Depreciation $4,000 Income Not Recognized in The Current Period For Tax Purposes $4,700 2019 Bonus Paid in 2020 $2,630 Accrued Bonuses in 2020 $3,500 Tax Rate 28%

Company Co. has 1,000 employees and it decides to grant each of the employees 200 share options as part of its new rewards plan. The options are exercisable over 5 years and subject only to the condition that the company’s stock price must be at least 30% higher than its original issue price. Company Co.’s share-based payments are subject to:

Company A has 800 employees, and it decides to grant each of the employees 50 share options as part of its new rewards plan. The options are exercisable over 5 years and subject to a 3-year service condition. The fair value of each option at the grant date is $16. The company estimates that 80% of its employees will meet the service condition required for receiving the options. Calculate the total share-based payment expense for Company A assuming that 80% of the employees actually meet the service condition.

Which of the following is not a required criterion for a transaction to be considered a business combination?

Which of the following statements regarding the accounting for business combinations is false?

Debt issuance costs are:

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