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ACCT 306 Week 4 Midterm Exam NEW 2016 http://www.storehomework.com/product/acct-306-week-4-midterm-exam-new-2016 1. (TCO 4)In the first year of an asset's life, which of the following methods has the smallest depreciation? 2. (TCO 4)Depletion refers to the cost allocation for: 3. (TCO 4)Depreciation, depletion, and amortization 4. (TCO 4)Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a five-year life and a residual value of $6,000. Using the straight-line method, the book value at December 31, 2011 would be 5. (TCO 4)A change from the straight-line method to the sum-of-years'-digits method of depreciation is handled as page 2 1. (TCO 2) The exclusive right to display a symbol of product identification is a 2. (TCO 2) Lake Incorporated purchased all of the outstanding stock of Huron Company paying $950,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were 3. (TCO 2) Research and development (R&D) costs: 4. (TCO 2) Under U.S. GAAP, research expenditures are: 5. (TCO 2) Goodwill is:

ACCT 306 Week 8 Final Exam NEW 2016 http://www.storehomework.com/product/acct-306-week-8-final-exam-new-2016 1. (TCO 6) Which of the following statements regarding documentation is not correct? 2. (TCO 6) When analytical procedures reveal no unusual fluctuations, the implication is that 3. (TCO 6) The primary purpose of performing analytical procedures in the testing phase of an audit is to 4. (TCO 6) Three common types of confirmations used by auditors are (1) negative confirmations where only a response is requested if the debtor disagrees with the amount, (2) positive confirmations with a request for information where the debtor is requested to respond and to include their believed balance, and (3) positive confirmations with the information included where the debtor is requested to respond and to confirm the balance we give them. If they were placed in the order of their competence, from highest to lowest, the sequence would be 5. (TCO 7) Analytical procedures used in planning an audit should focus on identifying 6. (TCO 7) A measure of how willing the auditor is to accept that the financial statements may be materially misstated after the audit is completed and an unqualified opinion has been issued is the 7. (TCO 7) Which of the following is not correct regarding the communications between successor and predecessor auditors? 8. (TCO 8) The FASB definition of materiality emphasizes what class of financial statement users? 9. (TCO 8) Auditors are _____ to decide on the combined amount of misstatements in the financial statements that they would consider material early in the audit. 10. (TCO 8) Which of the following is not a correct statement regarding the allocation of the preliminary judgment about materiality to balance sheet accounts?