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Course 171017- Specialized Industry GAAP
  Final Exam
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171017v - Specialized Industry GAAP

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17 CPE Credit Hours

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Read 'Chapter 1: Banking and Thrift Industry' & answer the following question(s):
1. SFAS 72, Accounting for Certain Acquisitions of Banking or Thrift Institutions, states that in a business combination in which the fair value of liabilities assumed exceeds the fair value of the identifiable assets acquired in the acquisition of a banking or thrift institution, the unidentifiable intangible asset that is recognized in the business combination should be amortized over
2. Banks, savings institutions, and credit unions are required to report the gross amounts of cash receipts and cash payments for
3. SFAS 63 requires that a broadcaster’s acquisition of a license agreement for program material should be reported as an asset purchased and liability incurred when the license period commences. And which one of the conditions has been satisfied?
4. Direct selling costs for cable television include all except
5. Direct selling costs for cable television can include
6. Ball College, a not-for-profit organization, received a building with no donor stipulations as to its use. Ball does not have an accounting policy implying a time restriction on donated assets. What type of net assets should be increased when the building was received?
7. Coding of computer software refers to
8. Which of the following is not a feature of a software product?
9. Three stages of computer software development for internal use are designated: preliminary project stage, application development stage and
10. An area franchise is an agreement that transfers franchise rights within a
11. Direct loan origination costs can include
12. Loan origination fees should be recognized over the term of the related loan as A.B. C. D.
13. Fees received under government cost-plus-fixed fee (CPFF) with a reasonable assurance of taking place should be credited on the basis of partial performance to
14. General purpose external financial reporting by a health care organization do not require presentation of
15. John Jay community hospital normally includes office space rentals in
16. Health care providers’ other revenues do not include
17. _______________________________________ those donor-restricted net assets that can be used by the not-for-profit organization for their specified purpose once the donor's restriction is met.
18. Insurance contracts that do not involve the assumption of significant insurance risks by the insurance company should be accounted for as
19. Long duration contracts include
20. Short duration contracts do not include
21. The Federal Home Loan Mortgage Corporation is referred to as
22. An entity should report its film costs as
23. Which of the following is not a form of the license fee?
24. Film costs do not include
25. ___________________________ is not the costs of producing a film and bringing the film to market.
26. Which of the following circumstances does not require an assessment by an entity of the possibility that the fair value of a film, regardless of its completion, is less than its amortized cost
27. Film costs should be disclosed as
28. Factors that should be considered in estimating the future cash flows for a film do not include
29. The discount rate to determine the fair value of a film using a traditional discounted cash flow approach is
30. Permanently restricted net assets for a not-for-profit organization include
31. Which one of the following generally does not constraint unrestricted net assets?
32. The statement of activities does not reports the amount of change in
33. Typical users of financial reports of nonbusiness organizations include which of the following?
34. Which one of the following is not a typical user of financial reports of nonbusiness organizations?
35. In a statement of financial position, a not-for-profit organization should report amounts for which of the following classes of net assets? I. Unrestricted II. Temporarily restrictedIII. Permanently restricted
36. A statement of cash flows is to be presented in general-purpose external financial statements by which of the following?
37. According to SFAS 116, Accounting for Contributions Received and Contributions Made, what classification(s), if any, should be used by not-for-profit organizations to report receipts of contributions?;Unrestricted;Support RestrictedSupport
38. Kendall Foundation, a not-for-profit agency, receives free electricity on a continuous basis from a local utility company. The utility company's contribution is made subject to cancellation by the donor. Kendall should account for this contribution as a(n)
39. Following the destruction of its house of worship by fire, a religious organization held a rebuilding party. Part of the labor was donated by professional carpenters. The remainder was donated by members of the organization. Capitalization is required for the value of the services provided by
40. Uptown Church received a donation of equity securities with readily determinable fair values from a church member. The securities had appreciated in value after they were purchased by the donor, and they continued to appreciate through the end of Uptown's fiscal year. At what amount should Midtown report its investment in donated securities in its year-end balance sheet?
41. Niewha, a not-for-profit organization, incurred $15,000 in management and general expenses during 2007. In Niewha' statement of activities for the year ended December 31, 2007, the $15,000 should be reported as
42. JKS, a nongovernmental not-for-profit art museum, has elected not to capitalize its permanent collections. In 2007 a bronze statue was stolen. The statue was not recovered, and insurance proceeds of $35,000 were paid to JKS in 2008. This transaction would be reported in I. The statement of activities as permanently restricted revenues. or II. The statement of cash flows as cash flows from investing activities.
43. Norman, a nongovernmental not-for-profit organization, is preparing its year-end financial statements. Which of the following statements is required?
44. Resource Provider transferred assets to Recipient Organization and specified itself as the beneficiary. The transfer meets the criteria for an equity transaction. In accordance with SFAS 136, Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions for Others, Resource provider should
45. A stated purpose of SFAC 6, Elements of Financial Statements, is to
46. SFAS 136, Transfer of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions for Others, applies when a donor makes a contribution to a non- governmental recipient organization that agrees to use the assets on behalf of (or to transfer them, the return thereon, or both to) the beneficiary specified by the donor. Assuming that the donor has not granted the recipient explicit variance power, in which circumstances will the specified beneficiary account for its interest in a way that is similar to the equity method?
47. SOP 94-3, Reporting of Related Entities by Not-for-Profit Organizations, prescribes the reporting when a not-for profit or nonprofit organization (NPO) holds an investment in a for-profit entity or is related to a separate NPO. Under SOP 94-3, in which of the following circumstances is consolidation permitted but not required?
48. A nonprofit organization (NPO) holds an investment in the common stock of a for-profit entity. The NPO most likely should consolidate the other entity when it
49. Estimate of proved reserves include
50. SFAS 19 requires that acquisition costs that are incurred to acquire a property (whether unproved or proved) through purchase, lease, or when incurred. Examples of these expenditures do not include:
51. SFAS 19 notes that development costs and should be
52. A significant amount of revenue may be generated by licensing the rights of ownership in
53. Example of real estate sales transactions that are retail land sales include
54. For a particular retail land development project, the Reliable Company requires at least a 25% down payment. The period of cancellation with refund for this project has expired on the lots sold, and the receivables from the sale are not subject to subordination to new loans on the property. Under what additional condition should the full accrual basis of accounting for the profit be used to account for the sales transactions?
55. According to SFAS 67, preacquisition costs such as payments to obtain an option to acquire real property should be capitalized. Other costs related to real property that are incurred before the enterprise acquires the property should be capitalized if certain conditions are met. Which of the following is not one of the conditions required to be met before other preacquisition costs are capitalized?
56. For financial statement purposes, the installment method of accounting may be used if the
57. According to the installment method of accounting, gross profit on an installment sale is recognized in income
58. Which of the following nongovernmental not-for-profit organizations must report information must provide information about ex¬penses by both their functional classification and their natural classification in a matrix format?
59. Which of the following is not used by voluntary health and welfare organizations?
60. SFAS 116 specifies that unconditional promises to give and contributions re¬ceived (made) are recognized at ______________ in the period received (made).
61. Fees charged for entering into an agreement that obligates the enterprise to make or acquire a loan or to satisfy an obligation of the other party under a specified condition is a/an
62. Banks are not required to report the gross amounts of cash receipts and cash payments for
63. An exchange of unsold advertising time for products or services is called a
64. By definition, the pre-maturity period begins with
65. All nonprofit organizations, including colleges and universities, are required under SFAS 93 to recognize depreciation in financial statements and
66. SFAS 116 specifies that unconditional promises to give contributions received (made) are recognized in the period (made) as
67. Product master production cost incurred subsequent to the establishment of technological feasibility should be __________________.
68. The stage of product that commences when management decides how the internal software development will be performed is the
69. Franchise fee revenue from individual franchise sales should be recognized when the franchisor has
70. An amount advanced to a client in excess of the amount of uncollected receivables purchased by the factor is termed (in factoring)
71. Settlements in which the contractor waives the right to make a claim is a
72. Fees received under cost-plus-fixed-fee contracts (CPFF) should be credited to income on the basis of
73. Contributions made to not-for-profit health care entities should be disclosed from amounts that are permanently restricted, temporarily restricted or unrestricted as
74. Examples of long-duration insurance contracts are
75. A private organization authorized by Congress to assist in the development and maintenance of secondary market in conventional residential mortgages is often referred to as
76. An entity may license films to such customers as distributors, theaters, exhibitors or licensees for revenue recognition on a/an
77. By definition the costs of producing a film and bringing that film to market consists of participation costs, exploitation costs, and
78. Not-for-profit organization’s classification of net assets, revenues, expenses, gains and losses are based on whether there are donor
79. The statement of activities (SOA) enables donors, creditors, and other readers to determine the entity’s performances during a given period of time, gauge the organization’s service efforts and
80. For oil- and gas-producing activities, SFAS 69 requires the following information annually: revenues, production costs, exploration expenses, income tax expenses, depreciation, depletion, amortization, and
81. SAFS 19 requires that when unproven property is surrendered, abandoned, or determined worthless, all capitalized acquisition costs should be charged off against
82. A licensor for record masters and music copyright must have: a signed non-cancelable contract, agree to a fixed fee, delivered the rights to the licensee who is free to exercise them and, in addition,
83. Retail land sales not accounted for by the full accrual method should be accounted and reported using the percentage-of completion or the
84. There are no exemptions or special provisions for income tax accounting for regulated enterprises under SAFS 109. Assets or liabilities relate to
85. Voluntary health and welfare organizations should present current unrestricted and current restricted funds shown
Read 'Chapter 2: Broadcasting Industry' & answer the following question(s):
Read 'Chapter 3: Cable Television' & answer the following question(s):
Read 'Chapter 4: Colleges And Universities' & answer the following question(s):
Read 'Chapter 5: Development of Computer Software to Be Sold, Leased, or Otherwise Marketed' & answer the following question(s):
Read 'Chapter 6: Accounting for the Costs of Computer Software Developed or Obtained for Internal Use' & answer the following question(s):
Read 'Chapter 7: Franchises' & answer the following question(s):
Read 'Chapter 8: Finance Industry' & answer the following question(s):
Read 'Chapter 9: Government Contracts' & answer the following question(s):
Read 'Chapter 10: Health Care Industry' & answer the following question(s):
Read 'Chapter 11: Insurance Industry' & answer the following question(s):
Read 'Chapter 12: Investment Industry' & answer the following question(s):
Read 'Chapter 13: Mortgage Banking Industry' & answer the following question(s):
Read 'Chapter 14: Motion Picture Industry' & answer the following question(s):
Read 'Chapter 15: Not-For-Profit Organizations' & answer the following question(s):
Read 'Chapter 16: Oil and Gas Producing Activities' & answer the following question(s):
Read 'Chapter 17: Record and Music Industry' & answer the following question(s):
Read 'Chapter 18: Real Estate Transactions' & answer the following question(s):
Read 'Chapter 19: Pension Funds' & answer the following question(s):
Read 'Chapter 20: Regulated Operations' & answer the following question(s):
Read 'Chapter 21: Securities and Commodities Brokers Dealers' & answer the following question(s):
Read 'Chapter 22: Title Plants' & answer the following question(s):
Read 'Chapter 23: Voluntary Health and Welfare Organizations' & answer the following question(s):
Return to Syllabus