Past Exam for ACIS 3116 - Intermediate Financial Acct with Brozovsky at Virginia Tech (VT)

Exam Information

Material Type:Exam 3
Class:ACIS 3116 - Intermediate Financial Acct
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Spring 1998
  • Authorized Shares
  • Immediately
  • Total Stockholders
  • Provided That
  • Participating
  • Declaration Date
  • Different Tax Rates
  • Stock Dividend
  • Stockholders
  • Common Stock
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Sample Document Text

INTERMEDIATE ACCOUNTING ACCT 3116 SPRING 1998 John Brozovsky Part l--Essay (18 points) Part 2--0bjective (22 points) Part 3--Problems (64 points) TOTAL (100 points) SS# EXAM #3 CHAPTERS 19-21 received aid in the completion of this examination. 2 ESSAY (3 ESSAYS--18 POINTS) ANSWER ANY THREE OUT OF THE FOUR FOLLOWING QUESTIONS. ONLY THE FIRST THREE ANSWERED QUESTIONS WILL BE GRADED. REMEMBER: ON AN ESSAY I DO NOT READ BEYOND THE SPACE PROVIDED. KEEP YOUR ANSWER WITHIN THE PROVIDED SPACE. 1. As controller for Buchanan Co., you are asked to meet with the Board of Directors (professional business people but not accountants) to discuss the company's income tax situation. Several members of the board express concern because the company is reporting a larger amount of income tax expense on its published income statement than is to be paid to the federal government with the company's income tax return for that same year. Explain to the Board the accounting rationale for this d...

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