Questions from Advanced Accounting

Q: Zac Peterson’s estate reports the following information: Value of estate

Zac Peterson’s estate reports the following information: Value of estate assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,300,000 Conveyed to spouse . . . . . . . . . . . . . . ....

Q: According to the IASB, IFRS comprise interpretations issued by the SIC

According to the IASB, IFRS comprise interpretations issued by the SIC and IFRIC, and a. International financial reporting standards issued by the IASB only. b. International accounting standards issu...

Q: Donna Stober’s estate has the following assets (all figures approximate fair

Donna Stober’s estate has the following assets (all figures approximate fair value): Investments in stocks and bonds . . . . . . . . . . . . . . . . . . . . $1,400,000 House . . . . . . . . . . . . ....

Q: When does the liquidation basis of accounting first have to be applied

When does the liquidation basis of accounting first have to be applied to financial statements of a liquidating entity to be viewed as in conformity with U.S. GAAP? a. When an involuntary bankruptcy p...

Q: During 2016, an estate generated income of $20,000

During 2016, an estate generated income of $20,000: Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,000 Interest income . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: What is a prospectus? a. A document attached to

What is a prospectus? a. A document attached to a Form 8–K. b. A potential stockholder as defined by Regulation S–K. c. A document a company files with the SEC prior to filing a registration statement...

Q: The executor of Rose Shield’s estate listed the following properties (at

The executor of Rose Shield’s estate listed the following properties (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000 Life insurance receiva...

Q: The executor of Gina Purcell’s estate has recorded the following information:

The executor of Gina Purcell’s estate has recorded the following information: Assets discovered at death (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: Jerry Tasch’s will has the following provisions: ∙ $150

Jerry Tasch’s will has the following provisions: ∙ $150,000 in cash goes to Thomas Thorne. ∙ All shares of Coca-Cola go to Cindy Phillips. ∙ Residence goes to Kevin Simmons. ∙ All other estate assets...

Q: After the death of Lennie Pope, his will was read.

After the death of Lennie Pope, his will was read. It contained the following provisions: ∙ $110,000 in cash goes to decedent’s brother, Ned Pope. ∙ Residence and other personal property go to his sis...