ACCT499 Morgan State University Contemporary Issues in Accounting Questions

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ACCT 499

Midterm Exam (Take-home)

Due on Sat 10/12/19 BY 6:00 pm

Instructions: Answer five (5) questions only. Each is worth 20 points. The maximum length for each question is one and a half pages and the minimum is ½ page typed 12 font double spaced. You must use references to support your points, please.

FAIR VALUE ACCOUNTING AND ACCOUNTING THEORY

  1. Does accountancy have a natural body of theory just like other disciplines such as physics, economics, biology, etc.? If yes or no, how does accounting operate to come up with accounting principles?
  1. Discuss three leading challenges to fair value accounting as well as the proposed solutions to them.
  1. Explain the role (i.e. how, why, where, when, etc.) European governments have played in influencing fair valuing accounting standards.
  1. Discuss three major limitations of historical cost accounting.

SOCIAL ROLE OF ACCOUNTANCY

  1. Discuss three major social roles of accountancy.

ACCOUNTING PRACTICE

CONTROLERSHIP

  1. Discuss the evolution of controllership from the 1920s to the 2020s.

MANAGEMENT REPORTS

  1. As a management accountant, how and when will you use flash reports?

CLOSING THE BOOKS

  1. What are the major steps involved in the closing process?
 
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