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ACC 110 Lecture : Hamlet.doc

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School
Ryerson University
Department
Accounting
Course
ACC 110
Professor
Marla Spergel

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Document Summary

Shakespeare"s tragedy hamlet was a play which centered on a young prince"s desire to avenge his father"s death. His father, who was killed by his brother, claudius, reached out to. Hamlet from beyond the grave to inform him of what had truly happened on the night of his death. His desire to avenge his father"s death is justified because of all that he had to undertake as well as the society and age in which they lived. Hamlet was a conflicted individual; there was no way he could have truly avenged his father"s death unless he went against his inner morals. Hamlet"s actions, from the perspective of the other characters, seemed absurd because of the insanity that. Hamlet portrayed for a large portion of the play. The justice system in hamlet"s age was one in which problems were unfairly dealt with. However, his intentions throughout the play were never misguided.

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Related Questions

Identify which of the following statements is false

A. Regardless of how large the gross estate is, the estate tax liability can be completely eliminated if the estate is willed to a charitable organization.
B. The Lifetime Exemption applies only to gifts given.
C. Casualty or theft losses incurred during the administration of the estate are deductible on the estate tax return.
D. The estate tax return is due, ignoring extensions, 9 months after the decedent's date of death.

Which of the following transactions constitutes a taxable gift made by Ellen, a widow, in the current year?
A. Ellen transfers $60,000 to a bank account with Hazel. Hazel does not contribute any money to the account.
B. Ellen deposits $100,000 cash and Dennis deposits $5,000 cash into a joint savings account. Dennis withdraws $20,000.
C. Ellen gives her church $15,000.
D. Ellen pays the hospital medical bills for her friend Paige directly to the hospital.

On February first of this year, Hall learned that he was bequeathed 500 shares of common stock under his father's will. Hall's father had paid $2,500 for the stock 10 years ago and the fair market value of this stock at the date of his father's death was $4,500. However, the stock decreased six months later to a value of $4.000. The executor of the estate elected the alternate valuation date for estate tax purposes. Hall sold the stock later in the year for $4,200. How much gain or loss must Hall include in this tax return for the 500 shares sold?

A. $1,700 LTCG
B. $200 LTCG
C. $300 LTCL
D. $200 STCG

In 2018, Bill gave $60,000 to his sister to pay medical bills; $40,000 to his father to help with household expenses, and $20,000 to his adult son. Bill and his wife elect gift splitting. What is the total of Bill's' taxable gifts (remember the change in the 2018 annual exclusion)?
A. none
B. $15,000
C. $20,000
D. $60,000

Mary Jones died in 2017 with a taxable estate of $6,000,000. What is her estate tax liability?
A. $204,000
B. $2,400,000
C. $0
D. $220,000

Vincent makes the following property transfers in the current year.
· $20,000 for tuition given to the grandson
· $1,000 medical expense for a child paid directly to a hospital\
· $500 donation to the Democratic party
· $10,000 property settlement in conjunction with a divorce
Vincent's gifts for the year before considering the annual gift tax exclusion total
A. $0
B. $21,000
C. $20,000
D. $21,500.

Betty dies on February 20 of the current year. Her estate consisted of the following assets, all valued as of her date of death:
Stock with a basis of $40,000 and a fair market value of $200,000. The stock was purchased in Joint Tenancy with her sister, with Betty paying all of the purchase price.
Land valued at $1,500,000 and a basis of $490,000. The land was purchased with her brother in Joint Tenancy, with her brother paying 60% of the purchase price.
Cash of $70,000

What is Betty’s gross estate?
A. $870,000.
B. $600,000.
C. $1,770,000.
D. $1,670,000.

Instructions: Analyze the situation below using the 6-stepapproach to resolving ethical dilemmas on the next page. You shoulddiscuss each step of the approach in a separate paragraph.Therefore your finished paper should be 6 paragraphs long andapproximately 2-3 pages typed in 12-point font and double spaced.Prepare the paper in Word format and submit in the dropbox set upin Western Online by the due date listed there. This assignment isworth 60 pts in total with 50% of points for content and adherenceto the 6-step approach and 50% on grammatical style andpresentation (writing skills).

Jon Williams, CPA, is in the middle of the real-life soap opera,“Taxing Days of Our Lives”

The Cast of Characters:

Oneway Corporation is Jon’s audit and tax client. The threedirectors are the officers and the only three stockholders, eachowning exactly one-third of the shares

President Jack founded the company and is now nearingretirement. As an individual, he is also Jon’s tax client.

Vice President Jill manages the day-to-day operations. She hasbeen instrumental in increasing the business and its profits.Jill’s individual tax work is done by CPA Phil.

Treasurer Bill has been a long-term, loyal employee and has beenresponsible for many innovative financial transactions and reportsof great benefit to the business. He is Jon’s close personal friendand an individual tax client. (Side Note: Another CPA in Jon’saudit firm is the partner assigned to the audit engagement ofOneway Corporation to maintain auditor independence for thisengagement.)

The Request

President Jack discussed with CPA Jon the tax consequences tohim as an individual of selling his one-third interest in OnewayCorporation to Vice President Jill. Later, meeting with Bill todiscuss his individual tax problems, Jon learns that Bill fearsthat Jack and Jill will make a deal, put him in a minorityposition, and force him out of the company. Bill says, “Jon, wehave been friends a long time. Please keep me informed about Jack’splans, even rumors. My interest in Oneway Corporation represents mylife savings and my resources for my kid’s college. Remember,you’re little Otto’s godfather.”

Thinking back, Jon realized that Vice President Jill has alwaysbeen rather hostile. Chances are that Phil would get the Onewayengagement if Jill acquires Jack’s shares and controls thecorporation. Nevertheless, Bill will probably suffer a great dealif he cannot learn about Jack’s plans, and Jon’s unwillingness tokeep him informed will probably ruin their close friendship. Jonponders the problem. “Oneway Corporation is my client, but acorporation is only a “legal entity”. The stockholders personifythe real entity, so they are collectively my clients, and I cantransmit information among them as though they were one person.Right? On the other hand, Jack and Bill engage me for individualtax work, and information about one’s personal affairs is really nobusiness of the other. “What to do? What to do?”

Ethical Model 1. Obtain the relevant facts.

2. Identify the ethical issues from the facts.

3. Determine who is affected by the outcome of the dilemma andhow each person or group is affected.

4. Identify the alternatives available to the person who mustresolve the dilemma.

5. Identify the likely consequence of each alternative.

6. Decide the appropriate action.

Chapter 2 Conceptual Framework for Financial Reporting LO 2.1Describe the usefulness of a conceptual framework.

A _____________________ in accounting is important becauserule-making should be built on and relate to an established body ofconcepts.

The benefits of a soundly developed conceptual framework are asfollows: a) ______________________________________________________b) ______________________________________________________

Which of the following is not true concerning a conceptualframework in accounting? A. It should be a basis forstandard-setting. B. It should allow practical problems to besolved more quickly by reference to it. C. It should be based onfundamental truths that are derived from the laws of nature. D. Allof these answer choices are true.

LO 2.2 Understand the objective of financial reporting. Toprovide financial information about the reporting entity that is_______________ to present and potential equity_________________________________in making decisions aboutproviding resources to the entity.

In other words the objective is_________________________________________________________________________________________________________________________________________.

LO 2.3 Identify the qualitative characteristics of accountinginformation. The qualitative characteristics of accountinginformation distinguish better and more useful information frominferior and less useful information.

a.Fundamental qualities of useful accounting information.

Relevance._______________________________________________________________________________________________________________________________________________________________

(a)Predictive value.:_____________________________________________________________________________________.

(b)Confirmatory value:_________________________________________________________________________________.

(c)Materiality.:_________________________________________________________________________________.

FaithfulRepresentation.___________________________________________________________________________________________________________________________________________________

(a)Completeness_________________________________________________________

(b)Neutrality_______________________________________________________

(c)Free from error___________________________________________________

b.Enhancing Qualities Enhancing qualities complement thefundamental qualities and include:

Comparability__________________________________________________________________.

Consistency_____________________________________________________________________________________________________________________ Verifiability__________________________________________________________________.

Timeliness__________________________________________________________________.Understandabili_____________________________________________________________________________________________________________________

Select the qualitative characteristics for the followingstatements.

(a) Quality of information that assures users that informationrepresents the economic phenomena that it purports torepresent.

(b) Information about an economic phenomenon that corrects pastor present expectations based on previous evaluations.

(c) The extent to which information is accurate in representingthe economic substance of a transaction.

(d) Includes all the information that is necessary for afaithful representation of the economic phenomena that it purportsto represent.

(e) Quality of information that allows users to comprehend itsmeaning.

SFAC No. 8 identifies the qualitative characteristics that makeaccounting information useful. Presented below are a number ofquestions related to these qualitative characteristics andunderlying constraint.

(a) What is the quality of information that enables users toconfirm or correct prior expectations?

(b) Identify the pervasive constraint developed in theconceptual framework.

(c) The chairman of the SEC at one time noted, “If it becomesaccepted or expected that accounting principles are determined ormodified in order to secure purposes other than economicmeasurement, we assume a grave risk that confidence in thecredibility of our financial information system will beundermined.” Which qualitative characteristic of accountinginformation should ensure that such a situation will not occur? (Donot use faithful representation.)

(d) Muruyama Corp. switches from FIFO to averagecost to FIFOover a 2-year period. Which qualitative characteristic ofaccounting information is not followed?

(e) Assume that the profession permits the savings and loanindustry to defer losses on investments it sells because immediaterecognition of the loss may have adverse economic consequences onthe industry. Which qualitative characteristic of accountinginformation is not followed? (Do not use relevance or faithfulrepresentation.)

(f) What are the two fundamental qualities that make accountinginformation useful for decisionmaking?

(g) Watteau Inc. does not issue its first-quarter report untilafter the second quarter’s results are reported. Which qualitativecharacteristic of accounting is not followed? (Do not userelevance.)

(h) Predictive value is an ingredient of which of the twofundamental qualities that make accounting information useful fordecision-making purposes?

(i) Duggan, Inc. is the only company in its industry todepreciate its plant assets on a straight-line basis. Whichqualitative characteristic of accounting information may not befollowed?

(j) Roddick Company has attempted to determine the replacementcost of its inventory. Three different appraisers arrive atsubstantially different amounts for this value. The president,nevertheless, decides to report the middle value for externalreporting purposes. Which qualitative characteristic of informationis lacking in these data? (Do not use relevance or faithfulrepresentation.)

If the LIFO inventory method was used last period, it should beused for the current and following periods because of A.consistency. B. verifiability. C. materiality. D. timeliness.

According to the FASB's conceptual framework, what does theconcept of faithful representation include? A. Predictive value B.Materiality C. Verifiability D. Neutrality

Which of the following is not a basic assumption underlying thefinancial accounting structure? A. Going concern assumption B.Economic entity assumption C. Historical cost assumption D.Periodicity assumption

Under current GAAP, inflation is ignored in accounting due tothe A. periodicity assumption. B. economic entity assumption. C.going concern assumption. D. monetary unit assumption.

Valuing assets at liquidation values rather than cost isinconsistent with the A. historical cost principle. B. materialityconstraint. C. periodicity assumption. D. expense recognitionprinciple.