1*What is SEC, in what way is it related to the establishment of accounting standards and how can it be linked to FASB? How has your role evolved over the years?

2*What is the purpose of the closing process?

3*Archie Co. purchased a framing machine for $45,000 on January 1, 2013. The machine is expected to have a four-year life, with a residual value of $5,000 at the end of four years.

a. Using the straight-line method, depreciation for 2013 and book value at December 31, 2013, would be:

b. Using the double-declining balance method, depreciation for 2013 and book value at December 31, 2013, would be:

c. Using the sum-of-the-years'-digits method, depreciation for 2013 and book value at December 31, 2013, would be:

4* When you prepare the current assets section of the balance sheet under GAAP you see that two of the balance sheets of the bank accounts are negative. Where would you look to determine how these balances should be reported?

a*Rules and procedures of the American Banking Association

b*FASB coding system

c*IFRS pronouncements since negative balances are currently passive

d*None of the above since the balance sheets should be grouped in the balance sheet

5. Which of the following is not one of the steps for the ethical decision analysis model:

a*Identify the consequences of each possible course of action

b*determine the facts within the situation.

c*Consult with the review board (ethics review board) of AICPA