1$1001$100 2$2002$200 3$3003$300 4$5004$500 6$2,0006$2,000 7$4,0007$4,000 8$8,0008$8,000 9$16,0009$16,000 11$64,00011$64,000 12$125,00012$125,000 13$250,00013$250,000.

1$1001$100 2$2002$200 3$3003$300 4$5004$500 6$2,0006$2,000 7$4,0007$4,000 8$8,0008$8,000 9$16,0009$16,000 11$64,00011$64,000 12$125,00012$125,000 13$250,00013$250,000 14$500,00014$500,000 5$1,0005$1,000 10$32,00010$32,000 15$1 MILLION15$1 MILLION

A. Conditional and Unconditional The present value model can be under conditions of: B. Certainty and Uncertainty C. Perfect and imperfectD. Only certainty

A. Value-in-use accounting The ___________ has the longest recognition lag: B. Historical cost accounting C. Current value accounting D. Fair value accounting

A. A given, fixed interest rate Which of the following is false? Ideal Conditions under uncertainty are characterized by: B. A complete and publicly known set of states of nature C. State probabilities objective and publicly known D. Firm's being able to control states realized

A. Complete reliability & no relevance What are the 2 main characteristics of Present Value Under Certainty? B. Complete reliability & relevance C. High reliability & low relevance D. No reliability & relevance

A. PV of Asset/Liability = Market Value According to the Principal of Arbitrage, which of the following is true? B. PV of Asset/Liability>Market Value C. PV of Asset/Liability<Market ValueD. Principal of Arbitrage does not exist

A. Discounted FV of cash flows Under the current value-based accounting, value-in-use accounting is: B. Fair value of the asset or liability C. Discounted PV of future cash flows D. Creating reserves to estimate cash flow

A. A perfect world True net income does not exist due to one of the following: B. All assets and liabilities can be valued properly C. Lack of objective state probabilities D. Limited states of nature

A. Weather Which of the following is a state that can affect cash flows? B. Crime Rates C. Employee DisputesD. Britney Spears' Breakdown

A. $60 If Accretion of Discount is $10, Expected Cash flows is $150, and Actual Cash Flow is $200, what is the Net Income/Loss for Year 1? B. $70 C. $210D. $160

A. Year-end oil & gas prices Which of the following does the SFAS standards NOT require? B. Disclosure of states of nature C. 10% discount rateD. None of the above

A. Revenues are recorded when reserves are lifted and sold Which of the following is true about Reserve Recognition Accounting? B. Assets are valued at present value C. Gains & losses are not recorded under RRA D. All of the above

A. The investor bears risk Which of the following is true? For a situation of uncertainty, while the financial statements are reliable: B. State probabilities are not objective C. There is never any volatility for net income D. MDL Doors encourages the use of non-reliable financial information

A. Unknown Under ideal conditions and using the present value model with certainty, net income is: B. Perfectly Predictable C. Equal to Capital AssetD. Calculated using FIFO

A. Highly relevant and reliable Reserve recognition accounting is: B. Not relevant or reliable C. Highly relevant but low reliabilityD. Highly reliable but low relevance

A. 1988 In what year did the FASB issue the SFAS 69? B. 1982 C. 2012D. 1974

End of Game Instructions & answer slides follow

Setting up Game Use the Edit menu and Replace… to insert questions and answers. In the Find box, type in “Question X” (where X is the question number, 1 through 15). In the Replace box, type in the question. Then, enter “Answer X-1” and the first answer, “Answer X-2” and the second answer, etc. (Capitalize as indicated.) To set up the 50-50 Lifeline slides (Slides 37-51): –1. Select the first answer to be eliminated by clicking on the text of the answer. Select the text and delete it. (This should leave a blank hexagon.) –2.Repeat with the second eliminated answer, and then repeat with each further slide. To set up the Answer slides (Slides 21-35): –1. Select the hexagon behind the correct answer by right-clicking on the hexagon. (Click above or below the answer text to avoid selecting the text instead. Once selected, the hexagon should have a rectangular border around it.) Select Format Autoshape; choose the Colors and Lines tab, choose the Fill color and change its color to light green. (The green should be provided in the bottom row of colors.) –2. Repeat with each further slide. Slides 52-66 are the Money Won slides. On the title screen, the finger icon will link to a Fastest Finger slide, if you would like to use it. To set up the Fastest Finger slide (Slide 70), fill in the Fastest Finger question, and the four answers. On the answer slide (Slide 71), replace each orange question mark with the letter of the appropriate answer in order, starting at the top. Fill in the answer corresponding to each letter accordingly. Clicking on the ? icon on Slide 70 will go to the answer slide; clicking on the house icon will link to the main game board. USAGE NOTE: the Fastest Finger question slide includes the music for Fastest Finger; this music is 25 seconds long. Use the music as a timer; when the music ends, go to the answer slide.

Setting up Game The Phone-a-Friend lifeline can be used to ask one other student to help out. Clicking on the Phone-a-Friend lifeline icon will link to a 30-second timer slide. The timer will begin on a mouse-click, and will count down to zero. Once the slide reaches zero, clicking on the curved arrow icon will return to the previous slide (the question slide). USAGE NOTE: the question and answers are not visible during the clock countdown, and returning to the question slide before the clock finishes will reset the clock. The Ask-the-Audience lifeline can be used to ask the entire class, who gives their votes for the correct answer by letter. Clicking on the Ask-the-Audience lifeline icon will link to a chart slide. Clicking on the chart will open Microsoft Excel; click on the “Enter Scores Here” tab to enter the class votes for each answer, then click on the “Chart” tab so the chart will be visible. Go to the File menu and choose Close and Return… to return to the slide show. Clicking on the curved arrow icon will return to the previous slide (the question slide). ICONS: –? Takes you to the answer slide –Star Takes you from the answer slide to the Money Won slide –House Takes you back to the Cash Board If using the game for another person or another class, close the game and re-open it (this is to reset the links on the game board back to orange).

A. Conditional and Unconditional The present value model can be under conditions of: B. Certainty and Uncertainty C. Perfect and ImperfectD. Only Certainty