Test bank intermediate accounting 6th edition spiceland ch17
英国留学：详解公认会计师ACCA考试
英国留学：详解公认会计师ACCA考试英国特许公认会计师ACCA认证应该是世界知名的会计师认证，去英国留学金融专业的很多同学终极目标都是要考取英国特许公认会计师ACCA的认证，但是英国特许会计师的考试很有难度，考试涉及到的科目也很繁多，下面就来看下特许公认会计师ACCA考试的详情。
简介ACCA(特许公认会计师公会(The Association of Chartered Certified Accountants ，简称ACCA))成立于1904年，是目前世界上最大及最有影响力的专业会计师组织之一，也是在运作上通向国际化及发展最快的会计师专业团体。
目前已在世界上各主要国家都设立了分部、办事处及联络处。
在160多个国家共设有300多个考点，拥有学生和会员超过二十五万人。
ACCA课程全面、完善及先进兼备，现已被联合国采用作为全球会计课程的蓝本。
自九O年开始，ACCA便积极参与中国会计专业人才的培训工作。
目前已在全国十二个城市开设了十三个考点，每年都有过千名学生参加ACCA考试。
十一个城市分别是：上海，北京，天津，武汉，大连，广州，深圳，长沙，南京，福州，成都和沈阳。
ACCA还在上海，天津，武汉，大连及广州与当地大学合作开设了培训班，赞助及辅导学生参加ACCA课程考试。
全国现有七千余名学生，会员已达五百人。
会员ACCA在英国、欧洲及许多主要国家为法定之会计师资格，其会员可成为执业会计师，会计师事务所合伙人。
受法律许可从事审计、税务、破产执行及投资顾问等专业会计师工作。
作为一个国际认可的专业会计师，我们的会员遍布于政府、公共机构及各行各业之领导职位如财务总监、总经理及董事等。
如何获取ACCA会员资格要成为ACCA的会员，学生必须通过ACCA十四门专业考试并获取三年财务及会计相关工作经验。
此三年相关工作经验可在考试之前、中、后累积，并且不限地域、行业、公司/机构性质等。
如何获取学位本科学位：根据ACCA和牛津布鲁克斯大学达成的学分互认协议，通过ACCA前9门课程后，提交一篇论文通过后，就可获得该校应用会计学本科学位。
SimIS国际结算实训答案
目录国际结算认知.................................................................国际结算整体认知......................................................................................................................................................汇款认知......................................................................................................................................................................托收认知......................................................................................................................................................................信用证认知..................................................................................................................................................................贸易融资认知..............................................................................................................................................................保函备证认知.............................................................................................................................................................. 汇款.........................................................................汇出汇款......................................................................................................................................................................汇款人汇出汇款01.............................................................................................................................................汇款人汇出汇款02.............................................................................................................................................汇出行汇出汇款01.............................................................................................................................................汇出行汇出汇款02.............................................................................................................................................汇入汇款......................................................................................................................................................................汇入行汇入汇款01.............................................................................................................................................汇入行汇入汇款02.............................................................................................................................................收款人办理国际收支申报01.............................................................................................................................收款人办理国际收支申报02 ............................................................................................................................. 托收.........................................................................出口托收业务..............................................................................................................................................................委托人委托银行办理出口托收01.....................................................................................................................托收行办理出口托收业务01.............................................................................................................................托收行办理出口托收业务02 .............................................................................................................................进口代收业务..............................................................................................................................................................付款人托收项下对外付款01.............................................................................................................................代收行进口代收业务01.....................................................................................................................................代收行进口代收业务02..................................................................................................................................... 信用证.......................................................................进口信用证业务..........................................................................................................................................................申请人申请开证01.............................................................................................................................................申请人申请开证02.............................................................................................................................................申请人申请开证03.............................................................................................................................................申请人申请改证01.............................................................................................................................................申请人申请改证02.............................................................................................................................................开证行开立信用证01.........................................................................................................................................开证行开立信用证02.........................................................................................................................................开证行开立信用证03.........................................................................................................................................开证行修改信用证01.........................................................................................................................................开证行修改信用证02.........................................................................................................................................付款行通知付款01.............................................................................................................................................付款行通知付款02.............................................................................................................................................出口信用证业务..........................................................................................................................................................通知行通知信用证01.........................................................................................................................................通知行通知信用证02.........................................................................................................................................通知行通知信用证03.........................................................................................................................................受益人审证交单01.............................................................................................................................................受益人审证交单02.............................................................................................................................................受益人审证交单03.............................................................................................................................................交单行审单01.....................................................................................................................................................交单行审单02.....................................................................................................................................................交单行审单03..................................................................................................................................................... 贸易融资.....................................................................出口融资案例01.........................................................................................................................................................出口融资案例02.........................................................................................................................................................进口融资案例..............................................................................................................................................................银行贸易融资操作...................................................................................................................................................... 银行保函及备用信用证.........................................................申请人申请开立保函..................................................................................................................................................担保人开立保函..........................................................................................................................................................通知行通知保函..........................................................................................................................................................受益人审核保函..........................................................................................................................................................申请人申请开立备证.................................................................................................................................................. 专项练习.....................................................................国际结算概述..............................................................................................................................................................国际结算中的票据......................................................................................................................................................汇款..............................................................................................................................................................................托收..............................................................................................................................................................................信用证..........................................................................................................................................................................国际贸易融资..............................................................................................................................................................银行保函及备用信用证..............................................................................................................................................国际结算中的单据......................................................................................................................................................国际贸易结算的风险及防范......................................................................................................................................国际结算认知国际结算整体认知P7内容4（录音听完，8分）P8内容5（6分）国际结算与国内结算的区别有哪些？（ABC）A、货币的活动范围不同B、使用的货币不同C、遵循的法律不同D、支付的工具不同P9内容6（录音听完，8分）P11内容9（6分）P14内容12（录音听完，8分）P15内容13（录音听完，8分）P16内容14（录音听完，8分）P17内容15（录音听完，8分）P18内容16（6分）国际结算的衍变历程经历哪些方面的变革？（ABCD）A、现金结算变为票据结算B、货物买卖变为单据买卖C、直接结算变为银行结算D、人工结算变为电子结算P21内容19（录音听完，8分）P22内容20（6分）国际贸易结算中的票据主要包括哪几种？（ABC）A、汇票B、本票C、支票D、发票P23内容21（6分）国际结算方式主要包括哪几种？（ABC）A、汇款B、托收C、信用证P25内容23（录音听完，8分）P31内容29（6分）下列选项中，哪些是属于国际结算中的货币清算系统？（ABCE）A、SWIFTB、CHIPSC、CHAPSD、EDIE、TATGET汇款认知P5内容2（录音听完，6分）P7内容4 （10分）在汇款的当事人中，汇款人和汇出行之间是哪种关系？（B）A、债权债务关系B、委托与被委托关系C、委托代理关系D、账户往来关系P10内容7（录音听完，6分）P11内容8（录音听完，6分）P12内容9（录音听完，6分）P14内容11（10分）汇款按照结算工具的不同，可以分为哪几种？（ABC）A、电汇B、信汇C、票汇P18内容15（录音听完，6分）P19内容16（录音听完，6分）P20内容17（录音听完，6分）P21内容18（10分）如果汇出行与汇入行之间没有帐户关系或没有所汇货币帐户关系，那么，头寸应该通过什么方式来完成转账？（B）A、账户行直接入账型B 、“碰头行”转帐型C、各自帐户行转帐型P26内容23（录音听完，6分）P27内容24（录音听完，6分）P28内容25（录音听完，6分）P29内容26（10分）在国际贸易中，汇款主要包括哪几种方式？（ABC）A、货到付款B、预付货款C、交单付现托收认知P5第2页（录音听完，7分）P8第5页（录音听完，7分）P9第6页（10分）托收的当事人中，代收行与付款人之间是什么关系？（C）A、债权债务关系B、委托代理关系C、无契约关系P11第8页（录音听完，7分）P14第11页（录音听完，7分）P18第15页（录音听完，7分）P19第16页（10分）P21第18页（录音听完，7分）P22第19页（录音听完，7分）P23第20页（录音听完，7分）P25第22页（录音听完，7分）P26第23页（录音听完，7分）P27第24页（10分）对出口商来说，风险最小的托收结算方式是哪一种？（A）A、即期付款交单B、远期付款交单C、承兑交单D、光票托收信用证认知P5内容2（录音听完，8分）P6内容3（录音听完，8分）P8内容5（录音听完，8分）P9内容6（7分）具备哪些要素的约定就可以称之为信用证？（ABC）A、信用证应当是开证行开出的确定承诺文件B、开证行承付的前提条件是相符交单C、开证行的承付承诺不可撤销P11内容8（录音听完，8分）P12内容9（录音听完，8分）P13内容10（录音听完，8分）P14内容11（录音听完，8分）P16内容24（7分）信开本信用证包括哪几种？（BCD）A、电开本信用证B、简电本信用证C、全电本信用证D、SWIFT开证P28内容24（7分）按照付款时间划分，信用证可以分为哪几种？（CDE）A、即期付款信用证B、延期付款信用证C、即期信用证D、远期信用证E、假远期信用证P31内容27（录音听完，8分）P32内容28（录音听完，8分）P35内容32（7分）银行应该对信用证的哪些方面进行审查？（ABCDE）A、审查开证行资信B、审查信用证的有效性C、审查信用证的责任条款D、索汇路线和索汇方式的审查E、信用证项下的费用问题贸易融资认知P6内容3（录音听完，5分）P8内容5（录音听完，5分）P11 内容8 （12分）在国际贸易中，进口商可以采用哪些结算方式来完成债权债务关系？（ABC）A、汇款B、托收C、信用证P15 内容12 （12分）进口商对贸易融资会有哪些需求呢？(ABC)A、进口货物的时候能否不占压资金或少占压资金B、可以在货物售出后再付款吗C、怎样在货先到而单据未到的情况下提货P16内容13（录音听完，5分）P18 内容15 (14分)出口商对贸易融资会有哪些需求呢？(ABCD)A、组织货流资金不够，银行能帮我吗？B、如何在出货后，立即获付？C、远期结算方式，可以立即收款吗？D、在托收或赊帐情况下，如何能够有保证地收回货款？P19内容16（录音听完，5分）P21 内容18 拖曳匹配题（16分）P25 内容22 （16分）国际贸易融资主要具有哪些特点？（ABCDE）A、具有自偿性B、单据通过银行传递C、期限较短D、综合收益高E、时效性强保函备证认知P5第2页（录音听完，10分）P6第3页（录音听完，10分）P9第6页（录音听完，10分）P10第7页（录音听完，10分）P12第9页（10分）银行保函的基本当事人是哪三个？（ADF）A、申请人B、转开行C、通知行D、受益人E、保兑行F、担保人G、反担保人P18第15页（10分）P20第17页（录音听完，10分）P23第20页（10分）备用信用证具有哪些性质？（ABCD）A、不可撤销性B、独立性C、跟单性D、强制性P25第22页（录音听完，10分）P26第23页（录音听完，10分）汇款汇出汇款汇款人汇出汇款01P12提问（6分）谢晓峰：“海运，从汉堡到广州航行时间大概30天左右。
cost accounting test bank 3
CHAPTER 2 QUIZ1.Tanner Co. management desires cost information regarding their Rawhide brand.The Rawhide brand is a(n)a.cost object.b.cost driver.c.cost assignment.d.actual cost.2.The cost of replacement light bulbs on campus would be a direct cost to a collegebut would need to be allocated as an indirect cost toa.departments.b.buildings.c.schools.d.individual student instruction.3.What is the total fixed cost of the shipping department of EZ-Mail Clothing Co. if ithas the following information for 2002?Salaries $800,000 75% of employees on guaranteedcontractsPackaging $400,000 depending on size of item(s) shippedPostage $500,000 depending on weight of item(s) shippedRent of warehouse space $250,000 annual leasea. $850,000b. $900,000c. $1,050,000d. $1,950,0004.Morton Graphics successfully bid on a job printing standard notebook covers duringthe year using last year’s price of $0.27 per cover. This amount was calculated from prior year costs, noting that no changes in any costs had occurred from the past year to the current year. At the end of the year, the company manager was shocked todiscover that the company had suffered a loss. ―How could this be?‖ she exclaimed.―We had no increases in cost and our price was the same as last year. La st year wehad a healthy income.‖ What could explain the company’s loss in income thiscurrent year?a.Their costs were all variable costs and the amount produced and soldincreased.b.Their costs were mostly fixed costs and the amount produced this year wasless than last year.c.They used a different cost object this year than the previous year.d.Their costs last year were actual costs but they used budgeted costs to maketheir bids.5.Which type of company converts materials into finished products?a.Not-for-profitb.Servicec.Merchandisingd.Manufacturing6.The three categories of inventories commonly found in many manufacturingcompanies are:a.Direct materials, direct labor, and indirect manufacturing costs.b.Purchased goods, period costs, and cost of goods sold.c.Direct materials, work in process, and finished goods.d.LIFO, FIFO, and weighted average.7.Inventoriable costs area.only purchased goods for resale.b. a category of costs used only for manufacturing companies.c.recorded as expenses when incurred and later reclassified as assets.d.recorded as assets when incurred.8.Period costs area.all costs in the income statement other than cost of goods sold.b.defined as manufacturing costs incurred this period on the schedule of costof goods manufactured.c.always recorded as assets when first incurred.d.those costs that benefit future periods.9.The cost of a product can be measured as any of the following except as costa.gathered from all areas of the value chain.b.identified as period cost.c.designated as manufacturing cost only.d.explicitly defined by contract.10.The primary focus of cost management is toa.help managers make different decisions.b.calculate product costs.c.aid managers in budgeting.d.distinguish between relevant and irrelevant information.CHAPTER 2 QUIZ SOLUTIONS1. a2. d3. a4. b5. d6. c7. d8. a9. b10. aQuiz Question Calculations3. Fixed costs = (800,000) 75% + 250,000 = $850,000CHAPTER 3 QUIZ1.Which of the following is not a factor in cost-volume-profit analysis?a.Units soldb.Selling pricec.Total variable costsd.Fixed costs of a product2.Which of the following is not an assumption of cost-volume-profit analysis?a.The time value of money is incorporated in the analysis.b.Costs can be classified into variable and fixed components.c.The behavior of revenues and expenses is accurately portrayed as linearover the relevant range.d.The number of output units is the only driver.3.Contribution margin is calculated asa.total revenue – total fixed costs.b.total revenue – total manufacturing costs (CGS).c.total revenue – total variable costs.d.operating income + total variable costs.Questions 4-6 are based on the following data.Tee Times, Inc. produces and sells the finest quality golf clubs in all of ClayCounty.The company expects the following revenues and costs in 2004 for its Elite Qualitygolf club sets:Revenues (400 sets sold @ $600 per set) $240,000Variable costs 160,000Fixed costs 50,0004.How many sets of clubs must be sold for Tee Times, Inc. to reach their breakeven point?a. 400b. 250c. 200d. 1505.How many sets of clubs must be sold to earn a target operating income of $90,000?a. 700b. 500c. 400d. 3006.What amount of sales must Tee Times, Inc. have to earn a target net income of $63,000if they have a tax rate of 30%?a. $489,000b. $429,000c. $420,000d. $300,0007.One way for managers to cope with uncertainty in profit planning is toe CVP analysis because it assumes certainty.b.recommend management hire a futurist whose work is to predict businesstrends.c.wait to see what does happen and prepare a report based on actual amounts.e sensitivity analysis to explore various what-if scenarios in order toanalyze changes in revenues or costs or quantities.8.The Beta Mu Omega Chi (BMOC) fraternity is looking to contract with a local band toperform at its annual mixer. If BMOC expects to sell 250 tickets to the mixer at $10each, which of the following arrangements with the band will be in the best interest ofthe fraternity?a.$2500 fixed feeb.$1000 fixed fee plus $5 per person attendingc.$10 per person attendingd.$25 per couple attendingUse the following information for questions 9 and 10.LSB Company has the following income statement:Revenues $100,000Variable Costs 40,000Contribution Margin 60,000Fixed Costs 30,000Operating Income 30,0009. What is LSB’s DOL?a. 3.33b. 2.00c.0.50d. 1.0010. If LSB’s sales increase by $20,000, what will be the company’s operating profit?a.$42,000b.$12,000c.$50,000d.$30,00011.Twin Products Company produces and sells two products. Product M sells for $12and has variable costs of $6. Product W sells for $15 and has variable costs of $10.Twin predicted sales of 25,000 units of M and 20,000 of W. Fixed costs are $60,000 per month. Assume that Twin achieved its sales goal of $600,000 for September,but fell short of its expected operating income of $190,000. Which of the following descriptions best describes the actual results reported of revenue of $600,000 andoperating income of less than $190,000?a.Twin sold 50,000 of M and no product W.b.Twin sold more of both products M and W than expected.c.Twin sold more of product W and less of product M than expected.d.Twin sold more of product M and less of product W than expected.12.In the situation of multiple cost drivers, CVP analysis cana.be modified so that the various simple formulas can be used by applyingthem separately to each cost driver.b.apply the same formulas as that used for a single-cost driver.c.be changed by incorporating all of the cost drivers into the breakevenformula to calculate the unique point of output at which the company wouldbreak even.d.be adapted by incorporating the cost drivers into the calculation of thevariable costs.13.Which of the following statements is true?a.Gross margin is another term for contribution margin.b.Contribution margin is acceptable for use in external financial statements.c.Contribution margin is used to help managers in decision making.d.Gross margin is revenues minus variable cost.CHAPTER 3 QUIZ SOLUTIONS1. c2. a3. c4. b5. a6. c7. d8. b9. b10. b11. c12. b13. cQuiz Question Calculations4. Variable costs per unit = $160,000/400 units sold = $400Contribution Margin = $600 – 400 = $200 per unitBreakeven point = $50,000/$200 = 250 units5. TOI = $50,000 + $90,000/$200 = 700 units6. TNI = $50,000 + $63,000/(1 – .30)/$200 = 700 units × $600 = $420,0001.Cost of option a: $2,500 Profit = 0Cost of option b: $1,000 + 5(250) = $2,250 Profit = $250Cost of option c: $10 (250) = $2,500 Profit = 0Cost of option d: $25 (125) = $3,125 Loss ($625)2.DOL = $60,000/$30,000 = 2.03.$20,000/ $100,000 = 20%20% × 2 = 40%40% × $30,000 = $12,000 increaseCHAPTER 4 QUIZ1. A cost-allocation base may be any of the following except aa.cost driver.b.cost pool.c.way to link indirect costs to a cost object.d.nonfinancial quantity.2. A company that manufactures dentures for use by local dentists would usea.process costing.b.personal costing.c.operations costing.d.job costing.3.The first step in the seven-step approach to job costing is toa.select the cost-allocation base to use in assigning indirect costs to the job.b.identify the direct costs of the job.c.identify the job that is the chosen cost object.d.identify the indirect-cost pools associated with the job.ing normal costing rather than actual costing requires that the allocating ofindirect manufacturing costs to work-in-process bea.done on a more timely basis, such as every two weeks rather than everymonth.b.journalized only at year end when adjusting entries are normally made.c.calculated by using the budgeted rate times actual quantity of allocationbase.d.calculated by using the budgeted rate times the budgeted quantity ofallocation base.5.Manufacturing Overhead Controla.represents actual overhead costs incurred.b.has a normal debit balance.c.is a control account with a subsidiary ledger detailing the components ofmanufacturing overhead.d.All of the above6.Which of the following accounts is not classified as an asset?a.Manufacturing Overhead Controlb.Materials Controlc.Work-in-Process Controld.Finished Goods Control7.The costs incurred on jobs that are currently in production but are not yet completewould appear in thea.Materials Control account.b.Finished Goods Control account.c.Manufacturing Overhead Control account.d.Work-in-Process Control account.8.The Precision Widget Company had the following balances in their accounts at theend of the accounting period:Work-in-Process $ 5,000Finished Goods 20,000Cost of Goods Sold 200,000If their manufacturing overhead was overallocated by $8,000 and Precision Widget adjusts their accounts using a proration based on total ending balances, the revisedending balance for Cost of Goods Sold would bea. $192,880.b. $200,00.c. $207,120.d. $208,000.9.Liberty Box Company calculated an indirect-cost rate of $12.50 per labor hour forfringe benefits for use in their normal costing system. At the end of the year, theactual cost of fringe benefits was $980,000. The total of labor hours worked for the year was the same amount as budgeted, 70,000 hours. If Job #640 required the useof 15 labor hours and the company used the adjusted allocation rate approach, bywhat amount would the cost of Job #640 change?a.$560.00b.$281.25c.$22.50d.$20.5010.If each professional in a service company is paid on an annual salary basis, whymight the firm want to use a predetermined or budgeted rate for direct orprofessional labor?a. A predetermined or budgeted rate is easier to justify to a client who mightquestion a billing rate.b.Professional staff persons do not keep accurate records of the jobs on whichthey work.c.Professional staff incurs more client costs, such as travel, lodging, and out-of-town meals, while working on a job.d.Year-end bonuses paid to the professional staff are difficult to trace toindividual jobs.CHAPTER 4 QUIZ SOLUTIONS1. b2. d3. c4. c5. d6. a7. d8. a9. c10. dQuiz Question CalculationsWork in Process $5,000 / 225,000 2.2% ⨯ $8,000 = 176Finished Goods $20,000 /225,000 8.9% ⨯ $8,000 = 712Cost of Goods Sold $200,000 / 225,000 88.9% ⨯ $8,000 = 7,120200,000 – 7,120 = $192,8809. 980.000/70,000 = $14.00 (actual rate)$14,000 – $12.50 = $1.50 excess of actual over budget1.50 ⨯ 15 hours – $22.50 additional costCHAPTER 5 QUIZ1.Production-cost cross-subsidization results froma.allocating indirect costs to multiple products.b.assigning traced costs to each product.c.assigning costs to different products using varied costing systems within thesame organization.d.assigning broadly averaged costs across multiple products withoutrecognizing amounts of resources used by which products.2.In refining a cost systema.total direct costs are unchanged because they can be traced in aneconomically feasible way to the product and traced costs are more accurate.b.the costs are grouped in homogeneous pools of the same or similar amounts.c.the criterion of cause and effect is used to relate indirect costs to a factorthat systematically links to a cost object.d.the organization looks for cost-allocation bases that will provide a uniformspreading of indirect costs to each product.Question 3 is based on the following data.The average cost data are for In-Sync Fixtures Company’s (a retailer) only twoproduct lines, Marblette and Italian Marble.Marblette Italian MarblePurchase volume 20,000 1,000Purchase cost per unit $50 $50Shipments received 12 12Hours used per shipment * 5 3 *These data were accumulated after a careful activity analysis.Currently, In-Sync Fixtures uses a traditional costing system with indirect costsallocated using purchased cost of goods as a basis. In-Sync Fixtures is consideringrefining the allocation of their receiving costs of $40,000. They realize that the ItalianMarble is heavier and requires more care than the Marblette but that the Marblettecomes in larger volume.3.Which statement can be made using the results of the activity analysis performed byIn-Sync Fixtures?a.The use of this refined activity-based costing system will increase theaccuracy of the resulting product costs because a more appropriate cost driverwill be used as the allocation base.b.The traditional allocation method currently being used is causing product-costcross-subsidization with the product line Marblette being undercosted.c.The cost allocated to the Italian Marble product line under the currenttraditional system is more than the activity-based costing allocated cost.d.The use of this refined activity-based costing system will increase theaccuracy of the resulting product costs because it probably will cost less totrace the costs to the product lines.4.Advertising of a specific product is an example ofa.unit-level costs.b.batch-level costs.c.product-sustaining costs.d.facility-sustaining costs.5.The allocation of indirect costs in an activity-based costing systema.may require other costs to be allocated to activities before the costs of theactivities can be allocated to the products.b.is simplified because more costs are identified as direct costs.c.requires the use of heterogeneous cost pools.d.is simplified because a limited number of activities are identified as costobjects.Information for questions 6 and 7 is given below.Jackson Enterprises manufactures two products—A basic gizmo and an advancedmodel gizmo. The company is using an activity-based costing system. They haveidentified three activities for allocation of indirect costs.Activity Cost Driver Cost-Allocation RateMaterials receiving Number of parts $2.00 per partProduction setup Number of setups $500.00 per setupQuality inspection Inspection time $90 per hourA production run for the basic model is 250 units, for the advanced model, 100 units.Each unit of product consumes the following activities:Number of Parts Number of Setups Inspection Time Basic Gizmo 10 50 10 minutesAdvanced Gizmo 15 25 20 minutesDirect costs for the two products are as follows:Direct Materials Direct LaborBasic Gizmo $50.00 $ 75.00Advanced Gizmo $95.00 $125.006.The amount of overhead allocated to one unit of the basic model would bea.$592.b.$37.c.$162.d.$65.7.The total cost of an advanced model would bea.$162.b.$65.c.$200.d.$265.8.Evaluating customer reaction of the trade-off of giving up some features of aproduct for a lower price would best fit which category of management decisionsunder activity-based management?a.Pricing and product-mix decisionsb. Cost reduction decisionsc. Design decisionsd. Discretionary decisions9.Which of the following statements is more representative of activity-based costingin comparison to a department-costing system?a.The use of multiple cost-allocation basesb.The use of indirect-cost rates for significant resource usec.The use of activities having a cause-and-effect relationshipd.The use of multiple cost pools10. A significant limitation of activity-based costing is thea.attention given to indirect cost allocation.b.many necessary calculations.c.operations staff’s attitude to ward the accounting staff.e it makes of technology.CHAPTER 5 QUIZ SOLUTIONS1. d2. c3. a4. c5. a6. b7. d8. c9. c10. bQuiz Question Calculations6. (2 ⨯10) + ($500/250) + ($90/60 ⨯ 10) = $377. $75 + $125 + ($2 ⨯ 15) + ($500/100) + ($90/60 ⨯ 20)CHAPTER 7 QUIZ1.[CMA Adapted] Flexible budgetsa.accommodate changes in the inflation rate.b.accommodate changes in activity levels.c.are used to evaluate capacity utilization.d.are static budgets that have been revised for changes in price(s).2.[CMA Adapted] The following information is available for the Gabriel ProductsCompany for the month of July:Static Budget Actual Units 5,000 5,100Sales revenue $60,000 $58,650Variable manufacturing costs $15,000 $16,320Fixed manufacturing costs $18,000 $17,000Variable marketing and administrative expense $10,000 $10,500Fixed marketing and administrative expense $12,000 $11,000The total sales-volume variance for the month of July would bea. $2,550 unfavorable.b. $1,350 unfavorable.c. $700 favorable.d. $100 favorable.3.[CMA Adapted] Bartholomew Corporation’s master budget calls for the production of6,000 units of product monthly. The master budget includes indirect labor of$396,000 annually; Bartholomew considers indirect labor to be a variable cost.During the month of September, 5,600 units of product were produced, and indirect labor costs of $30,970 were incurred. A performance report utilizing flexiblebudgeting would report a flexible budget variance for indirect labor ofa. $170 unfavorable.b. $170 favorable.c. $2,030 unfavorable.d. $2,030 favorable.4.Which of the following is not an advantage for using standard costs for varianceanalysis?a.Standards simplify product costing.b.Standards are developed using past costs and are available at a relativelylow cost.c.Standards are usually expressed on a per-unit basis.d.Standards can take into account expected changes planned to occur in thebudgeted period.rmation on Pruitt Company’s direct-material costs for the month of July 2005 wasas follows:Actual quantity purchased 30,000 unitsActual unit purchase price $2.75Materials purchase-price variance—unfavorable (based on purchases) $1,500Standard quantity allowed for actual production 24,000 unitsActual quantity used 22,000 units[CPA Adapted] For July 2005 there was a favorable direct-materials efficiencyvariance ofa. $7,950.b. $5,500.c. $5,400.d. $5,600.rmation for Garner Company’s direct-labor costs for the month of September 2005was as follows:Actual direct-labor hours 34,500 hoursStandard direct-labor hours 35,000 hoursTotal direct-labor payroll $241,500Direct-labor efficiency variance—favorable $ 3,200[CPA Adapted] What is Garner’s direct-labor price (or rate) variance?a. $21,000 favorableb. $21,000 unfavorablec. $17,250 unfavorabled. $20,700 unfavorable7.Performance evaluation using variance analysis should guard againsta.emphasis on a single performance measure.b.emphasis on total company objectives.c.basing effect of a manager’s action on total costs of the company as a whole.d.highlighting individual aspects of performance.8.The basic principles and concepts of variance analysis can be applied to activity-basedcostinga.by application as to the levels of cost hierarchy.b.through careful classification of costs as direct and indirect as applied to theproduct or job.c.with use of standard costing systems only.d.only through those activities related to individual units of product or service.9.Benchmarking isa.relatively easy to do with the amount of available financial informationabout companies.b.best done with the best in their field regardless of type of company.c.simply reporting the magnitude of differences in costs or revenues acrosscompanies.d.making comparisons to direct attention to why differences in costs existacross companies.CHAPTER 7 QUIZ SOLUTIONS1. b2. c3. a4. b5. c6. d7. a8. a9. dQuiz Question Calculations2. 5,100 – 5,000 = 100 units ⨯ $7* = $700FUnit CM = 60,000 – 15,000 –10,000/35,000 = $73. Actual DL $30,970Flexible budget 5,600 ⨯ $5.50 30,800Flexible budget variance 170 U5. Actual price 30,000 ⨯ 2.75 82,500Minus unfavorable price variance 1,500Materials at standard 81,00081,000/30,000 = $2.70 standard price per unitActual quantity 22,000 unitsStandard quantity 24,000 unitsEfficiency variance 2,000 ⨯ 1.70 = $5,400 F6. Actual direct labor cost $241,500Standard 34,500 ⨯ 6.40 $220,800Price variance 20.700 UStandard rate = 3,200/(35,000 – 34,500) = $6.40FLEXIBLE-BUDGET AND SALES-VOLUME VARIANCE ANALYSISActual Results: Flexible Budget: Static Budget:Actual Units Sold Actual Units Sold Budgeted Units SoldX Actual Sales Mix X Actual Sales Mix X Budgeted Sales MixX Actual CM/unit X Budgeted CM/unit X Budgeted CM/unit| - - - - Flexible budget variance - - - - | - - - - Sales-volume variance - - - - || - - - - - - - - - - - - - - - - - - - Static budget variance - - - - - -- - - - - - - - - - |SALES-MIX AND SALES-QUANTITY VARIANCE ANALYSISFlexible Budget: Static Budget:Actual Units Sold Actual Units Sold Budgeted Units SoldX Actual Sales Mix X Budgeted Sales Mix X Budgeted Sales MixX Budgeted CM/unit X Budgeted CM/unit X Budgeted CM/unit| - - - - - - Sales mix variance - - - - - | - - - - Sales-quantity variance - - - - || - - - - - - - - - - - - - - - - - - - Sales-volume variance - - - - - - - - - - - - - - - |MARKET-SHARE AND MARKET-SIZE VARIANCE ANALYSISFlexible Budget: Static Budget:Actual Market Size Actual Market Size Budgeted Market SizeX Actual Market Share X Budgeted Market Share X Budgeted Market Share X Budgeted CM/unit X Budgeted CM/unit X Budgeted CM/unit| - - - - - - Market share variance - - - - - | - - - - Market size variance - - - - || - - - - - - - - - - - - - - - - - - - Sales-quantity variance - - - - - - - - - - - - - - - |INPUT PRICE AND EFFICIENCY VARIANCESActual Costs: Flexible Budget: Actual Input Actual Input Budgeted Input (for actual output)X Actual Price X Budgeted Price X Budgeted Price| - - - - - - - Price variance - - - - - - - | - - - - - - - Efficiency variance - - - - - - - || - - - - - - - - - - - - - - - - - - - Flexible budget variance - - - - - -- - - - - - ----- - - - |INPUT YIELD AND MIX VARIANCESActual Input/Actual Mix : Flexible Budget:Actual Inputs Used Actual Input Used Budgeted Input (for actual output)X Actual Input Mix X Budgeted Input Mix X Budgeted Input MixX Budgeted Price X Budgeted Price X Budgeted Price| - - - - - - - - Mix variance - - - - - - - - | - - - - - - - - - Yield variance - - - - - - - || - - - - - - - - - - - - - - - - - - - Efficiency variance - - - - - - - - - - - - - - - - - - - - |。
英文简历(优秀13篇)
英文简历(优秀13篇)关于英文简历篇一Denise Whalen2119 Fort Louden DrGaithersburg, MD 20877(701) 555-20xxOBJECTIVEA position as a Paramedic or Emergency Medical Technician.QUALIFICATIONSCurrent NREMT-P (P0928319), four years paramedic and eight years total medical experience.Current Maryland EMICT.TRAININGEMICT - 1000 hours.TraumaCardiacEMS CERTIFICATIONSEMT-BA - AED, airway management, bleeding control, splinting, and several other basic life support skills.EMT-I - IV Therapy, venipunctureEMT-P - Advanced airway management techniques with medication administration.INSTITUTIONSEMT, 1995Chambersburg Ambulance Training Center, Chambersburg, PAM.S., Community Health Education, 1997Shippensburg University, Shippensburg, PAEMPLOYMENT HISTORYEMT-Paramedic/Emergency Room Technician 1998 - PresentGaithersburg Hospital, Gaithersburg, MDEmergency Medical Technician 1994 - 1998Gaithersburg Emergency Team, Gaithersburg, MD英文简历篇二professional objectivea position in civil litigation within the business or environmental arenas.professional experience1992-present attorneyemerson,lake palmer, p.c.,atlanta,gatrial attorney in medium-sized,general practice law firm with extensive corporate dealings.areas of concentration have included environmental,public utility,general business and appellate litigation.1984-1994 assistant district attorneyathens district attorneys office,athens,gasenior trial attorney responsible for prosecuting major felony cases in the superior court.supervised criminal instigations and trained assistant district sttorneys.prosecuted over thirty major felony jury cases including murder,rape,and child abuse.briefed and argued over forty cases before the supreme judicial court and the appeals court.1981-1983 law clerk/assistant town counciltown of marietta,marietta,gageneral municipal and appellate litigation.educationgeorgla institite of technology,atlanta,gaj.d.,1980,cum laude.agnes scott college,decatur,gab.a.,political science,1975,magna cum laude.bar membershipsgeorgia bar association,1980u.s. district court for the district of georgia,1981professional and legal references available upon requestprofessional objective is clearly defined.resume is bolstered by candidates strong educational credentials.英文简历篇三1、Mature, dynamic and honest.思想成熟、精明能干、为人诚实。
ElementaryAlgebra,6thEdition,Hc,2000ByMcKeague
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intermediate acct test bankch18
CHAPTER 18REVENUE RECOGNITIONIFRS questions are available at the end of this chapter.TRUE-FALSE—ConceptualAnswer No. DescriptionF 1. Recognition of revenue.T 2. Realization of revenue.T 3. Delayed recognition of revenue.F 4. Recognizing revenue when right of return exists.T 5. Recognizing revenue prior to product completion.F 6. Use of percentage-of-completion method.T 7. Input measure for contract progress.T 8. Reporting Construction in Process and Billings on Construction in Process.F 9. Construction in Process account balance.F 10. Recognition of revenue under completed-contract method.T 11. Principal advantage of completed-contract method.F 12. Recognizing loss on an unprofitable contract.F 13. Recognizing current period loss on a profitable contract.T 14. Recognizing revenue under completion-of-production basis.F 15. Recording a loss on an unprofitable contract.F 16. Deferring revenue under installment-sales method.T 17. Deferring gross profit under installment-sales method.T 18. Classification of deferred gross profit.F 19. Recognizing revenue under cost-recovery method.T 20. Recognizing profit under cost-recovery method.MULTIPLE CHOICE—ConceptualAnswer No. Descriptionc 21. Revenue recognition principle.b 22. Definition of "realized."a 23. Definition of "earned."b S24. Revenue recognition representations.d P25. Definition of recognition.b P26. Revenue recognition principle.d 27. Recognizing revenue at point of sale.d 28. Recording sales when right of return exists.c 29. Revenue recognition when right of return exists.d 30. Revenue recognition when right of return exists.b 31. Appropriate accounting method for long-term contracts.c 32. Percentage-of-completion method.b 33. Percentage-of-completion method.c 34. Classification of progress billings and construction in process.b 35. Calculation of gross profit using percentage-of-completion.a 36. Disclosure of earned but unbilled revenues.b 37. Disadvantage of using percentage-of-completion.d S38. Percentage-of-completion input measures.18 - 2Test Bank for Intermediate Accounting, Fourteenth EditionMULTIPLE CHOICE—Conceptual (cont.)Answer No. Descriptiona S39. Advantage of completed-contract methodc 40. Revenue, cost, and gross profit under the completed-contract method.a 41. Loss recognition on a long-term contract.c 42. Accounting for long-term contract losses.d 43. Criteria for revenue recognition of completion of production.a 44. Completion-of-production basis.d S45. Revenue recognition of completion of production.b S46. Treatment of estimated contract cost increase.c 47. Presentation of deferred gross profit.c 48. Appropriate use of the installment-sales method.b 49. Valuing repossessed assets.b 50. Gross profit deferred under the installment-sales method.c S51. Income realization on installment sales.d P52. Conservative revenue recognition method.b 53. Income recognition under the cost-recovery method.b 54. Income recognition under the cost-recovery method.d 55. Cost recovery basis of revenue recognition.b 56. Deposit method of revenue recognition.d 57. Cost recovery method.b *58. Types of franchising arrangements.d *59. Accounting for consignment sales.d *60. Allocation of initial franchise fee.a *61. Recognition of continuing franchise fees.b *62. Future bargain purchase option.a *63. Option to purchase franchisee's business agreement.d *64. Revenue recognition by the consignor.P These questions also appear in the Problem-Solving Survival Guide.S These questions also appear in the Study Guide.*This topic is dealt with in an Appendix to the chapter.MULTIPLE CHOICE—ComputationalAnswer No. Descriptionc 65. Computation of total revenue and accounts receivable.d 66. Computation of total construction expenses.b 67. Computation of costs and profits in excess of billings balance.c 68. Computation of total revenue and construction expenses.b 69. Gross profit recognized under percentage-of-completion.c 70. Computation of construction in process amount.c 71. Percentage-of-completion method.c 72. Percentage-of-completion method.b 73. Determine cash collected on long-term construction contract.d 74. Determine gross profit using percentage-of-completion.c 75. Gross profit to be recognized using percentage-of-completion.b 76. Gross profit to be recognized using percentage-of-completion.c 77. Profit to be recognized using completed-contract method.a 78. Gross profit to be recognized using percentage-of-completion.Revenue Recognition 18 - 3 MULTIPLE CHOICE—Computational (cont.)Answer No. Descriptionb 79. Profit to be recognized using completed-contract method.a 80. Gross profit to be recognized using percentage-of-completion.c 81. Gross profit to be recognized using completed-contract method.b 82. Computation of construction costs incurred.c 83. Gross profit recognized under percentage-of-completion.a 84. Computation of construction in process amount.b 85. Loss recognized using completed-contract method.c 86. Revenue recognition using completed-contract method.c 87. Reporting a current liability with completed-contract-method.a 88. Reporting inventory under completed-contract method.d 89. Gain recognized on repossession—installment sale.b 90. Calculate loss on repossessed merchandise.a 91. Calculate loss on repossessed merchandise.b 92. Interest recognized on installment sales.b 93. Calculation of deferred gross profit amount.b 94. Computation of realized gross profit amount.d 95. Computation of loss on repossession.d 96. Calculation of gross profit rate.a 97. Computation of net income from installment sales.d 98. Computation of realized and deferred gross profit.a 99. Calculation of gross profit rate.d 100. Computation of net income from installment sales.a 101. Computation of realized and deferred gross profit.c 102. Computation of realized gross profit amount.b 103. Computation of realized gross profit-cost recovery method.a 104. Revenue recognized under the cost-recovery method.d *105. Cancellation of franchise agreement.c *106. Accounting for initial and annual continuing franchise fees.b *107. Franchise fee with a bargain purchase option.d *108. Sales on consignment.a *109. Reporting inventory on consignment.MULTIPLE CHOICE—CPA AdaptedAnswer No. Descriptiona 110. FASB's definition of "recognition."b 111. Determine contract costs incurred during year.d 112. Gross profit to be recognized using percentage-of-completion.d 113. Profit to be recognized using completed-contract method.c 114. Revenue recognized under completed-production method.b 115. Determine balance of installment accounts receivable.c 116. Calculate deferred gross profit—installment sales.c 117. Calculate deferred gross profit—installment sales.c 118. Balance of deferred gross profit—installment sales.c 119. Reporting deferred gross profit—installment sales.a 120. Effect of collections received on service contracts.18 - 4Test Bank for Intermediate Accounting, Fourteenth EditionEXERCISESItem DescriptionE18-121 Revenue recognition (essay).E18-122 Revenue recognition (essay).E18-123 Long-term contracts (essay).E18-124 Journal entries—percentage-of-completion.E18-125 Percentage-of-completion method.E18-126 Percentage-of-completion method.E18-127 Percentage-of-completion and completed-contract methods. E18-128 Installment sales.E18-129 Installment sales.E18-130 Installment sales.*E18-131 Franchises.PROBLEMSItem DescriptionP18-132 Long-term construction project accounting.P18-133 Accounting for long-term construction contracts.P18-134 Long-term contract accounting—completed-contract.P18-135 Installment sales.CHAPTER LEARNING OBJECTIVES1. Apply the revenue recognition principle.2. Describe accounting issues for revenue recognition at point of sale.3. Apply the percentage-of-completion method for long-term contracts.4. Apply the completed-contract method for long-term contracts.5. Identify the proper accounting for losses on long-term contracts.6. Describe the installment-sales method of accounting.7. Explain the cost-recovery method of accounting.*8. Explain revenue recognition for franchises and consignment sales.Revenue Recognition 18 - 5 SUMMARY OF LEARNING OBJECTIVES BY QUESTIONSNote: TF = True-FalseMC = Multiple ChoiceE = ExerciseP = ProblemTest Bank for Intermediate Accounting, Fourteenth Edition18 - 6TRUE-FALSE—Conceptual1. Companies should recognize revenue when it is realized and when cash is received.2. Revenues are realized when a company exchanges goods and services for cash or claimsto cash.3. Delayed recognition of revenue is appropriate if the sale does not represent substantialcompletion of the earnings process.4. If a company sells its product but gives the buyer the right to return it, the company shouldnot recognize revenue until the sale is collected.5. Companies can recognize revenue prior to completion and delivery of the product undercertain circumstances.6. Companies must use the percentage-of-completion method when estimates of progresstoward completion are reasonably dependable.7. The most popular input measure used to determine the progress toward completion is thecost-to-cost basis.8. If the difference between the Construction in Process and the Billings on Construction inProcess account balances is a debit, the difference is reported as a current asset.9. The Construction in Process account includes only construction costs under thepercentage-of-completion method.10. Under the completed-contract method, companies recognize revenue and costs only whenthe contract is completed.11. The principal advantage of the completed-contract method is that reported revenue reflectsfinal results rather than estimates.12. Companies must recognize a loss on an unprofitable contract under the percentage-of-completion method but not the completed-contract method.13. A loss in the current period on a profitable contract must be recognized under both thepercentage-of-completion and completed-contract method.14. Under the completion-of-production basis, companies recognize revenue when agricul-tural crops are harvested since the sales price is reasonably assured and no significant costs are involved in product distribution.15. The provision for a loss on an unprofitable contract may be combined with the Constructionin Process account balance under percentage-of-completion but not completed-contract.16. Under the installment-sales method, companies defer revenue and income recognition untilthe period of cash collection.Revenue Recognition 18 - 7 17. The installment-sales method defers only the gross profit instead of both the sales priceand cost of goods sold.18. Deferred gross profit is generally treated as an unearned revenue and classified as acurrent liability.19. Under the cost-recovery method, a company recognizes no revenue or profit until cashpayments by the buyer exceed the cost of the merchandise sold.20. Companies recognize profit under the cost-recovery method only when cash collectionsexceed the total cost of the goods sold.MULTIPLE CHOICE—Conceptual21. The revenue recognition principle provides that revenue is recognized whena. it is realized.b. it is realizable.c. it is realized or realizable and it is earned.d. none of these.22. When goods or services are exchanged for cash or claims to cash (receivables), revenuesarea. earned.b. realized.c. recognized.d. all of these.23. When the entity has substantially accomplished what it must do to be entitled to thebenefits represented by the revenues, revenues area. earned.b. realized.c. recognized.d. all of these.Test Bank for Intermediate Accounting, Fourteenth Edition18 - 8S24. Which of the following is not an accurate representation concerning revenue recognition?a. Revenue from selling products is recognized at the date of sale, usually interpreted tomean the date of delivery to customers.b. Revenue from services rendered is recognized when cash is received or when serviceshave been performed.c. Revenue from permitting others to use enterprise assets is recognized as time passesor as the assets are used.d. Revenue from disposing of assets other than products is recognized at the date of sale. P25. The process of formally recording or incorporating an item in the financial statements of an entity isa. allocation.b. articulation.c. realization.d. recognition.P26. Dot Point, Inc. is a retailer of washers and dryers and offers a three-year service contract on each appliance sold. Although Dot Point sells the appliances on an installment basis, all service contracts are cash sales at the time of purchase by the buyer. Collections received for service contracts should be recorded asa. service revenue.b. deferred service revenue.c. a reduction in installment accounts receivable.d. a direct addition to retained earnings.27. Which of the following is not a reason why revenue is recognized at time of sale?a. Realization has occurred.b. The sale is the critical event.c. Title legally passes from seller to buyer.d. All of these are reasons to recognize revenue at time of sale.28. An alternative available when the seller is exposed to continued risks of ownership throughreturn of the product isa. recording the sale, and accounting for returns as they occur in future periods.b. not recording a sale until all return privileges have expired.c. recording the sale, but reducing sales by an estimate of future returns.d. all of these.29. A sale should not be recognized as revenue by the seller at the time of sale ifa. payment was made by check.b. the selling price is less than the normal selling price.c. the buyer has a right to return the product and the amount of future returns cannot bereasonably estimated.d. none of these.Revenue Recognition 18 - 9 30. The FASB concluded that if a company sells its product but gives the buyer the right toreturn the product, revenue from the sales transaction shall be recognized at the time of sale only if all of six conditions have been met. Which of the following is not one of these six conditions?a. The amount of future returns can be reasonably estimated.b. The seller's price is substantially fixed or determinable at time of sale.c. The buyer's obligation to the seller would not be changed in the event of theft ordamage of the product.d. The buyer is obligated to pay the seller upon resale of the product.31. In selecting an accounting method for a newly contracted long-term construction project,the principal factor to be considered should bea. the terms of payment in the contract.b. the degree to which a reliable estimate of the costs to complete and extent of progresstoward completion is practicable.c. the method commonly used by the contractor to account for other long-term construc-tion contracts.d. the inherent nature of the contractor's technical facilities used in construction.32. The percentage-of-completion method must be used when certain conditions exist. Whichof the following is not one of those necessary conditions?a. Estimates of progress toward completion, revenues, and costs are reasonablydependable.b. The contractor can be expected to perform the contractual obligation.c. The buyer can be expected to satisfy some of the obligations under the contract.d. The contract clearly specifies the enforceable rights of the parties, the consideration tobe exchanged, and the manner and terms of settlement.33. When work to be done and costs to be incurred on a long-term contract can be estimateddependably, which of the following methods of revenue recognition is preferable?a. Installment-sales methodb. Percentage-of-completion methodc. Completed-contract methodd. None of these34. How should the balances of progress billings and construction in process be shown atreporting dates prior to the completion of a long-term contract?a. Progress billings as deferred income, construction in progress as a deferred expense.b. Progress billings as income, construction in process as inventory.c. Net, as a current asset if debit balance, and current liability if credit balance.d. Net, as income from construction if credit balance, and loss from construction if debitbalance.35. In accounting for a long-term construction-type contract using the percentage-of-completion method, the gross profit recognized during the first year would be the estimated total gross profit from the contract, multiplied by the percentage of the costs incurred during the year to thea. total costs incurred to date.b. total estimated cost.c. unbilled portion of the contract price.d. total contract price.18 - 10Test Bank for Intermediate Accounting, Fourteenth Edition36. How should earned but unbilled revenues at the balance sheet date on a long-termconstruction contract be disclosed if the percentage-of-completion method of revenue recognition is used?a. As construction in process in the current asset section of the balance sheet.b. As construction in process in the noncurrent asset section of the balance sheet.c. As a receivable in the noncurrent asset section of the balance sheet.d. In a note to the financial statements until the customer is formally billed for the portionof work completed.37. The principal disadvantage of using the percentage-of-completion method of recognizingrevenue from long-term contracts is that ita. is unacceptable for income tax purposes.b. gives results based upon estimates which may be subject to considerable uncertainty.c. is likely to assign a small amount of revenue to a period during which much revenuewas actually earned.d. none of these.S38. One of the more popular input measures used to determine the progress toward completion in the percentage-of-completion method isa. revenue-percentage basis.b. cost-percentage basis.c. progress completion basis.d. cost-to-cost basis.S39. The principal advantage of the completed-contract method is thata. reported revenue is based on final results rather than estimates of unperformed work.b. it reflects current performance when the period of a contract extends into more thanone accounting period.c. it is not necessary to recognize revenue at the point of sale.d. a greater amount of gross profit and net income is reported than is the case when thepercentage-of-completion method is used.40. Under the completed-contract methoda. revenue, cost, and gross profit are recognized during the production cycle.b. revenue and cost are recognized during the production cycle, but gross profitrecognition is deferred until the contract is completed.c. revenue, cost, and gross profit are recognized at the time the contract is completed.d. none of these.41. Cost estimates on a long-term contract may indicate that a loss will result on completion ofthe entire contract. In this case, the entire expected loss should bea. recognized in the current period, regardless of whether the percentage-of-completion orcompleted-contract method is employed.b. recognized in the current period under the percentage-of-completion method, but thecompleted-contract method should defer recognition of the loss to the time when thecontract is completed.c. recognized in the current period under the completed-contract method, but thepercentage-of-completion method should defer the loss until the contract is completed.d. deferred and recognized when the contract is completed, regardless of whether thepercentage-of-completion or completed-contract method is employed.42. Cost estimates at the end of the second year indicate a loss will result on completion of theentire contract. Which of the following statements is correct?a. Under the completed-contract method, the loss is not recognized until the year theconstruction is completed.b. Under the percentage-of-completion method, the gross profit recognized in the firstyear must not be changed.c. Under the completed-contract method, when the billings exceed the accumulated costs,the amount of the estimated loss is reported as a current liability.d. Under the completed-contract method, when the Construction in Process balanceexceeds the billings, the estimated loss is added to the accumulated costs.43. The criteria for recognition of revenue at the completion of production of precious metalsand farm products includea. an established market with quoted prices.b. low additional costs of completion and selling.c. units are interchangeable.d. all of these.44. In certain cases, revenue is recognized at the completion of production even though nosale has been made. Which of the following statements is not true?a. Examples involve precious metals or farm equipment.b. The products possess immediate marketability at quoted prices.c. No significant costs are involved in selling the product.d. All of these statements are true.S45. For which of the following products is it appropriate to recognize revenue at the completion of production even though no sale has been made?a. Automobilesb. Large appliancesc. Single family residential unitsd. Precious metalsS46. When there is a significant increase in the estimated total contract costs but the increase does not eliminate all profit on the contract, which of the following is correct?a. Under both the percentage-of-completion and the completed-contract methods, theestimated cost increase requires a current period adjustment of excess gross profitrecognized on the project in prior periods.b. Under the percentage-of-completion method only, the estimated cost increase requiresa current period adjustment of excess gross profit recognized on the project in priorperiods.c. Under the completed-contract method only, the estimated cost increase requires acurrent period adjustment of excess gross profit recognized on the project in priorperiods.d. No current period adjustment is required.47. Deferred gross profit on installment sales is generally treated as a(n)a. deduction from installment accounts receivable.b. deduction from installment sales.c. unearned revenue and classified as a current liability.d. deduction from gross profit on sales.48. The installment-sales method of recognizing profit for accounting purposes is acceptable ifa. collections in the year of sale do not exceed 30% of the total sales price.b. an unrealized profit account is credited.c. collection of the sales price is not reasonably assured.d. the method is consistently used for all sales of similar merchandise.49. The method most commonly used to report defaults and repossessions isa. provide no basis for the repossessed asset thereby recognizing a loss.b. record the repossessed merchandise at fair value, recording a gain or loss if appropriate.c. record the repossessed merchandise at book value, recording no gain or loss.d. none of these.50. Under the installment-sales method,a. revenue, costs, and gross profit are recognized proportionate to the cash that isreceived from the sale of the product.b. gross profit is deferred proportionate to cash uncollected from sale of the product, buttotal revenues and costs are recognized at the point of sale.c. gross profit is not recognized until the amount of cash received exceeds the cost of theitem sold.d. revenues and costs are recognized proportionate to the cash received from the sale ofthe product, but gross profit is deferred until all cash is received.S51. The realization of income on installment sales transactions involvesa. recognition of the difference between the cash collected on installment sales and thecash expenses incurred.b. deferring the net income related to installment sales and recognizing the income ascash is collected.c. deferring gross profit while recognizing operating or financial expenses in the periodincurred.d. deferring gross profit and all additional expenses related to installment sales until cashis ultimately collected.P52. A manufacturer of large equipment sells on an installment basis to customers with questionable credit ratings. Which of the following methods of revenue recognition is least likely to overstate the amount of gross profit reported?a. At the time of completion of the equipment (completion of production method)b. At the date of delivery (sales method)c. The installment-sales methodd. The cost–recovery method53. A seller is properly using the cost-recovery method for a sale. Interest will be earned on thefuture payments. Which of the following statements is not correct?a. After all costs have been recovered, any additional cash collections are included inincome.b. Interest revenue may be recognized before all costs have been recovered.c. The deferred gross profit is offset against the related receivable on the balance sheet.d. Subsequent income statements report the gross profit as a separate item of revenuewhen it is recognized as earned.54. Under the cost-recovery method of revenue recognition,a. income is recognized on a proportionate basis as the cash is received on the sale ofthe product.b. income is recognized when the cash received from the sale of the product is greaterthan the cost of the product.c. income is recognized immediately.d. none of these.55. Winser, Inc. is engaged in extensive exploration for water in Utah. If, upon discovery ofwater, Winser does not recognize any revenue from water sales until the sales exceed the costs of exploration, the basis of revenue recognition being employed is thea. production basis.b. cash (or collection) basis.c. sales (or accrual) basis.d. cost recovery basis.56. The deposit method of revenue recognition is used whena. the product can be marketed at quoted prices and units are interchangeable.b. cash is received before the sales transaction is complete.c. the contract is short-term or the percentage-of-completion method can’t be used.d. there are no significant costs of distribution.57. The cost-recovery methoda. is prohibited under current GAAP due to its conservative nature.b. requires a company to defer profit recognition until all cash payments are received fromthe buyer.c. is used by sellers when there is a reasonable basis for estimating collectibility.d. recognizes total revenue and total cost of goods sold in the period of sale.*58. Types of franchising arrangements include all of the following excepta. service sponsor-retailer.b. wholesaler-service sponsor.c. manufacturer-wholesaler.d. wholesaler-retailer.*59. In consignment sales, the consigneea. records the merchandise as an asset on its books.b. records a liability for the merchandise held on consignment.c. recognizes revenue when it ships merchandise to the consignor.d. p repares an “account report” for the consignor which shows sales, expenses, and cashreceipts.*60. Some of the initial franchise fee may be allocated toa. continuing franchise fees.b. interest revenue on the future installments.c. options to purchase the franchisee's business.d. All of these may reduce the amount of the initial franchise fee that is recognized asrevenue.。
2022金融英语证书考试报名
2022金融英语证书考试报名金融英语证书考试制度(FinancialEnglihCertificateTet)是1994年经中国人民银行和原国家教委联合发文(银发[1994]107号)批准建立的我国第一个国家级行业性专业外语水平证书考试制度。
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intermediate-accounting练习题（4）
intermediate-accounting练习题（4）COMPREHENSIVE EXAMINATION DPART 4(Chapters 15-17)Approximate Problem Topic Time D-I Treasury Stock. 20 min.D-II *Cash Dividends. 10 min.D-III Stock Dividends and Stock Splits. 10 min.D-IV Earnings Per Share Concepts. 10 min.D-V Earnings Per Share Computations. 10 min.D-VI Basic and Diluted Earnings Per Share. 20 min.D-VII Available-for-Sale Equity Securities. 15 min.D-VIII Trading Securities. 30 min.125 min.*Part of this topic is dealt with in an Appendix to the chapter.D - 2Test Bank for Intermediate Accounting, Fifteenth EditionProblem D-I— Treasury StockThe stockholders' equity section of Carey Co.'s balance sheet at December 31, 2014, was as follows:Common stock--$10 par (authorized 1,000,000 shares,issued and outstanding 600,000 shares) $ 6,000,000 Paid-in capital in excess of par 1,500,000Retained earnings 3,250,000$10,750,000InstructionsPrepare journal entries (1, 2, and 4) and show proper disclosure (3) to reflect the following treasury stock transactions showing how each is accounted for under the cost method. (Show computations.)1. On January 4, 2015, having idle cash, Carey Co. repurchased 25,000 shares of its out-standing stock for $500,000.2. On March 4, Carey sold 5,000 of these reacquired shares at $24 per share.3. Show the proper disclosures in the stockholders' equity section of the balance sheet issued atthe end of the first quarter, March 31, 2015. Assume net income of $100,000 during the first quarter.4. On June 30, 2015 the firm sold 10,000 of the reacquired shares for $17 per share.*Problem D-II— Cash DividendsBell Company has stock outstanding as follows: Common, $10 par value per share, 140,000 shares; Preferred, 4%; $100 par value per share, 8,000 shares. The Preferred is cumulative and participating up to an additional 3% of par; two years are in arrears (not including the current year); and the total amount of cash dividends declared for both classes of stock is $192,000. InstructionsPrepare the entry for the dividend declaration, separating the dividend into the common and preferred portions.Comprehensive Examination D D - 3 Problem D-III— Stock Dividends and Stock SplitsStock dividends and stock splits are common forms of corporate stock distribution to stockholders. Consider each of the numbered statements. You are to decide whether it:A. Applies to both stock dividends and stock splits.B. Applies to neither.C. Applies to stock splits only.D. Applies to stock dividends only.E. Applies to stock splits effected in the form of a dividend only.F. Applies to both stock splits effected in the form of a dividend and a stock dividend.(In each instance, the issuing company has only one class of stock.)InstructionsPrint next to the number of each statement below, the single capital letter of the description which applies to the statement.Statements____ 1. The distribution is a multiple as contrasted to a fraction of the number of shares previously outstanding.____ 2. The total number of shares outstanding is increased.____ 3. The individual stockholder's share of net assets is increased.____ 4. There is no transfer between retained earnings and capital stock accounts, other than to the extent occasioned by legal requirements.____ 5. There is no change in the total stockholders' equity of the issuing corporation.____ 6. The retained earnings available for dividends are increased.____ 7. Retained earnings in the amount of the distribution are transferred to capital stock, in some instances in an amount in excess of that required by the laws of the state ofincorporation.____ 8. Subsequent per-share earnings, if any, are decreased.____ 9. The par (or stated value) of the stock is unchanged.D - 4Test Bank for Intermediate Accounting, Fifteenth EditionProblem D-IV— Earnings Per Share ConceptsIndicate which of the following securities would be included in the computation of "basic earnings per share," and which would be included in the computation of "diluted earnings per share." Place a "B" before those which affect only basic EPS, a "D" before those which affect only diluted EPS, a "BD" before those which affect both basic and diluted EPS, and an "N" before those securities which do not affect EPS computations. Assume that, where applicable, the appropriate securities are dilutive.____ 1. Warrants to purchase additional common shares.____ 2. Common stock.____ 3. Nonconvertible debenture bonds.____ 4. Convertible, noncumulative preferred stock.____ 5. Cumulative, nonconvertible preferred stock.____ 6. Convertible bonds.____ 7. Executive stock options.____ 8. Notes payable.Problem D-V— Earnings Per Share ComputationsJones, Inc. has net income (30% tax rate) of $1,400,000 for 2015, and an average number of shares outstanding during the year of 500,000 shares. The corporation issued $2,000,000 par value of 10-year, 9% convertible bonds on January 1, 2013 at a $180,000 discount. The convertible bonds are convertible into 70,000 shares of common stock. Assume the company uses the straight-line method for amortizing bond discount.InstructionsCompute the earnings per share data, excluding any notes if required.Comprehensive Examination D D - 5 Problem D-VI— Basic and Diluted Earnings Per ShareAssume that the following data relate to Rosen, Inc. for the year 2015:Net income (30% tax rate) $3,500,000Average common shares outstanding 2015 1,000,000 shares 10% cumulative convertible preferred stock:Convertible into 80,000 shares of common $1,600,0008% convertible bonds; convertible into 75,000shares of common $2,500,000Stock options:Exercisable at the option price of $25 per share;average market price in 2015, $30 84,000 shares Instructions Compute (a) basic earnings per share, and (b) diluted earnings per share.Problem D-VII—Available-for-Sale Equity InvestmentsOn January 2, 2014, Norwin Company purchased 2,000 shares of Oslo Company common stock for $60,000. The stock has a par value of $10 and is part of the total stock outstanding of 20,000 shares of Oslo Company. Norwin Company intends the stock to be available for sale. Total stockholders' equity of Oslo Company on January 2, 2014 was $600,000.InstructionsPrepare necessary journal entries on the books of Norwin Company for the following transactions. If no entry is required, write "none" in the space provided. (Round all calculations to the nearest cent.)(a) January 2, 2014: Norwin purchases the shares described above.(b) December 31, 2014: Norwin receives a $.75 per share dividend from Oslo, and Osloannounces a net income for 2014 of $250,000.(c) December 31, 2014: According to The Wall Street Journal, Oslo common is selling for $27per share. Norwin's management views this decline as being only temporary in nature.Oslo's common is Norwin's only available-for-sale security.(d) February 15, 2015: Norwin sells 1,000 of the shares purchased on January 2, 2014 at $32per share.D - 6Test Bank for Intermediate Accounting, Fifteenth EditionProblem D-VIII— Trading SecuritiesThe information below relates to Milton Company's trading securities in 2014 and 2015.(a) Prepare the journal entries for the following transactions.January 1, 2014 Purchased $400,000 par value of GLF Company bonds at 97 plus accrued interest. The bonds pay interest annually at 9% each December 31.Broker's commission was $4,000.September 1, 2014 Sold $200,000 par value of GLF Company bonds at 94 plus accrued interest. Broker's commission, taxes, and fees were $2,000.September 5, 2014 Purchased 5,000 shares of Hayes, Inc. common stock for $30 per share.The broker's commission on the purchase amounted to $2,000.December 31, 2014 Make the appropriate entry for the GLF Company bonds.December 31, 2014 The market prices of the trading securities at December 31 were: Hayes, Inc. common stock, $31 per share; and GLF Company bonds, 99. Makethe appropriate entry.July 1, 2015 Milton sold 1/2 of the Hayes, Inc. common stock at $33 per share. Broker's commissions, taxes, and fees were $1,000.December 1, 2015 Milton purchased 600 shares of Ramirez, Inc. common stock at $45 per share. Broker's commission was $500.December 31, 2015 Make the appropriate entry for the GLF Company bonds.December 31, 2015 The market prices of the trading securities at December 31 were: Hayes, Inc. common stock, $34 per share; GLF Company bonds, 98; and Ramirez,Inc. common stock, $47 per share. Make the appropriate entry.(b) Present the financial statement disclosure (balance sheet and income statement) of MiltonCompany's transactions in trading securities for each of the years 2014 and 2015.Appropriate financial statement subheadings must be disclosed.Comprehensive Examination D D - 7 Solutions —Comprehensive Examination DProblem D-I— Solution.1. Treasury Stock .............................................................................. 500,000Cash .................................................................................. 500,000 2. Cash ............................................................................................. 120,000 Treasury Stock .................................................................. 100,000Paid-in Capital from Treasury Stock ................................... 20,000 3. Stockholders' equity:Common stock, $10 par, 1,000,000 shares authorized,600,000 shares issued, 580,000 shares outstanding $ 6,000,000 Paid-in capital in excess of par value 1,500,000 Paid-in capital from treasury stock 20,000Retained earnings 3,350,00010,870,000 Less: Cost of 20,000 shares held in treasury (400,000)Total stockholders' equity $10,470,0004. Cash ............................................................................................. 170,000Paid-in Capital from Treasury Stock .............................................. 20,000Retained Earnings ......................................................................... 10,000Treasury Stock .................................................................. 200,000*Problem D-II— Solution.Retained Earnings .............................................................................. 192,000 Dividends Payable, Preferred .................................................. 112,000Dividends Payable, Common .................................................. 80,000 Computations:Preferred Common Total Arrears—$800,000 × 4% × 2 $64,000 $ 64,000Preference—$800,000 × 4% 32,000 32,000Common—$1,400,000 × 4% $ 56,000 56,000Participating 2%* 16,000 24,000 40,000$112,000 $ 80,000 $192,000 * [($192,000 –$152,000) ÷ ($600,000 + $1,400,000)]Test Bank for Intermediate Accounting, Fifteenth EditionD - 8Problem D-III— Solution.1. C 4. E 7. F2. A 5. A 8. A3. B 6. B 9. FProblem D-IV— Solution.1. D 5. BD2. BD 6. D3. N 7. D4. D 8. NProblem D-V — Solution.Basic earnings per share($1,400,000 ÷ 500,000 shares) $2.80 Diluted earnings per share$1,400,000 + .7($180,000 + $18,000)—————————————————$2.70 500,000 + 70,000Problem D-VI — Solution.$3,500,000 – $160,000(a) Basic EPS = ——————————— = $2.231,500,000(b) Shares EarningsStart 1,500,000 $3,340,000Convertible preferred 80,000 160,000Convertible bonds 75,000 140,000*Options 14,000** 01,669,000 $3,640,000*($2,500,000 × .08) × (1 – .30)**[($30 –$25) ÷ $30] × 84,000$3,640,000 ÷ 1,669,000 = $2.18 DEPSComprehensive Examination D D - 9 Problem D-VII—Solution.(a) Equity Investments ..................................................................... 60,000Cash ............................................................................... 60,000 (b) Cash .......................................................................................... 1,500 Dividend Revenue .......................................................... 1,500 No entry to accrue investee profits because fair value, not equity, method is being used. (c) Unrealized Holding Gain or Loss—Equity ................................... 6,000Fair Value Adjustment (Available-for-Sale) ..................... 6,000 (d) Cash (1,000 × $32) ..................................................................... 32,000Gain on Sale of Securities ............................................... 2,000Equity Investments (1,000 × $30) .................................... 30,000Problem D-VIII— Solution.January 1, 2014*Debt Investments ($400,000 ×.97) + $4,000 ....................................... 392,000 Cash ........................................................................................ 392,000 September 1, 2014Cash ($188,000 + $12,000 – $2,000) .................................................. 198,000Loss on Sale of Investments ............................................................... 10,000 Debt Investments .................................................................... 196,000Interest Revenue ..................................................................... 12,000 September 5, 2014Equity Investments .............................................................................. 152,000 Cash ........................................................................................ 152,000December 31, 2014*Cash ($150,000 × .09) ......................................................................... 13,500 Interest Revenue ..................................................................... 13,500December 31, 2014Fair Value Adjustment (Trading) .......................................................... 5,000 Unrealized Holding Gain or Loss—Income ($348,000 –$353,000) 5,000D - 10Test Bank for Intermediate Accounting, Fifteenth EditionJuly 1, 2015Cash ($82,500 –$1,000) ..................................................................... 81,500 Gain on Sale of Investments .................................................... 5,500 Equity Investments .................................................................. 76,000December 1, 2015Equity Investments .............................................................................. 27,500 Cash ........................................................................................ 27,500 December 31, 2015Cash .................................................................................................... 13,500 Interest Revenue ..................................................................... 13,500December 31, 2015Fair Value Adjustment (Trading) ........................................................... 14,200 Unrealized Holding Gain or Loss—Income ............................. 14,200 ($375,500 – $394,200) - $5,000December 31,Balance Sheet 2014 2015 Current assets:Equity Investments, at fair value $353,000 $394,200Income StatementOther revenue and gains:Interest Revenue $13,500 $13,500 Unrealized holding gain on trading securities 5,000 14,200 Gain on sale of securities 5,500 Other expenses and losses:Loss on sale of securities 10,000。
FinancialAccounting7eLibbyTestbankch.1
FinancialAccounting7eLibbyTestbankch.1True / False Questions1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers.TRUEAACSB Tag: CommunicationsDifficulty: EasyL.O.: 12. Assets on the balance sheet are recorded at market value or replacement cost.FALSEAACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 13. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners.TRUEAACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 14. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected.FALSEAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 15. Total assets are $70,000, total liabilities, $40,000 and contributed capital is $20,000; therefore, retained earnings are $15,000.FALSEAACSB Tag: AnalyticDifficulty: MediumL.O.: 16. The payment of a cash dividend to stockholders increases stockholders' equity.FALSEAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 17. The accounting model for the balance sheet is: Assets + Liabilities = Stockholders' Equity. FALSEAACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 18. A decision maker who wants to understand a company's financial statements must carefully read the notes to the financial statements because the notes provide useful supplemental information.TRUEAACSB Tag: CommunicationsDifficulty: EasyL.O.: 19. The financial statement that shows an entity's economic resources and its liabilities is the statement of cash flows. FALSEAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 110. Companies prepare financial statements at the end of each year and more often as needed. TRUEAACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 111. A note payable is a borrowing instrument that generally does not involve the payment of interest.FALSEAACSB Tag: Reflective ThinkingDifficulty: HardL.O.: 112. The amount of cash paid by a business for office utilities would be reported on the statement of cash flows as an operating activity.TRUEAACSB Tag: Reflective ThinkingDifficulty: HardL.O.: 113. The income statement equation is Expenses Revenues = Net Income.FALSEAACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 114. Generally accepted accounting principles almost never change once created.FALSEAACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 215. The Financial Accounting Standards Board (FASB) is an agency of the federal government that establishes generally accepted accounting principles for businesses. FALSEAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 216. Since 2002, there has been substantial movement to develop international financial reporting standards.TRUEAACSB Tag: DiversityDifficulty: MediumL.O.: 217. An audit guarantees that the financial statements are free of all misstatements.FALSEAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 318. An auditor who fails to detect a material misstatement of a business's financial statements may be sued by anyone who suffered a loss from relying on the financial statements. TRUEAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 419. In terms of economic importance, partnerships are the dominant form of organization in the U.S. because of their ease of formation.FALSEAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: Sup A20. One of the advantages of a corporation when compared to a partnership is the limited liability of the owners.TRUEAACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: Sup AMultiple Choice Questions21. The primary purpose of the balance sheet is toA. measure the net income of a business up to a particular point in time.B. report the difference between cash inflows and cash outflows for the period.C. report the financial position of the reporting entity at a particular point in time.D. report the current value of the business.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 122. The Beta Corporation had 2009 revenues of $200,000, expenses of $140,000, and an income tax rate of 30 percent. Net income after taxes would beA. $60,000.B. $18,000.C. $42,000.D. $48,000.AACSB Tag: AnalyticDifficulty: HardL.O.: 123. Atlantic Corporation reported the following amounts at the end of the first year of operations: contributed capital $100,000; sales revenue $400,000; total assets $300,000; $20,000 dividends; and total liabilities $160,000. Retained earnings and total expenses would beA. retained earnings $40,000 and expenses $340,000.B. retained earnings $60,000 and expenses $320,000.C. retained earnings $140,000 and expenses $240,000.D. retained earnings $160,000 and expenses $220,000.AACSB Tag: AnalyticDifficulty: HardL.O.: 124. The financial statement that reports the financial position of a business is theA. income statement.B. balance sheet.C. statement of cash flows.D. footnotes to the financial statements.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 125. Which of the following reports the cash inflows, cash outflows, and change in cash for period?A. Income statement.B. Balance sheet.C. Statement of cash flows.D. Auditor's report.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 126. For a business, a supplierA. is a company or individual that owns shares of the business.B. is a company or individual to whom the business sells goods or services.C. provides goods and services used by the business.D. makes loans to the company to help finance its activities.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 127. For a business, an example of an internal decision maker isA. a loan officer at a bank.B. a supplier who sells goods to the company on account.C. one of the business's long-term customers.D. one of the business's managers.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 128. Financial accountingA. provides information primarily for external decision makers.B. is required for corporations but probably would not be done by other business entities.C. provides information primarily for the use of managers of the company.D. has been practiced in this country for approximately the last 15 years.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 129. Accounting information developed primarily for internal decision makers is calledA. management accounting.B. risk accounting.C. auditing.D. financial accounting.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 130. What financial statement would you look at to determine the dividends declared by a business?A. income statement.B. statement of retained earnings.C. statement of cash flows.D. balance sheet.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 131. Which of Chao's financial statements would you look at to determine whether Chao will be able to pay for the goods when payment is due in 30 days?A. income statement.B. balance sheet.C. statement of retained earnings.D. statement of cash flows.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 132. Which of the following is not considered to be a liability?A. accounts payableB. notes payableC. wages payableD. cost of goods soldAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 133. A business's assets areA. equal to liabilities minus stockholders' equity.B. the economic resources of the business.C. Reported at current cost.D. Reported on the income statement.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 134. Assets for a particular business might includeA. cash, accounts payable, and notes payable.B. cash, retained earnings, and accounts receivable.C. cash, accounts receivable, and inventory.D. inventories, property and equipment, and contributed capital.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 135. A business's balance sheet cannot be used to accurately predict what the business might be sold for becauseA. it identifies all the revenues and expenses of the business.B. assets are generally listed on the balance sheet at their historical cost, not their current value.C. it gives the results of operations for the current period.D. some of the assets and liabilities on the balance sheet may actually be those of another entity.AACSB Tag: Reflective ThinkingDifficulty: HardL.O.: 136. Liabilities and stockholders' equity areA. sources of financing for economic resources.B. economic resources used by a business entity.C. increases in assets resulting from profitable operations.D. shown on the income statement in calculating net income.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 137. The accounting equation (balance sheet equation) isA. Assets + Liabilities = Stockholders' equity.B. Assets + Stockholder's equity = Liabilities.C. Assets = Liabilities + Stockholders' equity.D. Revenues Expenses = Net income.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 138. Downard Bank, in deciding whether to make a loan to Rodney Company, would be interested in the amount of liabilities Rodney has on its balance sheet becauseA. the liabilities represent resources that could be used to repay the loan.B. if Rodney already has many other obligations, it might not be able to repay the loan.C. existing liabilities give an indication of how profitable Rodney has been in the past.D. Downard would be interested in the amount of Rodney's assets but not the amount of liabilities.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 139. The two categories of stockholders' equity usually found on the balance sheet of a corporation areA. contributed capital and long-term liabilities.B. contributed capital and property, plant, and equipment.C. retained earnings and notes payable.D. contributed capital and retained earnings.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 140. Which financial statement for a business would you look at to determine the company's earnings performance during an accounting period?A. balance sheet.B. statement of retained earnings.C. income statement.D. statement of cash flows.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 141. The income statement equation isA. Assets Liabilities = Stockholders' Equity.B. Assets + Stockholders' equity = Liabilities.C. Net income = Revenues Expenses.D. Expenses Net income = Revenues.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 142. Most businesses earn revenuesA. when they collect accounts receivable.B. through sales of goods or services to customers.C. by borrowing money from a bank.D. by selling shares of stock to stockholders.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 143. Accounts receivable represents:A. amounts which are owed to the company by its customers resulting from credit sales.B. amounts which are owed by the company to its suppliers for past purchases.C. amounts which have been borrowed to finance operations.D. amounts which are due to stockholders.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 144. InventoriesA. are an asset.B. result from paying for a product that has now been sold to a customer.C. will result in a liability being charged sometime in the future.D. are an expense.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 145. The amount of revenue recognized in the income statement by a company that sells goods to customers would beA. the cash collected from customers during the current period.B. total sales, both cash and credit sales, for the period.C. total sales minus beginning amount of accounts receivable.D. the amount of cash collected plus the beginning amount of accounts receivable.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 146. On January 1, 2009 Mammoth Corporation had retained earnings of $4,000,000. During 2009, they reported net income of $750,000 and dividends of $100,000. What is the amount of Mammoth's retained earnings at the end of 2009?A. $4,000,000B. $4,450,000C. $4,650,000D. $4,850,000AACSB Tag: AnalyticDifficulty: MediumL.O.: 147. What are the categories of cash flows that appear on a statement of cash flows?A. cash flows from investing, financing, and service activitiesB. cash flows from operating, production, and internal activitiesC. cash flows from financing, production, and growth activitiesD. cash flows from operating, investing, and financing activitiesAACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 148. On the statement of cash flows, an amount paid for utilities would be classified asA. an operating activity.B. an investing activity.C. a financing activity.D. a production activity.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 149. A company would report a net loss whenA. retained earnings decreased due to paying dividends to stockholders.B. its assets decreased during an accounting period.C. its liabilities increased during an accounting period.D. its expenses exceeded its revenues for an accounting period.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 150. The amount of insurance expense reported on the income statement isA. the amount of cash paid for insurance in the current period.B. the amount of cash paid for insurance in the current period less any unpaid insurance at the end of the period.C. the amount of insurance used up (incurred) in the current period to help generate revenue.D. an increase in net income.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 151. What events cause changes in a corporation's retained earnings?A. Net income or net loss and declaration of dividends.B. Declaration of dividends and issuance of stock to new stockholders.C. Net income, issuance of stock, and borrowing from a bank.D. Declaration of dividends and purchase of new machinery.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 152. The operating activities section is often believed to be the most important part of a statement of cash flows becauseA. it gives the most information about how operations have been financed.B. it shows the dividends that have been paid to stockholders.C. it indicates a company's ability to generate cash from sales to meet current cash payments for goods or services.D. it shows the net increase or decrease in cash during the period.AACSB Tag: Reflective ThinkingDifficulty: HardL.O.: 153. If you wanted to know what accounting rules a company follows related to its inventory, where would you look?A. the balance sheetB. the income statementC. the notes to the financial statementsD. the headings to the financial statementsAACSB Tag: CommunicationsDifficulty: EasyL.O.: 154. At the beginning of 2009, Buck Corporation had assets of $540,000 and liabilities of $320,000. During the year, assets increased by $50,000 and liabilities decreased by $10,000. What was the total amount of stockholders' equity at the end of 2009?A. $220,000B. $280,000C. $380,000D. $500,000AACSB Tag: AnalyticDifficulty: MediumL.O.: 155. The term used for economic resources owned by an entity as a result of past transactions isA. assets.B. liabilities.C. revenues.D. retained earnings.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 156. How are the differing claims of creditors and investors recognized by a corporation?A. The claims of creditors are liabilities; those of investors are assets.B. The claims of both creditors and investors are liabilities, but only the claims of investors are considered to be long term.C. The claims of creditors are liabilities; the claims of investors are recorded as stockholders' equity.D. The claims of creditors and investors are considered to be essentially equivalent.AACSB Tag: Reflective ThinkingDifficulty: EasyL.O.: 157. In what order would the items on the balance sheet appear?A. assets, retained earnings, liabilities, contributed capitalB. contributed capital, retained earnings, liabilities, assetsC. assets, liabilities, contributed capital, retained earningsD. contributed capital, assets, liabilities, retained earningsAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 158. Which of the following would increase retained earnings?A. an increase to an expenseB. an increase to a revenueC. a cash dividendD. issuance of additional common stockAACSB Tag: Reflective ThinkingDifficulty: HardL.O.: 159. The ending retained earnings balance of Juan's Mexican Restaurant chain increased by $3.2 million from the beginning of the year. The company had declared a dividend of $1.3 million during the year. What was the net income earned during the year?A. $1.9 millionB. $3.2 millionC. $4.5 billionD. There is not enough information given to determine net income.AACSB Tag: AnalyticDifficulty: HardL.O.: 160. Which of the following items is an expense?A. Accounts PayableB. Cost of Goods SoldC. Accounts ReceivableD. Sales RevenueAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 161. Which of the following activities would cause investors to overpay for the acquisition of a company from its current owners?A. Overstated accounts payable and understated inventoryB. Understated revenues and overstated expensesC. Understated assets and overstated expensesD. Overstated accounts payable and overstated inventoryAACSB Tag: Reflective ThinkingDifficulty: HardL.O.: 162. The government regulatory agency that has the legal authority to prescribe financial reporting requirements for corporations that sell their securities to the public is theA. FASB.B. FTC.C. SEC.D. APB.AACSB Tag: CommunicationsDifficulty: EasyL.O.: 263. The part of the federal government that has broad powers to determine measurement rules for financial statements of public companies isA. the Internal Revenue Service.B. the Securities and Exchange Commission.C. the General Accounting Office.D. the Supreme Court.AACSB Tag: CommunicationsDifficulty: EasyL.O.: 264. Identify the potential economic consequences of the public learning a company did not follow generally accepted accounting principles (GAAP).A. It could increase the stock price of the company.B. It could increase management and employee bonuses.C. It could result in legal liability for the company.D. It could increase a company's market share.AACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 265. The nature of generally accepted accounting principles (GAAP) is important to large corporations becauseA. a change in GAAP will not likely affect the selling price of the company's stock.B. a change in GAAP will not likely affect the amount of bonuses paid to managers and employees.C. a change in GAAP will not likely affect a corporation's competitive position.D. a change in GAAP will likely affect a company's financial statementsAACSB Tag: Reflective ThinkingDifficulty: MediumL.O.: 2。
《中级会计学》Kieso_IFRS_TestBank_Ch02
CHAPTER 2CONCEPTUAL FRAMEWORK UNDERLYINGFINANCIAL ACCOUNTINGCHAPTER LEARNING OBJECTIVES1. Describe the usefulness of a conceptual framework.2. Describe efforts to construct a conceptual framework.3. Understand the objective of financial reporting.4. Identify the qualitative characteristics of accounting information.5. Define the basic elements of financial statements.6. Describe the basic assumptions of accounting.7. Explain the application of the basic principles of accounting.8. Describe the impact that constraints have on reporting accounting information.Test Bank for Intermediate Accounting: IFRS Edition2 - 2TRUE-FALSE—Conceptual1. The conceptual framework for accounting has been discovered through empirical research.2. A conceptual framework is a coherent system of interrelated objectives and fundamentalsthat can lead to consistent standards.3. The International Accounting Standards Board (IASB) uses a conceptual framework basedon individual concepts developed by each member of the standard-setting body.4. A soundly developed conceptual framework enables the International Accounting StandardsBoard (IASB) to issue more useful and consistent pronouncements over time.5. A soundly developed conceptual framework enables the International Accounting StandardsBoard (IASB) to quickly solve new and emerging practical problems by referencing basic theory.6. The IASB has issued a conceptual framework that is broadly consistent with that of theUnited States.7. The International Accounting Standards Board’s (IASB’s) Conceptual Framework includessupplementary information.8. The International Accounting Standards Board’s (IASB’s) Conceptual Framework includesthe elements of financial statements.9. The 2nd level of the IASB’s conceptual framework provides the qualitative characteristicsthat make accounting information useful and the elements of financial statements.10. One of the challenges in developing a common conceptual framework will be to agree onhow the framework should be organized since the FASB and IASB conceptual frameworks are organized in very different ways.11. The first level of the conceptual framework identifies the recognition and measurementconcepts used in establishing accounting standards.12. Decision usefulness is the underlying theme of the conceptual framework.13. Users of financial statements are assumed to have no knowledge of business and financialaccounting matters by financial statement preparers.14. The foundation of the International Accounting Standards Board’s (IASB’s) ConceptualFramework is found on the third level of the Framework and includes assumptions, principles, and constraints.15. An implicit assumption of the International Accounting Standards Board’s (IASB’s)Conceptual Framework is that users need to be experts in business and financial accounting matters to understand the information contained in financial statements.16. Relevance and reliability are the two primary qualities that make accounting informationuseful for decision making.Conceptual Framework Underlying Financial Accounting 2 - 3 17. The idea of consistency does not mean that companies cannot switch from one accountingmethod to another.18. Timeliness and neutrality are two ingredients of relevance.19. Verifiability and predictive value are two ingredients of reliability.20. The second level of the International Accounting Standards Board’s (IASB’s) ConceptualFramework serves as a bridge between the “why” of accounting and the “how” of accounting.21. In the International Accounting Standards Board’s (IASB’s) Conceptual Framew ork,qualitative characteristics are considered either relevant or prudent.22. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework,qualitative characteristics distinguish better information from inferior information for decision-making purposes.23. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework, anenhancing qualitative characteristic is predictive value.24. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework,aningredient of a fundamental qualitative characteristic is understandability.25. To be a faithful representation as described by the International Accounting StandardsBoard’s (IASB’s) Conceptual Framework, information must be confirmatory.26. An enhancing quality as described by the International Accounting Standards Board’s(IASB’s) Conceptual Framework is comparability.27. Moon, Inc. applies different accounting treatments to similar events from period to period.Moon, Inc. is violating verifiability as described by the International Accounting Standards Board’s (IASB’s) Conceptual Framework.28. The International Accounting Standards Board’s (IASB) definition of retained earnings is“the residual interest in the assets of the entity after deducting all its liabilities.”29. The historical cost principle would be of limited usefulness if not for the going concernassumption.30. The economic entity assumption means that economic activity can be identified with aparticular legal entity.31. Materiality is one of the basic assumptions of accounting used by the InternationalAccounting Standards Board (IASB).32. Periodicity is one of the basic assumptions of accounting used by the InternationalAccounting Standards Board (IASB).33. Timeliness is one of the basic assumptions of accounting used by the InternationalAccounting Standards Board (IASB).Test Bank for Intermediate Accounting: IFRS Edition2 - 434. The periodicity basic assumptions of accounting (used by the International AccountingStandards Board) makes depreciation and amortization policies justifiable and appropriate.35. The IASB conceptual framework specifically identifies accrual basis accounting as one of itsfundamental assumptions.36. One of two assumptions made by the IASB conceptual framework is that the reporting entityis a going concern.37. The expense recognition principle states that debits must equal credits in each transaction.38. Revenues are realizable when assets received or held are readily convertible into cash orclaims to cash.39. Supplementary information may include details or amounts that present a differentperspective from that adopted in the financial statements.40. Companies consider only quantitative factors in determining whether an item is material.41. The International Accounting Standards Board has given companies the option of using fairvalue to report financial liabilities.42. Under International Financial Reporting Standards (IFRS) product costs are charged off inthe immediate period and period costs may be carried into future periods.43. Under International Financial Reporting Standards (IFRS) notes to the financial statementsmust qualify as an element.44. Under International Financial Reporting Standards (IFRS) supplementary information maybe information that is high in relevance but low in reliability.45. The cost-benefit constraint included in the International Accounting Standards Board’sconceptual framework states that financial information should be free from cost to users of the information.46. Th e International Accounting Standards Board’s (IASB) rule for materiality is any item under5% of net income is considered immaterial.47. The International Accounting Standards Board’s (IASB) conceptual framework includes theconcept of prudence or conservatism which means when in doubt, choose the solution that will be least likely to overstate assets or income and/or understate liabilities or expenses.48. Under International Financial Reporting Standards (IFRS) companies must consider bothquantitative and qualitative factors in determining whether an item is material.49. Under International Financial Reporting Standards (IFRS) companies need not reportimmaterial items within the body of the financial statements, but must disclose them in the notes or supplementary information that accompany the financial statements.50. The conceptual framework underlying U.S. GAAP is similar to that underlying IFRS.Conceptual Framework Underlying Financial Accounting 2 - 5MULTIPLE CHOICE—Conceptual51. A soundly developed conceptual framework of concepts and objectives shoulda. increase financial statement users' understanding of and confidence in financialreporting.b. enhance comparability among companies' financial statements.c. allow new and emerging practical problems to be more quickly solved.d. all of these.52. Which of the following (a-c) are not true concerning a conceptual framework in account-ing?a. It should be a basis for standard-setting.b. It should allow practical problems to be solved more quickly by reference to it.c. It should be based on fundamental truths that are derived from the laws of nature.d. All of the above (a-c) are true.53. What is a purpose of having a conceptual framework?a. To enable the profession to more quickly solve emerging practical problems.b. To provide a foundation from which to build more useful standards.c. Neither a nor b.d. Both a and b.S54. Which of the following is not a benefit associated with the FASB Conceptual Framework Project?a. A conceptual framework should increase financial statement users' understanding ofand confidence in financial reporting.b. Practical problems should be more quickly solvable by reference to an existingconceptual framework.c. A coherent set of accounting standards and rules should result.d. Business entities will need far less assistance from accountants because the financialreporting process will be quite easy to apply.Test Bank for Intermediate Accounting: IFRS Edition2 - 655. A soundly developed conceptual framework enables the International AccountingStandards Board (IASB) toI. Issue more useful and consistent pronouncements over time.II. More quickly solve new and emerging practical problems by referencing basic theory.a. I only.b. II only.c. Both I and II.d. Neither I nor II.56. In the conceptual framework for financial reporting, what provides "the why"--the goalsand purposes of accounting?a. Measurement and recognition concepts such as assumptions, principles, andconstraintsb. Qualitative characteristics of accounting informationc. Elements of financial statementsd. Objective of financial reporting57. The underlying theme of the conceptual framework isa. decision usefulness.b. understandability.c. reliability.d. comparability.58. What is the objective of financial reporting as indicated in the conceptual framework?a. provide information that is useful to those making investing and credit decisions.b. provide information that is useful to management.c. provide information about those investing in the entity.d. All of the above.59. The International Accounting Standards Board’s (IASB’s) Conceptual Framework includesall of the following except:a. Objective of financial reporting.b. Supplementary informationc. Elements of financial statements.d. Qualitative characteristics of accounting information.60. The second level in the International Accounting Standards Board’s (IASB’s) ConceptualFrameworka. Identifies the objective of financial reporting.b. Identifies recognition, measurement, and disclosure concepts used in establishing andapplying accounting standards.c. Provides the elements of financial statements.d. Includes assumptions, principles, and constraints.Conceptual Framework Underlying Financial Accounting 2 - 7 61. The objective of financial reporting in the Internatio nal Accounting Standards Board’s(IASB’s) Conceptual Frameworka. Is the foundation for the Framework.b. Includes the qualitative characteristics that make accounting information useful.c. Is found on the third level of the Framework.d. All of the choices are correct regarding the objective of financial reporting.62. An implicit assumption of the International Accounting Standards Board’s (IASB’s)Conceptual Framework is thata. Information must be decision-useful to all potential users of financial reporting.b. General-purpose financial reporting is the primary source of information for users offinancial reporting.c. Users need reasonable knowledge of business and financial accounting matters tounderstand the information contained in financial statements.d. All of the choices are correct.63. The overriding criterion by which accounting information can be judged is that ofa. usefulness for decision making.b. freedom from bias.c. timeliness.d. comparability.64. Which of the following is a fundamental quality of useful accounting information?a. Comparability.b. Relevance.c. Consistency.d. Materiality.65. Which of the following is a fundamental quality of useful accounting information?a. Conservatism.b. Comparability.c. Faithful representation.d. Consistency.66. What is meant by comparability when discussing financial accounting information?a. Information has predictive or feedback value.b. Information is reasonably free from error.c. Information that is measured and reported in a similar fashion across companies.d. Information is timely.67. What is meant by consistency when discussing financial accounting information?a. Information that is measured and reported in a similar fashion across points in time.b. Information is timely.c. Information is measured similarly across the industry.d. Information is verifiable.Test Bank for Intermediate Accounting: IFRS Edition2 - 868. Which of the following is an ingredient of relevance?a. Completeness.b. Representational faithfulness.c. Neutrality.d. Predictive value.69. Which of the following is an ingredient of faithful representation?a. Predictive value.b. Timeliness.c. Neutrality.d. Feedback value.70. Changing the method of inventory valuation should be reported in the financial statementsunder what qualitative characteristic of accounting information?a. Understandability.b. Verifiability.c. Timeliness.d. Comparability.71. Company A issuing its annual financial reports within one month of the end of the year isan example of which enhancing quality of accounting information?a. Neutrality.b. Timeliness.c. Predictive value.d. Representational faithfulness.72. What is the quality of information that enables users to better forecast future operations?a. Reliability.b. Materiality.c. Comparability.d. Relevance.73. Which of the following ingredients of fundamental qualities is part of faithful representation?a. Neutrality.b. Productive value.c. Confirmatory value.d. Timeliness.74. Decision makers vary widely in the types of decisions they make, the methods of decisionmaking they employ, the information they already possess or can obtain from other sources, and their ability to process information. Consequently, for information to be useful there must be a linkage between these users and the decisions they make. This link isa. relevance.b. reliability.c. understandability.d. materiality.Conceptual Framework Underlying Financial Accounting 2 - 9 75. The two fundamental qualities that make accounting information useful for decisionmaking area. comparability and consistency.b. materiality and timeliness.c. relevance and faithful representation.d. reliability and comparability.76. Accounting information is considered to be relevant when ita. can be depended on to represent the economic conditions and events that it isintended to represent.b. is capable of making a difference in a decision.c. is understandable by reasonably informed users of accounting information.d. is verifiable and neutral.77. The quality of information that gives assurance that it is reasonably free of error and biasa. relevance.b. faithful representation.c. verifiability.d. neutrality.78. Financial information does not demonstrate consistency whena. firms in the same industry use different accounting methods to account for the sametype of transaction.b. a company changes its estimate of the salvage value of a fixed asset.c. a company fails to adjust its financial statements for changes in the value of themeasuring unit.d. none of these.79. When information about two different enterprises has been prepared and presented in asimilar manner, the information exhibits the characteristic ofa. relevance.b. reliability.c. consistency.d. none of these.80. The second level of the International Accounting Standards Board’s (IASB’s) ConceptualFrameworka. provides conceptual building blocks that explain the qualitative characteristics ofaccounting information.b. defines the elements of financial statements.c. serves as a bridge between the “why” of accounting and the “how” of accounting.d. all of the choices are correct.81. In the Intern ational Accounting Standards Board’s (IASB’s) Conceptual Framework,qualitative characteristicsa. Are considered either fundamental or enhancing.b. Contribute to the decision-usefulness of financial reporting information.c. Distinguish better information from inferior information for decision-making purposes.d. All of the choices are correct.Test Bank for Intermediate Accounting: IFRS Edition2 - 1082. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework, anenhancing qualitative characteristic isa. Predictive value.b. Free from error.c. Timeliness.d. Confirmatory value.83. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework, aningredient of a fundamental qualitative characteristic isa. Neutrality.b. Verifiability.c. Timeliness.d. Understandability.84. In the International A ccounting Standards Board’s (IASB’s) Conceptual Framework, afundamental qualitative characteristic isa. Materiality.b. Faithful representation.c. Decision usefulness.d. Neutrality.85. To be a faithful representation as described by the International Accounting StandardsBoard’s (IASB’s) Conceptual Framework, information must be all of the following except:a. Complete.b. Free from error.c. Confirmatory.d. Neutral.86. Enhancing qualities as described by the International Accounting Standards Board’s(IASB’s) Conceptua l Framework, include all of the following except:a. Comparability.b. Neutrality.c. Understandability.d. Verifiability.87. Erin Company applies the same accounting treatment to similar events from period toperiod. Erin Company is exhibiting which of the following qualities as described by the International Accounting Standards Board’s (IASB’s) Conceptual Framework?a. Verifiability.b. Consistency.c. Predictive value.d. All of the choices are correct.S88. According to the IASB Conceptual Framework, the elements−assets, liabilities, and equity−describe amounts of resources and claims to resources at/during aMoment in Time Period of Timea. Yes Nob. Yes Yesc. No Yesd. No No89. Which of the following is not a basic element of financial statements?a. Assets.b. Statement of financial position.c. Equity.d. Income.90. Which of the following basic elements of financial statements is not associated with thestatement of financial position?a. Income.b. Equity.c. Liability.d. Asset.91. Issuance of common stock for cash affects which basic element of financial statements?a. Revenues.b. Losses.c. Liabilities.d. Equity.92. The International Accounting Standards Board (IASB) defines five interrelated elements offinancial statements. Which of the following is not one of those elements?a. Asset.b. Income.c. Equity.d. All of the choices are elements defined by the IASB.93. The International Accounting Standards Board (IASB) defines one of the 5 elements asfollows: “the residual interest in the assets of the entity after deducting all its liabilities”Which element matches this description?a. Retained earnings.b. Income.c. Equity.d. All of the choices match this definition.94. Which of the following is not a basic assumption underlying the financial accountingstructure?a. Economic entity assumption.b. Going concern assumption.c. Periodicity assumption.d. Historical cost assumption.95. Which basic assumption is illustrated when a firm reports financial results on an annualbasis?a. Economic entity assumption.b. Going concern assumption.c. Periodicity assumption.d. Monetary unit assumption.96. Which basic assumption may not be followed when a firm in bankruptcy reports financialresults?a. Economic entity assumption.b. Going concern assumption.c. Periodicity assumption.d. Monetary unit assumption.97. Which accounting assumption or principle is being violated if a company provides financialreports in connection with a new product introduction?a. Economic entity.b. Periodicity.c. Revenue recognition.d. Full disclosure.S98. Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy?a. Monetary unit assumption.b. Periodicity assumption.c. Going-concern assumption.d. Economic entity assumption.S99. During the lifetime of an entity accountants produce financial statements at artificial points in time in accordance with the concept ofObjectivity Periodicitya. No Nob. Yes Noc. No Yesd. Yes Yes100. Under current IFRS, inflation is ignored in accounting due to thea. economic entity assumption.b. going concern assumption.c. monetary unit assumption.d. periodicity assumption.101. The economic entity assumptiona. is inapplicable to unincorporated businesses.b. recognizes the legal aspects of business organizations.c. requires periodic income measurement.d. is applicable to all forms of business organizations.102. Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of thea. economic entity assumption.b. relevance characteristic.c. comparability characteristic.d. neutrality characteristic.103. During the lifetime of an entity, accountants produce financial statements at arbitrary points in time in accordance with which basic accounting concept?a. Cost/benefit constraintb. Periodicity assumptionc. Materiality constraintd. Expense recognition principle104. The assumption that a business enterprise will not be sold or liquidated in the near future is known as thea. economic entity assumption.b. monetary unit assumption.c. materiality assumption.d. none of these.105. Which of the following is an implication of the going concern assumption?a. The historical cost principle is credible.b. Depreciation and amortization policies are justifiable and appropriate.c. The current-noncurrent classification of assets and liabilities is justifiable and signify-cant.d. All of these.106. The basic assumptions of accounting used by the International Accounting Standards Board (IASB) include all of the following except:a. Going concern.b. Periodicity.c. Accrual basis.d. Materiality.107. The basic assumptions of accounting used by the International Accounting Standards Board (IASB) includea. Neutrality.b. Periodicity.c. Understandability.d. Materiality.108. The basic assumptions of accounting used by the International Accounting Standards Board (IASB) includea. Monetary unit.b. Decision usefulnessc. Timeliness.d. All of the choices are basic assumptions of accounting.109. Which of the following basic assumptions of accounting (used by the International Accounting Standards Board) makes depreciation and amortization policies justifiable and appropriate?a. Periodicity.b. Decision usefulnessc. Monetary unit.d. Going concern.110. Proponents of historical cost ordinarily maintain that in comparison with all other valuation alternatives for general purpose financial reporting, statements prepared using historical costs are morea. verifiable.b. relevant.c. indicative of the entity's purchasing power.d. conservative.111. Valuing assets at their liquidation values rather than their cost is inconsistent with thea. periodicity assumption.b. matching principle.c. materiality constraint.d. historical cost principle.112. Revenue is generally recognized when a sale occurs. This statement describes thea. consistency characteristic.b. matching principle.c. revenue recognition principle.d. relevance characteristic.113. Generally, revenue from sales should be recognized at a point whena. management decides it is appropriate to do so.b. the product is available for sale to the ultimate consumer.c. the entire amount receivable has been collected from the customer and there remainsno further warranty liability.d. none of these.114. Revenue generally should be recognizeda. at the end of production.b. at the time of cash collection.c. when realized.d. when a sale occurs.115. Which of the following is not a time when revenue may be recognized?a. At time of saleb. At receipt of cashc. During productiond. All of these are possible times of revenue recognition.116. The Allowance for Doubtful Accounts, which appears as a deduction from Accounts Receivable on a statement of financial position and which is based on an estimate of bad debts, is an application of thea. consistency characteristic.b. expense recognition principle.c. materiality constraint.d. revenue recognition principle.117. The accounting principle of expense recognition is best demonstrated bya. not recognizing any expense unless some revenue is realized.b. associating effort (expense) with accomplishment (revenue).c. recognizing prepaid rent received as revenue.d. establishing an Appropriation for Contingencies account.118. Application of the full disclosure principlea. is theoretically desirable but not practical because the costs of complete disclosureexceed the benefits.b. is violated when important financial information is buried in the notes to the financialstatements.c. is demonstrated by the use of supplementary information presenting the effects ofchanging prices.d. requires that the financial statements be consistent and comparable.119. Which of the following is an argument against using historical cost in accounting?a. Fair values are more relevant.b. Historical costs are based on an exchange transaction.c. Historical costs are reliable.d. Fair values are subjective.120. When is revenue generally recognized?a. When cash is received.b. When the warranty expires.c. When production is completed.d. When the sale occurs.121. Which of the following are the two components of the revenue recognition principle?a. Cash is received and the amount is material.b. It is probable that future economic benefits will flow to the company and it is possibleto reliably measure the amount.c. Production is complete and there is an active market for the product.d. Cash is realized or realizable and production is complete.122. Which of the following practices may not be an acceptable deviation from recognizing revenue at the point of sale?a. Upon receipt of cash.b. During production.c. Upon receipt of order.d. End of production.。
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1. Discount rate
Return on plan assets lower or (higher) than__ expected.__
2. EPBO
__ Risk borne by employee.__
3. Choice between PBO and ABO
__ Increase in the PBO.__
3. Contribution to pension fund 4. Noncontributory pension plan 5. Prior service cost
A shareholders' equity account. ____ A financing decision. ____
All funding is provided by the employer. ____
True False 5. A net pension asset is the excess of the projected benefit obligation over the plan assets.
True False 6. If a pension plan is underfunded, the company has a net loss-OCI.
6. Loss or (gain) on plan assets
Actuarial estimate of postretirement benefits to__ be received by participants.__
19. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
Reduced by return on assets. ____ Reported as a net pension liability. ____
14. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
1. Loss-other comprehensive income
2. Funded status 3. Pension Benefit Guaranty Corp. 4. Accumulated benefit obligation
5. Interest cost
__ Created by "ERISA" legislation.__
Conceptually achieves a better__ matching of costs and benefits.__
15. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
True False
12. Conceptually, the service method provides a better matching of costs and benefits in amortizing prior service cost than does the straight-line method.
Retirement benefits specified by__ formula.__
Included in the calculation of__ pension expense.__
18. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
True False 2. The amount of the vested benefit obligation is less than the projected benefit obligation and more than the
accumulated benefit obligation.
True False 11. The expected postretirement benefit obligation is the discounted present value of the total benefits expected
to be paid by the employer to the plan participants.
3. EPBO
Portion of the EPBO attributed to the current period.__
4.
Postretirement Process of assigning the cost of benefits to the years during__
health care which those benefits are assumed to be earned by employees.__
17. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
1. Defined benefit plan
2. Service cost 3. Accumulated other comprehensive income
4. Vesting requirements
5. Retiree benefits paid
Protection for employee pension__ rights.__
Reported as a shareholders' equity__ account.__
Reduce(s) both the PBO and plan__ assets.__
1. Gain on PBO
Causes a loss-other comprehensive__ income.__
2. Return on plan assets exceeds the expectation
Caused by changes in assumptions__ used to measure the PBO.__
1. Interest cost 2. APBO (Postret irement)
Discounted present value of total postretirement benefit__ costs.__
__ Discount rate times beginning APBO.__
__
4. Defined contribution plan
__ Trade-off between relevance and reliability.__
5. Service cost
Used by actuaries to adjust for the time value of__ money.__
__ Difference between PBO and plan assets.__
16. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
True False 7. Prior service cost is recognized as pension expense over a period of several years.
True False 8. A net gain or net loss affects pension expense only if it exceeds ten percent of the pension benefit
__ Gain on plan assets.__
4. Vested benefit obligation
__ Increased by employer contributions.__
5. Projected benefit obligation
__ Not contingent on continued employment.__
__ Created only by the passage of time.__
Future salary levels estimated to be higher__ than previously expected.__
__ Current pay levels implicitly assumed.__
True False 3. An upward revision of inflation and compensation trends would likely cause a gain in the pension benefit
obligation.
True False 4. The difference between pension plan assets and the PBO is equal to the funded status of the plan.
obligation or ten percent of plan assets, whichever is lower.