Which of the following is the most authoritative source of U.S. GAAP?
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1 .Entor Co. sold equipment to Pane Co. for $50,000. The equipment had a net book amount of $20,000. The collections were $20,000 in the first year, $15,000 in the next year, and $15,000 in the last year. What is the amount of gross profit for the third year if Entor used the installment-sales accounting method for the transaction
A $9,000 B $5,000 C $0 D $15,000
2 .Beam Co. paid $1,000 cash and traded inventory, which had a carrying amount of $20,000 and a fair value of $21,000, for other inventory in the same line of business with a fair value of $22,000. What amount of gain (loss) should Beam record related to the inventory exchange?
A $0 B $(1,000) C $1,000 D $2,000
3 .Financial statements prepared under which of the following methods include adjustments for both specific price changes and general price level changes?
A Current cost/nominal dollar. B Current cost/constant dollar. C Historical cost/constant dollar. D Historical cost/nominal dollar.
4 .On September 22, Year 4, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company's local currency. On that date, the spot rate was $.55. Yumi paid the bill in full on March 20, Year 5, when the spot rate was $.65. The spot rate was $.70 on December 31, Year 4. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, Year 4?
A $0 B $500. C $1,000 D $1,500
5 .Personal financial statements usually consist of:
A A statement of net worth and a statement of changes in net worth. B A statement of financial condition and a statement of changes in net worth. C A statement of financial condition, a statement of changes in net worth, and a statement of cash flows. D A statement of net worth, an income statement,...
7 .Which of the following documents is typically issued as part of the due-process activities of the Financial Accounting Standards Board (FASB) for amending the FASB Accounting Standards Codification?
A A proposed statement of position. B A proposed accounting research bulletin. C A proposed staff accounting bulletin. D A proposed accounting standards update.
8 .U.S. public company needs guidance in accounting for and reporting a complex derivative transaction that it entered into with a European subsidiary. This company is most likely to find the appropriate guidance in the:
A FASB Statements of Financial Accounting Concepts. B FASB Statements of Financial Accounting Standards. C ASB Accounting Standards Codification. D International Financial Reporting Standards.
9 .Which of the following statements best describes an operating procedure for issuing FASB Accounting Standards Update?
A An Accounting Standards Update is issued only after a majority vote by the members of the FASB. B A new Accounting Standards Update can be rescinded by a majority vote of the AICPA membership. C The emerging issues task force must approve a discussion memorandum before it is disseminated to the pu...
10 .Which of the following statements best describes an operating procedure for issuing a new International Financial Reporting Standard?
A Exposure drafts are only released to selected interested parties. B The IASB and IFRIC must jointly approve a new IFRS by majority vote. C An exposure draft is issued after approval by at least nine members of the IASB. D The IASB issues a required discussion paper as its first publication on the ...
