The premium on a three-year insurance policy expiring on December 31, Year 3 was paid in total on January 2, Year 1. If the company has a six-month operating cycle, then on December 31, Year 1, the prepaid insurance reported as a current asset would be for:
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1 .A company that is a large accelerated filer must file its Form 10-Q with the United States Securities and Exchange Commission within how many days after the end of the period?
A 60 days B 30 days C 45 days D 40 days
2 .Steve and Kay Briar, U.S. citizens, were married for the entire calendar year. During the year, Steve gave a $30,000 cash gift to his sister. The Briars made no other gifts in the year. They each signed a timely election to treat the $30,000 gift as made one-half by each spouse. Disregarding the unified credit and estate tax consequences, what amount of the current year gift is taxable to the Briars?
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3 .Miller Co. incurred the following computer software costs for the development and sale of software programs during the current year:Planning costs$50,000Design of the software150,000Substantial testing of the project’s initial stages75,000Production and packaging costs for the first month'ssales500,000Costs of producing product masters after technologyfeasibility was established200,000The project was not under any contractual arrangement when these expenditures were incurred. What amount should Miller report as research and development expense for the current year under U.S. GAAP?
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A $280,000 B $200,000 C $180,000 D $252,000
5 .Compared to the accrual basis of accounting, the cash basis of accounting understates income by the net decrease during the accounting period of:
A Accounts Receivable: Yes; Accrued Expenses: Yes B Accounts Receivable: No; Accrued Expenses: Yes C Accounts Receivable: Yes; Accrued Expenses: No D Accounts Receivable: No; Accrued Expenses: No
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A $9,000 B $5,000 C $0 D $15,000
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A $0 B $(1,000) C $1,000 D $2,000
10 .Financial statements prepared under which of the following methods include adjustments for both specific price changes and general price level changes?
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