Which of the following statements is correct regarding deferred revenues recorded by a company that provides services to customers?
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1 .CPA-00388Penn, Inc., a manufacturing company, owns 75% of the common stock of Sell, Inc., an investment company. Sell owns 60% of the common stock of Vane, Inc., an insurance company. In Penn's consolidated financial statements, should consolidation accounting or equity method accounting be used for Sell and Vane?
A Consolidation used for both Sell and Vane. B Equity method used for both Sell and Vane. C Consolidation used for Sell and equity method used for Vane. D Equity method used for Sell and consolidation used for Vane.
2 .CPA-00421On September 1, Year 1, Phillips, Inc. issued common stock in exchange for 20% of Sago, Inc.'s outstanding common stock. On July 1, Year 3, Phillips issued common stock for an additional 75% of Sago's outstanding common stock. Sago continues in existence as Phillips' subsidiary. How much of Sago's Year 3 net income should be reported as accruing to Phillips?
A All of Sago's net income. B 95% of Sago's net income. C 20% of Sago's net income to June 30 and 95% of Sago's net income from July 1 to December 31. D 20% of Sago's net income to June 30 and all of Sago's net income from July 1 to December 31.
3 .CPA-00285Plack Co. purchased 10,000 shares (2% ownership) of Ty Corp. on February 14, Year 1. Plack received a stock dividend of 2,000 shares on April 30, Year 1, when the market value per share was USD 35. Ty paid a cash dividend of USD 2 per share on December 15, Year 1. In its Year 1 income statement, what amount should Plack report as dividend income?
A USD 20,000 B USD 90,000 C USD 94,000 D USD 24,000
4 .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:
A 12 months. B 24 months. C 18 months. D 6 months.
5 .The matching principle:
A Matches revenues and gains against expenses and losses in the same accounting period. B Matches expenses and losses against revenues and gains in the same accounting period. C Matches revenues against expenses in the same accounting period. D Matches expenses against revenues in the same accountin...
7 .Johan Co. has an intangible asset, which it estimates will have a useful life of 10 years, while Abco Co. has goodwill, which has an indefinite life. Which company should report amortization in its financial statements?
A Johan Yes ;Abco No B Johan Yes;Abco Yes C Johan No; Abco Yes D Johan No; Abco No
8 .North Co. entered into a franchise agreement with South Co. for an initial fee of USD50,000. North received USD10,000 at the agreement's signing. The remaining balance was to be paid at a rate of USD10,000 per year, beginning the following year. North's services per the agreement were not complete in the current year. Operating activities will commence next year. What amount should North report as franchise revenue in the current year?
A USD0 B USD10,000 C USD50,000 D USD20,000
9 .Which of the following costs of goodwill should be capitalized?
A Maintaining Goodwill Yes;Developing Goodwill Yes B Maintaining Goodwill Yes;Developing Goodwill No C Maintaining Goodwill No;Developing Goodwill No D Maintaining Goodwill No;Developing Goodwill Yes
10 .How should NSB, Inc. report significant research and development costs incurred?
A Capitalize the costs and amortize over a 40-year period. B Capitalize the costs and amortize over a five-year period C Expense all costs in the year incurred. D Expense all costs two years before and five years after the year incurred.
