A firm has basic earnings per share of USD1.29. If the tax rate is 30%, which of the following securities would be dilutive?
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1 .If a corporation sells some of its treasury stock at a price that exceeds its cost, this excess should be:
A Treated as a reduction in the carrying amount of remaining treasury stock. B Credited to additional paid-in capital. C Reported as a gain in the income statement. D Credited to retained earnings.
2 .In Year 1, Fogg, Inc. issued USD10 par value common stock for USD25 per share. No other common stock transactions occurred until March 31, Year 3, when Fogg acquired some of the issued shares for USD20 per share and retired them. Which of the following statements correctly states an effect of this acquisition and retirement?
A Retained earnings is increased. B Additional paid-in capital is decreased. C Year 3 net income is decreased. D Year 3 net income is increased.
3 .The stockholders of Meadow Corp. approved a stock-option plan that grants the company's top three executives options to purchase a maximum of 1,000 shares each of Meadow's USD2 par common stock for USD19 per share. The options were granted on January 1 when the fair value of the stock was USD20 per share. Meadow determined that the fair value of the compensation is USD300,000 and the vesting period is three years. What amount of compensation expense from the options should Meadow record in the year the options were granted?
A USD300,000 B USD60,000 C USD20,000 D USD100,000
4 .Earnings per share disclosure is required for which of the following:
A Non-public companies. B Companies who have made a filing with the SEC in preparation for a sale of public securities. C Investment companies. D Wholly-owned subsidiaries of public companies.
5 .Ute Co. had the following capital structureduring Year 1 and Year 2: Preferred stock, USD10 par, 4% cumulative, 25,000 shares issued and outstanding USD250,000 Common stock, USD5 par, 200,000 shares issued and outstanding 1,000,000 Ute reported net income of USD500,000 for the year ended December 31, Year 2. Ute paid no preferred dividends during Year 1 and paid USD16,000 in preferred dividends during Year 2. In its December 31, Year 2, income statement, what amount should Ute report as basic earnings per share?
A USD2.50 B USD2.45 C USD2.48 D USD2.42
7 .Which of the following actions should a CPA firm take to comply with the AICPA's quality control standards?
A Use attributes sampling techniques in testing internal controls. B Establish policies to ensure that the audit work meets applicable professional standards. C Establish procedures that comply with the standards of the Sarbanes-Oxley Act. D Consider inherent risk and control risk before determining...
8 .Which paragraphs of an auditor's report on financial statements under U.S. auditing standards should refer to generally accepted auditing standards (GAAS) and generally accepted accounting principles (GAAP)?GAASGAAP
A Auditor's Responsibility；Introductory B Introductory；.................Introductory C Introductory；.................Auditor's Responsibility D Auditor's Responsibility；Opinion
9 .A group engagement partner decides not to refer to the audit of a component auditor. After making inquiries about the component auditor's professional reputation and independence, the group engagement partner most likely would:
A Add an emphasis-of-matter paragraph to the auditor's report indicating that the component's financial statements are not material to the consolidated financial statements. B Obtain written permission from the component auditor to omit the reference in the group engagement auditor's report. C Conta...
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A Yes；Yes B No；.No C Yes；No D No；.Yes
