Which of the following statements correctly describes the proper accounting for nonmonetary exchanges that are deemed to have commercial substance?
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1 .Rice Co. salaried employees are paid biweekly. Advances made to employees are paid back by payroll deductions. Information relating to salaries follows:12/31/Year 112/31/Year 2Employee AdvancesUSD24,000USD36,000Accrued Salaries Payable40,000?Salaries Expense During the Year420,000Salaries Paid During the Year (Gross)390,000In Rice's December 31, Year 2, balance sheet, accrued salaries payable was:
A USD70,000 B USD30,000 C USD94,000 D USD82,000
2 .Dunne Co. sells equipment service contracts that cover a two-year period. The sales price of each contract is USD600. Dunne's past experience is that, of the total dollars spent for repairs on service contracts, 40% is incurred evenly during the first contract year and 60% evenly during the second contract year. Dunne sold 1,000 contracts evenly throughout the current year. In its December 31 balance sheet, what amount should Dunne report as deferred service contract revenue?
A USD540,000 B USD300,000 C USD480,000 D USD360,000
3 .On January 2, Judd Co. bought a trademark from Krug Co. for USD500,000. Judd retained an independent consultant, who estimated the trademark's remaining life to be 50 years. Its unamortized cost on Krug's accounting records was USD380,000. In Judd's December 31 balance sheet, what amount should be reported as accumulated amortization?
A USD10,000 B USD7,600 C USD12,500 D USD9,500
4 .A company uses the completed-contract method to account for a long-term construction contract under U.S. GAAP. Revenue is recognized when recorded progress billings:
A Are collected No; Exceed recorded costs No B Are collected Yes; Exceed recorded costs Yes C Are collected Yes; Exceed recorded costs No D Are collected No; Exceed recorded costs Yes
5 .The installment sales method of recognizing revenue:
A Should be used if it is doubtful that the amount due will be collected. B Should be used only if the amount ultimately collectible cannot be estimated. C Can be used as an elective accounting method regardless of the type of sale. D Should only be used with the aging of receivables method.
7 .Which of the following should be reported in a stockholders' equity contra account?
A Discount on convertible bonds that are common stock equivalents. B Premium on convertible bonds that are common stock equivalents. C Cumulative foreign exchange translation loss. D Organization costs.
8 .Which of the following financial statement titles would not be appropriate for other comprehensive basis of accounting (OCBOA) financial statements?
A Statement of assets and liabilities arising from cash transactions. B Statement of financial position. C Statement of cash and equity. D Statement of income - income tax basis.
9 .2014年某企业接受投资者投入生产用设备一台，该设备需要安装。双方在协议中约定的价值为500000元，设备的公允价值为450000元。安装过程中领用生产用材料一批，实际成本为5000元；领用自产的产成品一批，实际成本为10000元，售价为24000元，该产品为应税消费品，消费税税率10％。该企业为一般纳税人，适用的增值税税率为17％。安装完毕投入生产使用的该设备入账成本为（ ）元。
A 467400 B 472330 C 486330 D 483930
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