Cantor Co. purchased a coal mine for USD2,000,000. It cost USD500,000 to prepare the coal mine for extraction of the coal. It was estimated that 750,000 tons of coal would be extracted from the mine during its useful life. Cantor planned to sell the property for USD100,000 at the end of its useful life. During the current year, 15,000 tons of coal were extracted and sold. What would be Cantor's depletion amount per ton for the current year?

1 .During January, Metro Co., which maintains a perpetual inventory system, recorded the following information pertaining to its inventory:UnitsUnitCostTotalcostUnitson handBalance on 1/11,000USD1USD1,0001,000Purchased on 1/760031,8001,600Sold on 1/20900700Purchased on 1/2540052,0001,100Under the moving-average method, what amount should Metro report as inventory at January 31?

A USD2,640 B USD3,225 C USD3,900 D USD3,300

题型: 单选题 提问时间: 2021-08-24

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2 .Assuming constant inventory quantities, which of the following inventory-costing methods will produce a lower inventory turnover ratio in an inflationary economy?

A LIFO (last in, first out). B Moving average. C FIFO (first in, first out). D Weighted average.

题型: 单选题 提问时间: 2021-08-24

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3 .Merry Co. purchased a machine costing USD125,000 for its manufacturing operations and paid shipping costs of USD20,000. Merry spent an additional USD10,000 testing and preparing the machine for use. What amount should Merry record as the cost of the machine?

A USD145,000 B USD125,000 C USD155,000 D USD135,000

题型: 单选题 提问时间: 2021-08-24

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4 .Which of the following statements regarding the accounting for investment property under IFRS is correct?

A The best evidence of the fair value of investment property is the present value of expected future cash flows. B Investment property may be reported at cost less accumulated depreciation or fair value less accumulated depreciation. C Gains arising from changes in the fair value of investment prope...

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5 .Quick Co. acquired the following assets from a liquidating competitor for a USD200,000 lump-sum purchase price:Competitor'sCarrying AmountFair ValueInventoryUSD 70,000USD 50,000Land40,00050,000Building110,000150,000USD220,000USD250,000What amount should Quick report as the cost of the building?

A USD120,000 B USD100,000 C USD200,000 D USD150,000

题型: 单选题 提问时间: 2021-08-24

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7 .A fixed asset has a cost of USD12,000 and a salvage value of USD3,000. The asset has a three-year life. If depreciation in the third year amounted to USD1,500, which depreciation method was used?

A Double-declining-balance. B Sum-of-the-years-digits. C Straight-line. D Units of production.

题型: 单选题 提问时间: 2021-08-24

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8 .A fixed asset on the Ledger Company's books had the following associated values for the current year:Carrying valueUSD12,500Fair value11,200Costs to sell600Present value of future cash flows10,950What amount will Ledger's Controller book as an impairment loss under IFRS for the current year?

A USD1,900 B USD250 C USD1,300 D USD1,550

题型: 单选题 提问时间: 2021-08-24

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9 .On January 1 of the current year, Lean Co. made an investment of USD10,000. The following is the present value of USD1.00 discounted at a 10% interest rate:PeriodsPresent value of USD1.00discounted at 10%1.9092.8263.751What amount of cash will Lean accumulate in two years?

A USD12,107 B USD27,002 C USD12,000 D USD16,250

题型: 单选题 提问时间: 2021-08-24

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10 .On April 1, year 1, Hall Fitness Center leased its gym to Dunn Fitness Center under a four-year operating lease. Hall normally charges USD6,000 per month to lease its gym, but as an incentive, Hall gave Dunn half off the first year's rent, and one quarter off the second year's rent. Dunn's rental payments were as follows:Year 112 x USD3,000 = USD36,000Year 212 x USD4,500 = USD54,000Year 312 x USD6,000 = USD72,000Year 412 x USD6,000 = USD72,000Dunn's rent payments were due on the first day of the month, beginning on April 1, year 1. What amount should Dunn report as rent expense in its monthly income statement for April, year 3?

A USD4,500 B USD3,000 C USD4,875 D USD6,000

题型: 单选题 提问时间: 2021-08-24

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