CPA-00404As an inducement to enter a lease, Graf Co., a lessor, granted Zep, Inc., a lessee, twelve months of free rent under a five-year operating lease. The lease was effective on January 1, Year 1, and provides for monthly rental payments to begin January 1, Year 2. Zep made the first rental payment on December 30, Year 1. In its Year 1 income statement, Graf should report rental revenue in an amount equal to:
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1 .CPA-00483In its financial statements, Pulham Corp. uses the equity method of accounting for its 30% ownership of Angles Corp. At December 31, Year 1, Pulham has a receivable from Angles. How should the receivable be reported in Pulham's Year 1 financial statements?
A The total receivable should be included as part of the investment in Angles, without separate disclosure. B The receivable should be eliminated. C Seventy percent of the receivable should be separately reported, with the balance eliminated. D The total receivable should be disclosed separately.
2 .CPA-00112Herc Co.'s inventory at December 31, 1993, was USD 1,500,000 based on a physical count priced at cost, and before any necessary adjustment for the following:-Merchandise costing USD 90,000, shipped FOB shipping point from a vendor on December 30, 1993, was received and recorded on January 5, 1994.-Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 1994. The goods, billed to the customer FOB shipping point on December 30, 1993, had a cost of USD 120,000.What amount should Herc report as inventory in its December 31,1993 balance sheet?
A USD 1,500,000 B USD 1,590,000 C USD 1,620,000 D USD 1,710,000
3 .CPA-00116The U.S. GAAP lower of cost or market rule for inventories may be applied to total inventory, to groups of similar items, or to each item. Which application generally results in the lowest inventory amount?
A All applications result in the same amount. B Separately to each item. C Total inventory. D Groups of similar items.
4 .CPA-06055Which of the following statements regarding the IFRS revaluation model is incorrect?
A Further revaluation is necessary when the carrying value of revalued fixed assets differs materially from fair value. B Revaluation losses are reported on the income statement. C Revaluation can be performed on individual fixed assets only or on classes of assets. D Revaluation gains are reported ...
5 .CPA-00556On November 1, Year 1, a company purchased a new machine that it does not have to pay for until November 1, Year 3. The total payment on November 1, Year 3, will include both principal and interest. Assuming interest at a 10% rate, the cost of the machine would be the total payment multiplied by what time value of money concept?
A Future amount of 1. B Future amount of annuity of 1. C Present value of 1. D Present value of annuity of 1.
7 .CPA-06580An entity sponsors a defined benefit pension plan that is underfunded by USD 800,000. A USD 500,000 increase in the fair value of plan assets would have which of the following effects on the financial statements of the entity?
A An increase in accumulated other comprehensive income of the entity for the full amount of the increase in the value of the assets. B A decrease in accumulated other comprehensive income of the entity for the full amount of the increase in the value of the assets. C A decrease in the liabilities o...
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A Amortization of the discount on unrecognized prior service costs. B Increase in the fair value of plan assets due to the passage of time. C Shortage between the expected and actual returns on plan assets. D Increase in the projected benefit obligation due to the passage of time.
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10 .CPA-01070Lys City reports a compensated absences liability in its government-wide financial statements. The salary rate used to calculate the liability should normally be the rate in effect:
A When the compensated absences were earned or are to be paid, or at the balance sheet date, whichever results in the lowest amount. B When the unpaid compensated absences were earned. C When the compensated absences are to be paid. D At the balance sheet date.
