Financial statements prepared under which of the following methods include adjustments for both specific price changes and general price level changes?
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1 .Compared to the accrual basis of accounting, the cash basis of accounting understates income by the net decrease during the accounting period of:
A Accounts Receivable: Yes; Accrued Expenses: Yes B Accounts Receivable: No; Accrued Expenses: Yes C Accounts Receivable: Yes; Accrued Expenses: No D Accounts Receivable: No; Accrued Expenses: No
2 .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 18 months B 6 months C 12 months D 24 months
3 .The calculation of the income recognized in the third year of a five-year construction contract accounted for using the percentage-of-completion method includes the ratio of:
A Total costs incurred to date to total estimated costs. B Costs incurred in year 3 to total estimated costs C Costs incurred in year 3 to total billings. D Total costs incurred to date to total billings.
4 .Entor Co. sold equipment to Pane Co. for $50,000. The equipment had a net book amount of $20,000. The collections were $20,000 in the first year, $15,000 in the next year, and $15,000 in the last year. What is the amount of gross profit for the third year if Entor used the installment-sales accounting method for the transaction
A $9,000 B $5,000 C $0 D $15,000
5 .Beam Co. paid $1,000 cash and traded inventory, which had a carrying amount of $20,000 and a fair value of $21,000, for other inventory in the same line of business with a fair value of $22,000. What amount of gain (loss) should Beam record related to the inventory exchange?
A $0 B $(1,000) C $1,000 D $2,000
7 .On September 22, Year 4, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company's local currency. On that date, the spot rate was $.55. Yumi paid the bill in full on March 20, Year 5, when the spot rate was $.65. The spot rate was $.70 on December 31, Year 4. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, Year 4?
A $0 B $500. C $1,000 D $1,500
8 .Personal financial statements usually consist of:
A A statement of net worth and a statement of changes in net worth. B A statement of financial condition and a statement of changes in net worth. C A statement of financial condition, a statement of changes in net worth, and a statement of cash flows. D A statement of net worth, an income statement,...
9 .Which of the following is the most authoritative source of U.S. GAAP?
A FASB Statements of Financial Accounting Standards. B FASB Accounting Standards Codification. C International Financial Reporting Standards. D FASB Statements of Financial Accounting Concepts.
10 .Which of the following documents is typically issued as part of the due-process activities of the Financial Accounting Standards Board (FASB) for amending the FASB Accounting Standards Codification?
A A proposed statement of position. B A proposed accounting research bulletin. C A proposed staff accounting bulletin. D A proposed accounting standards update.
