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?
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1 .CPA-05914Anchor Co. owns 40% of Main Co.'s common stock outstanding and 75% of Main's noncumulative preferred stock outstanding. Anchor exercises significant influence over Main's operations. During the current period, Main declared dividends of USD 200,000 on its common stock and USD 100,000 on its noncumulative preferred stock. What amount of dividend income should Anchor report on its income statement for the current period related to its investment in Main?
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2 .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.
3 .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?
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4 .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.
5 .CPA-06055Which of the following statements regarding the IFRS revaluation model is incorrect?
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8 .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?
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10 .CPA-00900The primary emphasis in accounting and reporting for governmental funds is on:
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