CPA-06396Which of the following is not a common modification used to prepare modified cash basis financial statements?
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2 .CPA-05090The 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.
3 .CPA-08230A company exchanged land with an appraised value of USD 50,000 and an original cost of USD 20,000 for machinery with a fair value of USD 55,000. Assuming that the transaction has commercial substance, what is the gain on the exchange?
A USD 5,000 B USD 35,000 C USD 30,000 D USD 0
4 .CPA-01272Park Co.'s wholly-owned subsidiary, Schnell Corp., maintains its accounting records in German marks. Because all of Schnell's branch offices are in Switzerland, its functional currency is the Swiss franc. Remeasurement of Schnell's Year 4 financial statements resulted in a USD 7,600 gain, and translation of its financial statements resulted in an USD 8,100 gain. What amount should Park report as a foreign exchange gain in its income statement for the year ended December 31, Year 4?
A USD 7,600 B USD 15,700 C USD 0 D USD 8,100
5 .CPA-04543Green, a calendar-year taxpayer, is preparing a personal statement of financial condition as of April 30, Year 2. Green's Year 1 income tax liability was paid in full on April 15, Year 2. Green's tax on income earned between January and April Year 2 is estimated at USD 20,000. In addition, USD 40,000 is estimated for income tax on the differences between the estimated current values and current amounts of Green's assets and liabilities and their tax bases at April 30, Year 2. No withholdings or payments have been made towards the Year 2 income tax liability. In Green's April 30, Year 2, statement of financial condition, what amount should be reported, between liabilities and net worth, as estimated income taxes?
A USD 40,000 B USD 60,000 C USD 0 D USD 20,000
7 .CPA-05418On December 31, Year 1, Taylor, Inc. signed a binding agreement with a bank for the refinancing of an existing note payable scheduled to mature in February, Year 2. The terms of the refinancing included extending the maturity date of the note by three years. On January 15, Year 2, the note was refinanced. How should Taylor report the note payable in its December 31, Year 1, balance sheet?
A A current note receivable. B A long-term note receivable. C A current liability. D A long-term liability.
8 .CPA-05222Green Co. incurred leasehold improvement costs for its leased property. The estimated useful life of the improvements was 15 years. The remaining term of the nonrenewable lease was 20 years. These costs should be:
A Capitalized and depreciated over 15 years. B Capitalized and depreciated over 20 years. C Capitalized and expensed in the year in which the lease expires. D Expensed as incurred.
9 .CPA-05118Which of the following statements concerning the impairment of fixed assets under U.S. GAAP is true?I. Impairment losses are shown on the income statement net of tax.II. The test for recoverability compares the present value of all expected future cash flows produced by the fixed asset to its carrying value.III. To determine the amount of any impairment loss, fair value must be used.
A II. B I. C I and II. D III.
10 .CPA-00401When should a lessor recognize in income a nonrefundable lease bonus paid by a lessee on signing an operating lease?
A At the expiration of the lease. B When received. C At the inception of the lease. D Over the life of the lease.
