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:

1 .Steve and Kay Briar, U.S. citizens, were married for the entire calendar year. During the year, Steve gave a $30,000 cash gift to his sister. The Briars made no other gifts in the year. They each signed a timely election to treat the $30,000 gift as made one-half by each spouse. Disregarding the unified credit and estate tax consequences, what amount of the current year gift is taxable to the Briars?

A $30,000 B $28,000 C $0 D $2,000

题型: 单选题 提问时间: 2021-08-24

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2 .Miller Co. incurred the following computer software costs for the development and sale of software programs during the current year:Planning costs$50,000Design of the software150,000Substantial testing of the project’s initial stages75,000Production and packaging costs for the first month'ssales500,000Costs of producing product masters after technologyfeasibility was established200,000The project was not under any contractual arrangement when these expenditures were incurred. What amount should Miller report as research and development expense for the current year under U.S. GAAP?

A $975,000 B $500,000 C $275,000 D $200,000

题型: 单选题 提问时间: 2021-08-24

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3 .On January 2, Year 1, Paye Co. purchased Shef Co. at a cost that resulted in recognition of goodwill of $200,000. During the first quarter of Year 1, Paye spent an additional $80,000 on expenditures designed to maintain goodwill. In its December 31, Year 1, balance sheet what amount should Paye report as goodwill?

A $280,000 B $200,000 C $180,000 D $252,000

题型: 单选题 提问时间: 2021-08-24

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4 .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

题型: 单选题 提问时间: 2021-08-24

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5 .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

题型: 单选题 提问时间: 2021-08-24

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7 .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

题型: 单选题 提问时间: 2021-08-24

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8 .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

题型: 单选题 提问时间: 2021-08-24

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9 .Financial statements prepared under which of the following methods include adjustments for both specific price changes and general price level changes?

A Current cost/nominal dollar. B Current cost/constant dollar. C Historical cost/constant dollar. D Historical cost/nominal dollar.

题型: 单选题 提问时间: 2021-08-24

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10 .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

题型: 单选题 提问时间: 2021-08-24

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