Archives: Quiz
Accounting Chapter 19 3 The executor of the Estate of Kate Tweed discovered the following
59. The executor of the Estate of Kate Tweed discovered the following assets (at fair value): The will of Kate Tweed had the following provisions: • $195,000 in cash went to Victor Vickery. • All shares of PepsiCo went to […]
Accounting Chapter 19 1 When Person Dies Without Leaving Valid Will
1. When a person dies without leaving a valid will, how is the distribution of his or her property determined? A. in accordance with federal inheritance laws. B. in accordance with generally accepted accounting principles. C. in accordance with a […]
Accounting Chapter 18 2 25 Which Entry Would The Correct Entry
25. Which entry would be the correct entry to record pledges of $100,000 to a public television fundraiser? The public television organization estimates that 5% of the funds will be uncollectible. A. Option A B. Option B C. Option C […]
Accounting Chapter 18 1 Reciprocal Transfers Where Both Parties Give And
1. Reciprocal transfers where both parties give and receive something of value are A. contributed services. B. unconditional promises to give. C. endowment transactions. D. exchange transactions. E. required contributions. AACSB: Reflective thinking AICPA BB: Industry AICPA FN: Measurement Blooms: […]
Accounting Chapter 18 3 58 Not for profit Organization Charity Raises Money For
47. For May 2011, Carlington Hospital’s charges for patient services were $608,000, of which 80% was billed to third-party payors. Required: Prepare the journal entry to accrue patient charges for the month. AACSB: Analytic AICPA BB: Industry AICPA FN: Measurement […]
Accounting Chapter 17 3 The parking garage and parking lots owned by the City of Danton
41. The parking garage and parking lots owned by the City of Danton reported the following balances for 2011: Required: What amount of net revenue (or expense) should be reported by the fund that was used to account for parking […]
Accounting Chapter 17 2 26 City Starts Solid Waste Landfill During
26. A city starts a solid waste landfill during 2010. When the landfill was opened the city estimated that it would fill to capacity within 5 years and that the cost to cover the facility would be $1.5 million which […]
Accounting Chapter 17 1 For Governmentwide Financial Statements What Account Credited
1. For government-wide financial statements, what account is credited when a piece of equipment is leased on a capital lease? A. Equipment – Capital Lease B. Encumbrances – Long Term C. Encumbrances – Lease Obligations D. Capital Lease Obligation E. […]
Accounting Chapter 16 4 Record the journal entries for these transactions using the consumption method
68. On January 1, 2011, Wakefield City purchased $40,000 office supplies. During the year $35,000 of these supplies were used. Required: Record the journal entries for these transactions using the consumption method. (Disregard the encumbrance entries.) AACSB: Analytic AICPA BB: […]
Accounting Chapter 16 2 27 Which Statement Not Correct Governmental Funds
27. Which statement is not correct? A. Governmental funds account for expenditures of financial resources rather than matching revenues and expenses. B. The Fund Balance Reserved for Encumbrances account is not closed at the end of a fiscal year. C. […]
Accounting Chapter 16 1 Which Standard Issued The Governmental Accounting Standards
1. Which standard issued by the Governmental Accounting Standards Board in 1999 required two distinct sets of financial statements for state and local governments? A. GASB Statement No. 32. B. GASB Statement No. 33. C. GASB Statement No. 34. D. […]
Accounting Chapter 16 3 60 July 2011 Fred City Ordered 1500
54. What is the primary difference between monies accounted for in the general fund and monies accounted for in the special revenue fund? Monies in the special revenue fund are legally restricted as to expenditure and monies in the general […]
Accounting Chapter 15 2 21 Which The Following Could Result The
E. The first available $8,000 would go to Newman. The next $4,000 would be split equally between Dancey and Newman. The following $12,000 would be shared by Dancey, Reese, and Newman. The total distribution would be $24,000 before all four […]
Accounting Chapter 15 3 Garr Might Have Contribute Eliminate Deficit would 84000
42. What events or circumstances might force the termination of a partnership and liquidation of its assets? There are many events or situations that can lead to the termination of a partnership and the liquidation of its assets. These circumstances […]
Accounting Chapter 15 4 Not Authorized For Sale Distribution in Any Manner
58. Hardin, Sutton, and Williams have operated a local business as a partnership for several years. All profits and losses have been allocated in a 3:2:1 ratio, respectively. Recently, Williams has undergone personal financial problems, and is insolvent. To satisfy […]
Accounting Chapter 15 1 When Partnership Insolvent And Partner Has Deficit
1. When a partnership is insolvent and a partner has a deficit capital balance, that partner is legally required to: A. declare personal bankruptcy. B. initiate legal proceedings against the partnership. C. contribute cash to the partnership. D. deliver a […]
Accounting Chapter 14 5 86 January 2011 Lamb And Mona Llp
79. The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Eden. Eden contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to […]
Accounting Chapter 14 4 66 For What Events Conditions Should The
63. What is the dissolution of a partnership? The dissolution of a partnership is the breakup of the partnership caused by any change in the members that make up the partnership. AACSB: Reflective thinking AICPA BB: Legal AICPA FN: Measurement […]
Accounting Chapter 14 3 43 The Partnership Contract For Hanes And
43. The partnership contract for Hanes and Jones LLP provides that Hanes is to receive a bonus of 20% of net income (after the bonus) and that the remaining net income is to be divided equally. If the partnership income […]
Accounting Chapter 14 2 23 Cleary Wasser And Nolan Formed Partnership
23. Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual […]
Accounting Chapter 14 1 Cherry hill And Hace Had Been Partners For
1. Cherryhill and Hace had been partners for several years, and they decided to admit Quincy to the partnership. The accountant for the partnership believed that the dissolved partnership and the newly formed partnership were two separate entities. What method […]
Accounting Chapter 13 5 The Equipment Can Sold For 60000 Administrative
78. Hampton Company is trying to decide whether to seek liquidation or reorganization. Hampton has provided the following balance sheet: Additional information is as follows: ● The investments are currently worth $13,000. ● It is estimated that $32,000 of the […]
Accounting Chapter 13 4 Prepare a statement of realization and liquidation for the period
• Accounts receivable of $23,400 were collected. • All of the company’s inventory was sold for $52,000. • Additional accounts payable of $13,000 incurred for various expenses such as utilities and maintenance were discovered. • The land and building were […]
Accounting Chapter 13 3 What information is included on the statement of realization and liquidation
52. What information is included on the statement of realization and liquidation? The statement of realization and liquidation reports the account balances of the company at the date the order of relief was filed. The report will specify the cash […]
Accounting Chapter 13 2 25 Mandich Co Had The Following Amounts
25. Mandich Co. had the following amounts for its assets, liabilities, and stockholders’ equity accounts just before filing a bankruptcy petition and requesting liquidation: Of the salaries payable, $30,000 was owed to an officer of the company. The remaining amount […]
Accounting Chapter 13 1 Bankruptcy An Involuntary Reorganization Bankruptcy Forced
1. A Chapter 7 bankruptcy is a(n) A. involuntary reorganization. B. bankruptcy forced by a company’s creditors. C. liquidation. D. bankruptcy in which all creditors receive payment in full. E. voluntary reorganization. AACSB: Reflective thinking AICPA BB: Legal AICPA FN: […]
Accounting Chapter 12 3 67 What Information Needs Included Form 10q
51. What is a wrap-around filing ? A wrap-around filing is a method of filing Form 10-K with the SEC. The company files its annual report and uses incorporation by reference to meet many of the requirements of the SEC. […]
Accounting Chapter 12 2 30 Filings With The Sec Are Divided
AACSB: Reflective thinking AICPA BB: Legal AICPA FN: Reporting Blooms: Remember Difficulty: 1 Easy Learning Objective: 12-06 Describe an issuer’s registration process; various forms used by the issuers; and the exemption(s) from registration. 30. Filings with the SEC are divided […]
Accounting Chapter 12 1 Which One The Following Division The Sec
1. Which one of the following is not a division of the SEC? A. the Division of Corporation Finance. B. the Division of Investment Management. C. the Division of Compliance Information. D. the Division of Enforcement. E. the Division of […]
Accounting Chapter 11 3 Ifrs Its National GAAP 2requiring Domestic Listed
45. Why does each country have its own unique set of financial reporting practices? A survey identified five commonly accepted factors that influence financial reporting practices: (1) legal system, (2) taxation, (3) financing system, (4) inflation, and (5) political and […]
Accounting Chapter 11 1 The United States Foreign Companies Filing Annual
1. In the United States, foreign companies filing annual reports with the SEC that are not prepared in accordance with U.S. GAAP must: A. present financial statements that comply with international GAAP. B. conform with U.S. GAAP or present a […]
Accounting Chapter 11 2 26 The Following Information Pertains Inventory Held
26. The following information pertains to inventory held by a company at December 31, 2011. What amount of inventory should be reported under IFRS? A. $25,000 B. $21,000 C. $20,000 D. $4,000 E. $5,000 AACSB: Analytic AACSB: Diversity AICPA BB: […]
Accounting Chapter 10 5 2008 A How Would Depreciation Expense The
83. A foreign subsidiary of a U.S. corporation purchased equipment on January 4, 2008. (A.) How would depreciation expense on the equipment be translated for 2011? (B.) How would depreciation expense on the equipment be remeasured for 2011? (A.) Depreciation […]
Accounting Chapter 10 4 2010 Selected Account Balances Are Available For
AACSB: Analytic AACSB: Diversity AICPA BB: Global AICPA FN: Measurement Blooms: Apply Difficulty: 1 Easy Learning Objective: 10-01 Explain the theoretical underpinnings and the limitations of the current rate and temporal methods. Learning Objective: 10-03 Translate a foreign subsidiary’s financial […]
Accounting Chapter 10 3 51 Esposito Italian Subsidiary Us Company Esposito’s
AACSB: Analytic AACSB: Diversity AICPA BB: Global AICPA FN: Measurement Blooms: Apply Difficulty: 2 Medium Learning Objective: 10-01 Explain the theoretical underpinnings and the limitations of the current rate and temporal methods. Learning Objective: 10-04 Remeasure a foreign subsidiary’s financial […]
Accounting Chapter 10 2 23 Us Company’s Foreign Subsidiary Had The
23. A U.S. company’s foreign subsidiary had the following amounts in stickles (§), the functional currency, in 2011: The average exchange rate during 2011 was §1 = $.96. The beginning inventory was acquired when the exchange rate was §1 = […]
Accounting Chapter 10 1 Accounting The Term Translation Refers The Calculation
1. In accounting, the term translation refers to A. the calculation of gains or losses from hedging transactions. B. the calculation of exchange rate gains or losses on individual transactions in foreign currencies. C. the procedure required to identify a […]
Accounting Chapter 9 5 The Spot Rates And Forward Rates On various
83. Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2011: The appropriate exchange rates during 2011 were as follows: What amount will Coyote Corp. report in its 2011 income statement […]
Accounting Chapter 9 4 63 October 2011 Eagle Company Forecasts The
AACSB: Analytic AACSB: Diversity AICPA BB: Global AICPA FN: Measurement Blooms: Apply Difficulty: 2 Medium Learning Objective: 09-06 Account for forward contracts and options used as hedges of forecasted foreign currency transactions. 63. On October 1, 2011, Eagle Company forecasts […]
Accounting Chapter 9 3 44 Winston Corp Us Company Had The
44. Winston Corp., a U.S. company, had the following foreign currency transactions during 2011: (1.) Purchased merchandise from a foreign supplier on July 16, 2011 for the U.S. dollar equivalent of $47,000 and paid the invoice on August 3, 2011 […]
Accounting Chapter 9 2 25 Us GAAP Provides Guidance For Hedges
AACSB: Analytic AACSB: Diversity AICPA BB: Global AICPA FN: Measurement Blooms: Evaluate Difficulty: 2 Medium Learning Objective: 09-02 Account for foreign currency transactions using the two-transaction perspective; accrual approach. 23. A U.S. company buys merchandise from a foreign company denominated […]
Accounting Chapter 9 1 What Amount Foreign Exchange Gain Loss Should
1. Pigskin Co., a U.S. corporation, sold inventory on credit to a British company on April 8, 2011. Pigskin received payment of 35,000 British pounds on May 8, 2011. The exchange rate was £1 = $1.54 on April 8 and […]
Accounting Chapter 8 6 106 Blanton Corporation Comprised Five Operating Segments
105. Faru Co. identified five industry segments: (1) plastics, (2) metals, (3) lumber, (4) paper, and (5) finance. Each of these segments had been consolidated appropriately by the company in producing its annual financial statements. Information describing each segment is […]
Accounting Chapter 8 3 43 Electronix Inc Has Three Operating Segments
43. Elektronix, Inc. has three operating segments with the following information: Which operating segments are separately reportable under the assets test? A. DVDs only. B. DVDs and MP3s. C. DVDs and VCRs. D. VCRs and MP3s. E. DVDs, VCRs, and […]
Accounting Chapter 8 2 23 Whitley Corporation Identified Four Operating Segments
22. Which of the following statements is false concerning the number of operating segments that should be disclosed? A. At least 75 percent of total company sales made to outsiders should be presented. B. Even though an operating segment has […]
Accounting Chapter 8 1 Generally Accepted Accounting Principles Require Us Corporation
1. Generally accepted accounting principles require a U.S. corporation to disclose the following disaggregated information for each operating segment, except: A. Revenues from external customers. B. Discontinued operations. C. Cost of goods sold. D. Depreciation expense. E. Intersegment revenues. AACSB: […]
Accounting Chapter 8 5 What two disclosure guidelines for operating segment information
91. What two disclosure guidelines for operating segment information are designed to ensure the consistency of data reported from year to year? 1) If an operating segment does not pass a test for current segment disclosure but was a reportable […]
Accounting Chapter 8 4 68 How Should Seasonal Revenues Reported Interim
68. How should seasonal revenues be reported in an interim financial statement? A. The seasonal nature should be disclosed, and a pro forma report for the next 12-month period should supplement the interim report. B. The seasonal nature should be […]
Accounting Chapter 7 7 May not a file consolidated income tax return
Required: Determine the accrual-based income of Mace Co for the year 2011 . © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not […]
Accounting Chapter 7 6 January 2010 Mace Co Acquired 75 Lance
106. Kurton Inc. owned 90% of Luvyn Corp.’s voting common stock. The consideration paid exceeded book value by $110,000. Of this amount, one half is attributable to a patent and is to be amortized over 5 years. Luvyn held 20% […]