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104 Cards in this Set

  • Front
  • Back
Debt securities that are bought and held primarily for sale in the near term are classified as ____?
Trading securities
Unrealized holding gains or losses are recognized as other comprehensive income for ______?
Avaliable-for-sale securities
When held-to-maturity securities are sold, the gain (loss) on sale is the difference between the selling price of the securities and their _____?
Book value
The securities Fair Value Adjustment account is reported as _______?
An addition to (deduction from) the securities account.
The unrealized holding gain or loss on trading securities is reported as ____?
Part of Net Income
An ownership interest of 30% of the common stock of another corporation should be accounted for using the _____?
Equity Method
Under the equity method, unrealized holding gains (losses) are _____?
not recognized
When an available-for-sale equity security is sold, the gain (loss) on sale is the difference between the net proceeds from the sale and the security's _____?
cost.
Examples of the ability to exercise significant influence over an investee include all of the following except
A. material intercompany transactions.
B. interchange of managerial personnel.
C. technological dependency.
D. All of the options are examples of significant influence.
D. All of the options are examples of significant influence.
Under the equity method, the investment account is decreased by all of the following except the investor's proportionate share of:
A. dividends paid by the investee.
B. declines in the fair value of the investment.
C. the losses of the investee.
D. All of the options would decrease the investment account.
B. declines in the fair value of the investment.
Which of the following is not a disclosure required under the equity method?
A. The accounting policies of the investor related to investments.
B. The difference between the amount in the investment account and the amount of underlying equity in the investee's net assets.
C. The name of the investor and the percentage of ownership.
D. The aggregate value of each identified investment based on quoted market price.
C. The name of the investor and the percentage of ownership.
All of the following are part of comprehensive income except:
A. realized gains on sale of available-for-sale-securities.
B. unrealized holding gains on available-for-sale-securities.
C. a reclassification adjustment for gains included in net income.
D. All of the options are part of comprehensive income.
D. All of the options are part of comprehensive income.
Which of the following statements related to impairments of investments is not correct?
A. A bankruptcy being experienced by an investee is an example of a permanent loss in value.
B. If the decline in value is considered temporary, the cost of the individual security is written down to a new cost basis.
C. The amount of any write-down in value is accounted for as a realized loss.
D. Subsequent increases/decreases in the fair value of impaired available-for-sale securities are included as other comprehensive income.
. If the decline in value is considered temporary, the cost of the individual security is written down to a new cost basis.
The unrealized gain (loss) at the date of transfer is recognized in income for transfers from:
A. available-for-sale to held-to-maturity.
B. held-to-maturity to available-for-sale.
C. available-for-sale to trading.
D. available-for-sale to trading and from available-for-sale to held-to-maturity.
C. available-for-sale to trading.
Revenue from selling products is generally recognized _____?
at the point of sale.
The revenue recognition principle states that revenue is recognized when it is _____?
realized and earned.
When a seller is exposed to continued risks of ownership through return of the product, the seller should recognize revenue _____?
at the time of sale only if 6 specific conditions are met.
The accounting profession requires the percentage-of -completion method be used when?
A. the contract specifies the enforceable rights regarding goods or services to be provided and received by the parties.
B. the buyer can be expected to satisfy all obligations under the contract.
C. the contractor can be expected to perform the contractual obligations.
D. All of the options must exist.
D. All of the options must exist.
The completed-contract method should be used only when:
A. an entity has primarily short-term contracts.
B. there are inherent hazards in the contract beyond normal, recurring business risks.
C. the conditions for using the percentage-of-completion method cannot be met.
D. All of the options are correct.
D. All of the options are correct.
A very popular measure used to determine the progress toward completion under the percentage-of-completion method is the _______
Cost to Cost method
The Billings on Construction in Process account is reported as _____?
either a current asset or current liability.
Under the completed-contract method, which of the following are recorded each period during construction?
A. Revenues.
B. Gross profit.
C. Costs.
D. All of the options.
C. Costs.
A loss on an unprofitable long-term contract is recognized in the current period under:
A. the completed-contract method only.
B. the percentage-of-completion method only.
C. both the completed-contract and the percentage-of-completion methods.
D. neither the completed-contract nor the percentage-of-completion methods.
C both the completed-contract and the percentage-of-completion methods.
A loss in the current period on a contract expected to be profitable upon completion is recognized in the current period under:
A. the completed-contract method only.
B. the percentage-of-completion method only.
C. both the completed-contract and percentage-of-completion methods.
D. neither the completed-contract nor percentage-of-completion methods.
B. the percentage-of-completion method only.
Which of the following is deferred to future periods under the installment sales method?
A. Sales.
B. Gross profit.
C. Costs and expenses.
D. All of the options.
B. Gross profit.
The loss (gain) on repossession of merchandise is the difference between the estimated fair value of the merchandise and:
A. its original cost.
B. the balance of the installment receivable.
C. unrecovered cost of the merchandise.
D. the deferred gross profit.
C. unrecovered cost of the merchandise.
Deferred gross profit on installment sales is generally classified as a (an):
A. contra-account.
B. current asset.
C. current liability.
D. other asset.
C. current liability.
No profit is recognized until cash receipts exceed the seller's cost of the merchandise under the:
A. percentage-of-completion method.
B. installment sales method.
C. cost recovery method.
D. cost recovery method and the installment sales method.
C. cost recovery method.
Under the cost recovery method, which of the following is reported in the period of sale?
A. Cost of goods sold.
B. Gross profit.
C. Sales.
D. Both sales and cost of goods sold.
D. Both sales and cost of goods sold.
Income tax payable is based (computed) on:
A. income before taxes.
B. income for book purposes.
C. pretax financial income.
D. taxable income.
D. taxable income.
Taxable amounts are temporary differences that:
A. decrease taxable income in future years.
B. require the recording of a deferred tax liability.
C. require the recording of a deferred tax asset.
D. increase pretax financial income in future years.
B. require the recording of a deferred tax liability.
Which of the following statements related to a deferred tax liability is incorrect?
A. It results from a past transaction.
B. It is a future obligation.
C. It represents a future sacrifice.
D. All of the options are correct.
B. It is a future obligation.
Future deductible amounts will cause:
A. taxable income to be more than pretax financial income in the future.
B. a decrease in pretax financial income in future years.
C. the recording of a deferred tax liability.
D. the recording of a deferred tax asset.
D. the recording of a deferred tax asset.
A deferred tax valuation allowance account is used to recognize a reduction in:
A. both a deferred tax asset and deferred tax liability.
B. a deferred tax asset only.
C. a deferred tax liability only.
D. income tax expense.
B. a deferred tax asset only.
Income tax expense is computed as income tax payable:
A. less an increase in a deferred tax liability.
B. less a decrease in a deferred tax asset.
C. plus or minus the change in deferred income taxes.
D. plus or minus the change in provision for income taxes.
C. plus or minus the change in deferred income taxes.
All of the following are examples of temporary differences that result in taxable amounts in future years except:
A. installment sales.
B. investments accounted for under the equity method.
C. long-term construction contracts.
D. subscriptions received in advance.
D. subscriptions received in advance.
Which of the following is not a permanent difference?
A. Fines resulting from a violation of law.
B. Interest received on municipal obligations.
C. Litigation accruals.
D. Proceeds from life insurance carried on key officers.
C. Litigation accruals.
Deferred income taxes are based on the:
A. current tax rate in all cases.
B. future tax rates in all cases.
C. current tax rate or future tax rates, depending on when the temporary difference will reverse.
D. future tax rates if they have been enacted into law.
D. future tax rates if they have been enacted into law.
A net operating loss:
A. must always be carried back 2 years.
B. must always be carried forward 20 years.
C. may be carried back 2 years or carried forward up to 20 years.
D. occurs when a company reports a net loss in their income statement.
C. may be carried back 2 years or carried forward up to 20 years.
Which of the following statements related to loss carrybacks and carryforwards is correct?
A. The benefit due to a loss carryback can be reported in both the loss year and future years.
B. The benefit due to a loss carryforword is reported only in the loss year.
C. The benefit due to a loss carryforward can be reported in both the loss year and future years.
D. The benefit due to a loss carryback is reported only in the second year preceding the loss year.
C. The benefit due to a loss carryforward can be reported in both the loss year and future years.
Deferred income taxes are usually classified as:
A. current assets or current liabilities.
B. noncurrent assets or noncurrent liabilities.
C. current or noncurrent according to the expected reversal date of the temporary difference.
D. current or noncurrent based on the classification of the related asset (liability) for financial reporting purposes.
D. current or noncurrent based on the classification of the related asset (liability) for financial reporting purposes.
Income tax expense should be allocated to all of the following except:
A. continuing operations.
B. discontinued operations.
C. prior period adjustments.
D. unusual or infrequent items.
D. unusual or infrequent items.
All of the following are possible sources of taxable income available to realize a tax benefit for deductible temporary differences except:
A. future taxable income exclusive of reversing temporary differences.
B. taxable income in prior carryback years if carryback is permitted.
C. future reversals of existing deductible temporary differences.
D. tax planning strategies that would accelerate taxable amounts to utilize expiring carryforwards.
C. future reversals of existing deductible temporary differences.
The last procedure (step) in the computation of deferred income taxes is to:
A. measure the total deferred tax asset (liability) using the appropriate tax rate.
B. measure deferred tax assets for each type of tax credit carryforward.
C. identify the types and amounts of existing temporary differences.
D. reduce deferred tax assets by a valuation allowance if necessary.
D. reduce deferred tax assets by a valuation allowance if necessary.
Companies generally design pension plans that are:
A. contributory.
B. noncontributory.
C. insured.
D. qualified.
D. qualified.
The employer's pension expense is the amount that it is obligated to pay to the pension trust in:
A. a defined benefit plan.
B. a defined contribution plan.
C. both defined benefit and defined contribution plans.
D. None of these.
B. a defined contribution plan.
In a defined benefit plan, the funding level depends on all of the following factors except:
A. compensation levels.
B. interest earnings.
C. age of the employer company.
D. turnover.
C. age of the employer company.
A measure of an employer's pension obligation using future salary levels is the:
A. accumulated benefit obligation.
B. defined benefit obligation.
C. projected benefit obligation.
D. vested benefit obligation.
C. projected benefit obligation.
Which one of the following is not a component of pension expense?
A. Actual return on plan assets.
B. Amortization of prior service cost.
C. Amortization of projected benefit obligation.
D. Gain or loss.
C. Amortization of projected benefit obligation.
All of the following increase pension expense except:
A. service cost.
B. interest on the liability.
C. amortization of prior service cost.
D. All of these.
D. All of these.
Which of the following does the FASB argue indicates a more realistic measure of the employer's obligation under the pension plan on a going-concern basis and should be used as the basis for determining service cost?
A. Vested benefit obligation.
B. Projected benefit obligation.
C. Accumulated benefit obligation.
D. None of these.
B. Projected benefit obligation.
Which of the following results from unexpected decreases in the pension obligation?
A. Asset gains.
B. Asset losses.
C. Liability gains.
D. Liability losses.
C. Liability gains.
The FASB prefers that unrecognized prior service cost be amortized using the:
A. double-declining balance method.
B. straight-line method.
C. sum-of-the-years' digits method.
D. years-of-service method.
D. years-of-service method.
Which one of the following statements related to unexpected gains and losses is not correct?
A. Asset gains occur when the actual return is greater than the expected return.
B. Asset gains and losses are recorded in an Unrecognized Net Gain or Loss account.
C. Liability gains result from unexpected decreases in the projected benefit obligation balance.
D. Liability gains are deferred but liability losses are recognized in the year they occur.
D. Liability gains are deferred but liability losses are recognized in the year they occur.
The unrecognized net gain or loss balance must be amortized when it exceeds 10% of the larger of the:
A. beginning accumulated benefit obligation or the market-related asset value.
B. ending accumulated benefit obligation or the market-related asset value.
C. beginning projected benefit obligation or the market-related asset value.
D. ending projected benefit obligation or the market related asset value.
C. beginning projected benefit obligation or the market-related asset value.
Which of the following losses should be recognized immediately?
A. Asset losses.
B. Liability losses.
C. Asset losses and liability losses.
D. Losses that arise from a single occurrence such as a plant closing.
D. Losses that arise from a single occurrence such as a plant closing.
The minimum liability is the difference between the:
A. accumulated benefit obligation and the market-related asset value.
B. accumulated benefit obligation and the fair value of plan assets.
C. projected benefit obligation and the market-related asset value.
D. projected benefit obligation and the fair value of plan assets.
B. accumulated benefit obligation and the fair value of plan assets.
When the additional liability exceeds the unrecognized prior service cost:
A. no entry is necessary to record the liability.
B. the Additional Pension Liability account is decreased.
C. the Additional Pension Liability account is credited for the amount of the unrecognized prior service cost.
D. the excess is debited to a contra equity account.
D. the excess is debited to a contra equity account.
All of the following pension information should be disclosed in the notes to the financial statements except:
A. the expected benefit payments to be paid to current plan participants for each of the next five fiscal years.
B. a company's best estimate of expected contributions to be paid to the plan during the next year.
C. a reconciliation showing how the projected benefit obligation and the fair value of the plan assets changed from the beginning to the end of the period.
D. All of the options are disclosed.
D. All of the options are disclosed.
All of the following are advantages of leasing except:
A. less costly financing.
B. off-balance sheet financing.
C. elimination of the risk of obsolescence.
D. 100% financing at fixed rates.
C. elimination of the risk of obsolescence.
The FASB agrees with which of the following viewpoints regarding capitalization of leases?
A. Do not capitalize any leased assets.
B. Capitalize all long-term leases.
C. Capitalize firm leases where the penalty for nonperformance is substantial.
D. Capitalize those leases similar to installment purchases.
C. Capitalize firm leases where the penalty for nonperformance is substantial.
The lessee would classify a lease as a capital lease if the:
A. lease contains a purchase option.
B. lease transfers ownership of the asset to the lessor.
C. lease term is equal to 75% or more of the economic life of the leased asset.
D. minimum lease payments equal or exceed 90% of the fair value of the leased asset.
C. lease term is equal to 75% or more of the economic life of the leased asset.
Minimum lease payments include all of the following except:
A. a bargain purchase option.
B. executory costs.
C. a guaranteed residual value.
D. the minimum rental payments.
B. executory costs.
The lessee records a capital lease as an asset and a liability at the:
A. present value of the minimum lease payments.
B. fair market value of the leased asset at the lease inception.
C. lower of the present value of the minimum lease payments or the fair market value of the leased asset.
D. total amount of the minimum lease payments.
C. lower of the present value of the minimum lease payments or the fair market value of the leased asset.
All of the following are differences that occur if a lease is classified as a capital lease instead of an operating lease except:
A. an increase in the amount of reported debt.
B. an increase in the amount of total assets.
C. a lower income early in the life of the lease.
D. a decrease in the amount of total expenses.
D. a decrease in the amount of total expenses.
A lease that involves a manufacturer's or dealer's profit is a (an):
A. capital lease.
B. direct financing lease.
C. operating lease.
D. sales-type lease.
D. sales-type lease.
Unearned interest revenue is:
A. the difference between the net investment and the fair value of the property.
B. the difference between the fair market value of the property and the cost of the property.
C. amortized to revenue over the lease term by using the effective interest method.
D. recorded in both capital and operating leases.
C. amortized to revenue over the lease term by using the effective interest method.
Lease payments receivable includes all of the following except:
A. a bargain purchase option.
B. a penalty for failure to renew.
C. unguaranteed residual value.
D. All of the options are included.
D. All of the options are included.
In computing lease payments, the amount to be recovered by the lessor is the:
A. cost of the leased asset less the asset's residual value.
B. cost of the leased asset less the present value of the asset's residual value.
C. fair market value of the leased asset less the asset's residual value.
D. fair market value of the leased asset less the present value of the asset's residual value.
D. fair market value of the leased asset less the present value of the asset's residual value.
The computation of the lessee's capitalized amount is the sum of the:
A. annual rental payments and the guaranteed residual value.
B. present value of the annual rental payments and the undiscounted guaranteed residual value.
C. annual rental payments and the present value of the guaranteed residual value.
D. present value of the annual rental payments and the present value of the guaranteed residual value.
D. present value of the annual rental payments and the present value of the guaranteed residual value.
The lessor includes the leased asset's residual value in the amount to be recovered through lease payments if the residual value is:
A. guaranteed.
B. unguaranteed.
C. guaranteed or unguaranteed.
D. less than the purchase option.
C. guaranteed or unguaranteed.
Which one of the following amounts would differ in a sales-type lease with an unguaranteed residual value instead of a guaranteed residual value?
A. Lease receivable.
B. Gross profit.
C. Sales price of the asset.
D. None of the above.
C. Sales price of the asset.
The lessor expenses initial direct costs in the year of incurrence in a(n):
A. direct financing lease.
B. operating lease.
C. sales-type lease.
D. direct financing lease and sales-type lease.
C. sales-type lease.
All of the following are disclosures required of the lessor except:
A. the components of the net investment in sales-type and direct financing leases as of each balance sheet date.
B. future minimum lease payments to be received for each of the five succeeding years.
C. total contingent rentals included in income for each period for which an income statement is presented.
D. All of the options are required disclosures.
D. All of the options are required disclosures.
A change that occurs as the result of new information or as additional experience is acquired is a:
A. change in accounting principle.
B. change in accounting estimate.
C. change in reporting entity.
D. correction of an error.
B. change in accounting estimate.
All of the following are examples of a change in accounting principle except a change from:
A. average cost to LIFO inventory pricing.
B. FIFO to average cost.
C. the completed-contract to percentage-of-completion method of accounting for construction contracts.
D. expensing certain expenditures that were immaterial to deferring and amortizing them because they have become material.
expensing certain expenditures that were immaterial to deferring and amortizing them because they have become material.
A switch from the cash basis of accounting to the accrual basis is considered a:
A. change in accounting principle.
B. change in accounting estimate.
C. change in reporting entity.
D. correction of an error.
D. correction of an error.
Changes in accounting principle are generally accounted for:

A. retrospectively.
B. prospectively.
C. currently.
D. consistently.
A. retrospectively.
The cumulative effect of a change in accounting principle is reported:
A. on the income statement as an extraordinary item.
B. on the income statement as part of discontinued operations.
C. on the retained earnings statement as an adjustment to the beginning balance of the current year.
D. on the retained earnings statement as an adjustment to the beginning balance of the earliest year presented.
D. on the retained earnings statement as an adjustment to the beginning balance of the earliest year presented.
All of the following situations require the restatement of prior period financial statements except a change:
A. in the method of accounting for long-term construction contracts.
B. to the LIFO inventory method from another method.
C. to or from the full-cost method of accounting in the extractive industries.
D. All of the options require restatement.
B. to the LIFO inventory method from another method.
Corrections of errors from prior periods are reported:
A. as an extraordinary item.
B. between extraordinary items and net income on the income statement.
C. as an adjustment to the current year's beginning retained earnings.
D. as an adjustment of beginning retained earnings of the earliest year presented.
C. as an adjustment to the current year's beginning retained earnings.
The cumulative effect of an accounting change is not computed for a change:
A. from the LIFO method to the FIFO method.
B. to the percentage-of-completion method from the completed-contract method.
C. to the LIFO method from the FIFO method.
D. All of the options require computation of the cumulative effect of the change.
C. to the LIFO method from the FIFO method.
Changes in estimates must be accounted for:
A. consistently.
B. currently.
C. prospectively.
D. retrospectively.
C. prospectively.
Which of the following statements related to changes in estimates is not correct?
A. Financial statements of prior periods are not restated.
B. Opening balances are not adjusted for the change.
C. Pro forma amounts for prior periods are reported.
D. These changes are viewed as normal recurring corrections and adjustments.
C. Pro forma amounts for prior periods are reported.
A change in reporting entity is accounted for:
A. prospectively.
B. currently.
C. retrospectively.
D. consistently.
C. retrospectively.
All of the following are examples of accounting errors except a:
A. change from an unacceptable accounting principle to an acceptable accounting principle.
B. change in estimate that occurs due to a clearly unrealistic original estimate.
C. misuse of facts.
D. All of the options are accounting errors.
D. All of the options are accounting errors.
Corrections of errors must be accounted for:
A. currently.
B. by showing pro forma data.
C. as prior period adjustments.
D. prospectively.
C. as prior period adjustments.
Which of the following is not a reason why companies prefer certain accounting methods?
B. Asset structure.
All of the following involve counterbalancing errors except the:
A. failure to record prepaid expenses.
B. failure to record depreciation.
C. understatement of ending inventory.
D. overstatement of purchases.
B. failure to record depreciation.
The primary purpose of the statement of the cash flows is to provide information about the:
A. entity's ability to generate future cash flows.
B. reasons for the difference between net income and net cash flow from operating activities.
C. entity's cash receipts and cash payments during a period.
D. entity's ability to pay dividends and meet obligations.
C. entity's cash receipts and cash payments during a period.
Activities involving the cash effects of transactions that enter into the determination of net income are:

A. financing activities.
B. investing activities.
C. noncash investing and financing activities.
D. operating activities.
D. operating activities.
The information to prepare the statement of cash flows comes from all of the following sources except:
A. comparative balance sheets.
B. current income statement.
C. retained earnings statement.
D. selected transaction data.
C. retained earnings statement.
Net cash flow from operating activities is determined by eliminating:

A. earned revenues from net income.
B. encurred expenses from net income.
C. noncash expenses from net income.
D. noncash revenues and noncash expenses from net income.
D. noncash revenues and noncash expenses from net income.
The method of calculating net cash flow from operating activities that results in the presentation of a condensed cash receipts and cash disbursements statement is the:
A. reconciliation method.
B. indirect method.
C. direct method.
D. cash flow method.
C. direct method.
The method of calculating net cash flow from operating activities that adjusts net income for items that affected reported net income but not cash is the:
A. adjustment method.
B. direct method.
C. indirect method.
D. income statement method.
C. indirect method.
The reconciliation of net income to net cash flow from operating activities is reported under:
A. the direct method only.
B. the indirect method only.
C. both the direct method and the indirect method.
D. neither the direct nor the indirect method.
C. both the direct method and the indirect method.
All of the following adjustments are added to net income in computing net cash flow from operating activities except:

A. amortization expense.
B. a decrease in accounts receivable.
C. an increase in accounts payable.
D. an increase in prepaid expenses.
D. an increase in prepaid expenses.
All of the following adjustments would be deducted in determining net cash flow from operating activities except:

A. amortization of bond premium.
B. decrease in deferred income tax liability.
C. gain on sale of plant assets.
D. increase in accrued liabilities.
D. increase in accrued liabilities.
Under the direct method, cash payments to suppliers equals cost of goods sold:

A. plus an increase in inventory and accounts payable.
B. minus a decrease in inventory and accounts payable.
C. minus an increase in inventory and plus a decrease in accounts payable.
D. plus an increase in inventory and minus an increase in accounts payable.
D. plus an increase in inventory and minus an increase in accounts payable.
Under the direct method, cash payments for operating expenses equals operating expenses:
A. plus an increase in prepaid expenses and accrued expenses payable.
B. minus a decrease in prepaid expenses and plus a decrease in accrued expenses payable.
C. plus a decrease in prepaid expenses and minus an increase in accrued expenses payable.
D. minus a decrease in prepaid expenses and accrued expenses payable.
B. minus a decrease in prepaid expenses and plus a decrease in accrued expenses payable.
Which of the following adjustments would be deducted in computing net cash flow from operating activities?

A. Amortization expense.
B. Amortization of bond discount.
C. Depreciation expense.
D. A net increase in the investment account when the equity method is used.
D. A net increase in the investment account when the equity method is used.
Acquiring assets by issuing equity securities would be reported as:

A. an investing activity.
B. a financing activity.
C. both an investing activity and a financing activity.
D. a noncash investing and financing activity.
D. a noncash investing and financing activity.
Which of the following statements related to a work sheet used for preparation of the statement of cash flows is not correct?
A. Accounts with debit balances are listed separately from those with credit balances in the balance sheet accounts section.
B. Inflows of cash are entered as debits and outflows of cash are entered as credits in the reconciling columns.
C. The reconciling items shown in the work sheet are entered in a journal and posted to appropriate accounts.
D. All of the options are correct.
C. The reconciling items shown in the work sheet are entered in a journal and posted to appropriate accounts.
The last step in the preparation of the statement of cash flows work sheet is to enter the:

A. balance sheet accounts and their beginning balances in the balance sheet accounts section.
B. balance sheet accounts and their ending balances in the balance sheet accounts section.
C. data which explain the changes in the balance sheet accounts in the reconciling columns of the work sheet.
D. increase or decrease in cash at the bottom of the work sheet.
D. increase or decrease in cash at the bottom of the work sheet.