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1 ACC 4020 DW Take-Home Test #2 Name: 1. Of the following items, the one that should be classified as a current asset is a. Trade installment receivables normally collectible in 18 months b. Cash designated for the redemption of callable preferred stock c. Cash surrender value of a life insurance policy of which the company is beneficiary d. A deposit on machinery ordered, delivery of which will be made within six months 2. The advantage of relating a company s bad debt experience to its accounts receivable is that this approach a. Gives a reasonable correct statement of receivables in the balance sheet b. Relates bad debts expense to the period of sale c. Is the only generally accepted method for valuing accounts receivable d. Makes estimates of uncollectible accounts unnecessary 3. Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does not make the balance sheet misleading because a. Most short-term receivables are not interest bearing b. The allowance for uncollectible accounts includes a discount element c. The amount of the discount is not material d. Most receivables can be sold to a bank or factor 4. Which of the following statements is not valid as it applies to inventory costing methods? a. If inventory quantities are to be maintained, part of the earnings must be invested (plowed back) in inventories when FIFO is used during a period of rising prices. b. LIFO tends to smooth out the net income pattern, since it matches current cost of goods sold with current revenue, when inventories remain at constant quantities. c. When a firm using the LIFO method fails to maintain its usual inventory position (reduces stock on hand below customary levels), there may be a matching of old costs with current revenue. d. The use of FIFO permits some control by management over the amount of net income for a period through controlled purchases, which is not true with LIFO. 5. If inventory levels are stable or increasing an argument that favors the FIFO method as compared to LIFO is a. Income taxes tend to be reduced in periods of rising prices b. Cost of goods sold tends to be stated at approximately current cost in the income statement c. Cost assignments typically parallel the physical flow of the goods d. Income tends to be smoothed as prices change over time 6. When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of an account previously written off would a. Increase net income b. Have no effect on total current assets c. Increase working capital d. Decrease total current liabilities 7. Liquidity is the ability a. To increase net assets through regular operations b. To generate cash from sources other than regular operations c. To convert existing assets into cash d. Of financial statement users to predict a company s cash flows

2 8. A common measure of liquidity is a. Return on assets. b. Accounts receivable turnover. c. Profit margin. d. Debt to equity. 9. The net realizable value of receivables is calculated as the face value of the receivables less adjustments for a. Credit sales b. Actual uncollected amounts adjusted for purchase discounts. c. Bad debts already written off. d. Estimated uncollectible accounts 10. A successful discount retail store such as Wal-Mart would probably have a. A low inventory turnover b. A high inventory turnover c. Zero profit margin d. Low volume 11. When a closely held corporation issues preferred stock for land, the land should be recorded at the a. Total par value of the stock issued b. Total book value of the stock issued c. Appraised value of the land d. Total liquidating value of the stock issued 12. A principal objection to the straight-line method of depreciation is that it a. Provides for the declining productivity of an aging asset b. Ignores variations in the rate of asset use c. Tends to result in a constant rate of return on a diminishing investment base d. Gives smaller periodic write-offs than decreasing charge methods 13. As generally used in accounting, depreciation a. Is a process of asset valuation for balance sheet purposes b. Applies only to long-lived intangible assets c. Is used to indicate a decline in market value of a long-lived asset d. Is an accounting process that allocates long-lived asset cost to accounting periods 14. Lyle, Inc., purchased certain plant assets under a deferred payment contract on December 31, The agreement was to pay $20,000 at the time of purchase and $20,000 at the end of each of the next five years. The plant assets should be valued at a. The present value of a $20,000 ordinary annuity for five years b. $120,000 c. $120,000 less imputed interest d. $120,000 plus imputed interest 15. For income statement purposes, depreciation is a variable expense if the depreciation method used for book purposes is a. Units of production b. Straight line c. Sum-of-the-year s-digits d. Declining balance

3 16. A company using the group depreciation method for its delivery trucks retired one of its delivery trucks due to damage before the average service life of the group was reached. An insurance recovery was received. The net book value of these group asset accounts would be decreased by the a. Original cost of the truck b. Original cost of the truck less the insurance recovery received c. Original cost of the truck less depreciation on the truck to the date of retirement d. Insurance recovery received 17. A donated plant asset for which the fair value has been determined, and for which incidental costs were incurred in acceptance of the asset, should be recorded at an amount equal to its a. Incidental costs incurred b. Fair value and incidental costs incurred c. Book value on books of donor and incidental costs incurred d. Book value on books of donor 18. Under the equity method of accounting for investments, an investor recognizes its share of the earnings in the period in which the a. Investor sells the investment b. Investee declares a dividend c. Investee pays a dividend d. Earnings are reported by the investee in its financial statements 19. Pence Corporation, which accounts for its investments in the common stock of Walsh Company by the equity method, should ordinarily record a dividend received from Walsh as a. An addition to the carrying value of the investment b. Dividend revenue c. A reduction of the carrying value of the investment d. Revenue from affiliate 20. On January 15, 2002, a corporation was granted a patent on a product. On January 2, 2010, to protect its patent, the corporation purchased a patent on a competing product the originally was issued on January 10, Because of its unique plant, the corporation does not feel the competing patent can be used in producing a product. The cost of the competing patent should be a. Amortized over a maximum period of 17 years b. Amortized over a maximum period of 13 years c. Amortized over a maximum period of 9 years d. Expensed in Pacer Company purchased 300 of the 1, 000 outstanding shares of Queen Company s common stock for $80,000 on January 2, During 2009, Queen Company declared dividends of $8,000 and reported earnings for the year of $20,000. If Pacer Company uses the equity method of accounting for its investment in Queen Company, its Investment in Queen Company account at December 31, 2009 should be a. $100, 000 b. $88,000 c. $83,600 d. $80, A large, publicly held company developed and registered a trademark during The cost of developing and registering the trademark should be accounted for by a. Charging it to an asset account that should not be amortized b. Expensing it as incurred c. Amortizing it over 25 years if in accordance with management s evaluation d. Amortizing it over its useful life or 17 years, whichever is shorter

4 23. Changes in the fair value of a long-term available for sale equity securities portfolio should be reported as a component of a. Other comprehensive income b. Noncurrent assets c. Noncurrent liabilities d. Net income 24. An activity that would be expensed currently as research and development costs is the a. Testing in search for or evaluation of product or process alternatives b. Adaptation of an existing capability to a particular requirement or customer s need as a part of continuing commercial activity c. Legal work in connection with patent applications or litigation, and the sale or licensing of patents d. Engineering follow-through in an early phase of commercial production 25. A purchased patent has a remaining life of 15 years. It should be a. Expensed in the year of acquisition b. Amortized over 15 years regardless of its useful life c. Amortized over its useful life if less than 15 years d. Amortized over 40 years 26. Goodwill is an intangible asset a. That has a definite life and its cost should be amortized over its useful life. b. That is recorded when the company has projected earnings in excess of earnings expected for an investment in a similar company in the same industry. c. That is reviewed for impairment when circumstances indicate that impairment may have occurred. d. That is reviewed annually to determine whether impairment has occurred. 27. The economic concept of income would require that an investment in the common stock of another entity be a. Reported in the balance sheet at historical cost and that only realized gains and losses be reported in earnings. b. Reported in the balance sheet at historical cost and that unrealized gains and losses be reported in earnings. c. Reported in the balance sheet at fair value and that unrealized gains and losses be reported in earnings. d. Reported in the balance sheet at fair value and that unrealized gains and losses be reported in other comprehensive income. 28. A loss from early extinguishment of debt, if material, should be reported as a component of income a. After cumulative effect f accounting changes and after discontinued operations of a segment of a business b. After cumulative effect of accounting changes and before discontinued operations of a segment of a business c. Income from continuing operations d. Before cumulative effect of accounting changes and before discontinued operation s of a segment of a business 29. An example of an item that is not a liability is a. Dividends payable in stock b. Advances from customers on contracts c. Accrued estimated warranty costs d. The portion of long-term debt due within one year 30. Cole Manufacturing Corporation issued bonds with a maturity amount of $200,000 and a maturity 10 years from date of issue. If the bonds were issued at a premium, this indicates that a. The yield (effective or market) rate of interest exceeded the nominal (coupon) rate b. The nominal rate of interest exceeded the yield rate c. The yield and nominal rates coincided d. No necessary relationship exists between the two rates

5 31. Theoretically, a bond payable should be reported at the present value of the interest discounted at a. Stated interest rate for both principal and interest b. Effective interest rate for both principal and interest c. Stated interest rate for principal and effective interest rate for interest d. Effective interest rate for principal and stated interest rate for interest 32. For a trouble debt restructuring involving only modification of terms, it is appropriate for a debtor to recognize a gain when the carrying amount of the debt a. Exceeds the total future cash payments specified by the new terms b. Is less than the total future cash payments specified by the new terms c. Exceeds the present value specified by the new terms d. Is less than the present value specified by the new terms 33. How should the value of warrants attached to a debt security be account for? a. No value assigned b. A separate portion of paid-in capital c. An appropriation of retained earnings d. A liability 34. An estimated loss from a loss contingency should be accrued when a. It is probable at the date of the financial statements that a loss has been incurred and the amount of the loss can be reasonably estimated b. The loss has been incurred by the date of the financial statements and the amount of the loss may be material c. It is probable at the date of the financial statements that a loss has been incurred and the amount of the loss may be material d. It is probable that a loss will be incurred in a future period and the amount of the loss can be reasonably estimated 35. The interest rate used to calculate the cash interest payments by the issuer of bonds is a. The market rate of interest b. The effective interest rate c. The stated interest rate d. Equal to the actual interest expense rate 36. A zero coupon bond is different from a typical bond issue because a. The investor can clip the coupons and get paid for the periodic interest on the bond while a typical bond does not have coupons. b. It is reported in the balance sheet net of the discount on the bond. c. The zero coupon bond s deep discount is reported as an asset and a typical bond that is issued at a discount is reported net of the discount. d. It does not pay any periodic interest while the typical bond does. 37. A deferred credit meets the definition of a liability because a. It is a probable future sacrifice of assets as the result of a past transaction or event. b. It is a present obligation to transfer assets to another entity. c. It is an accrual representing an obligation to pay money in the future. d. It is a present obligation to provide services to another entity.

6 38. When measuring the present value of future rentals to be capitalized as part of the purchase price in a lease that is be accounted for as a purchase, identifiable payments to cover taxes, insurance, and maintenance should be a. Included in the future rentals to be capitalized b. Excluded from future rentals to be capitalized c. Capitalized but at a different discount rate and recorded in a different account than future rental payments d. Capitalized but at a different discount rate and for a relevant period that tends to be different than that for future rental payments 39. Generally accepted accounting principles require that certain lease agreements be accounted for as purchases. The theoretical basis for this treatment is that a lease of this type a. Effectively conveys all of the benefits and risks incident to the ownership of property b. Is an example of form over substance c. Provides the use of the leased asset to the lessee for a limited period of time d. Must be recorded in accordance with the concept of cause and effect 40. The appropriate valuation of an operating lease on the statement of financial position of a lessee is a. Zero b. The absolute sum of the lease payments c. The present value of the sum of the lease payments discounted at an appropriate rate d. The market value of the asset at the date of the inception of the lease 41. Office equipment recorded under a capital lease containing a bargain purchase option should be amortized a. Over the period of the lease using the interest method of amortization b. Over the period of the lease using the straight-line method of amortization c. In a manner consistent with the lessee s normal depreciation policy for owned assets d. In a manner consistent with the lessee s normal depreciation policy for owned assets except that the period of amortization should be the lease term 42. What is the primary accounting issue for lessees? a. Recording interest expense on the lease obligation. b. Determining whether the lease meets the 90% of fair value test. c. Off-balance sheet financing. d. The measurement of the leased asset under a capital lease. 43. Payment of a dividend in stock a. Increases the current ratio b. Decreases the amount of working capital c. Increases total stockholders equity d. Decreases book value per share of stock outstanding 44. A company has not paid dividends on its cumulative nonvoting preferred stock for 20 years. Healthy earnings have been reported each year, but they have been retained to support the growth of the company. The board of directors appropriately authorized management to offer the preferred shareholders an exchange of bonds and common stock for all the preferred stock. The exchange is about to be consummated. Which of the following best describes the effect of the exchange on the company? a. The statute of limitations applies; hence, cumulative dividends of only seven years need to be paid on the preferred stock exchanged. b. The company should record an extraordinary gain for income determination purposes to the extent that dividends in arrears do not have to be paid in the exchange transaction. c. Gain or loss should be recognized on the exchange by the company, and the exchange would have to be approved by the Securities and Exchange Commission. d. Regardless of the market value of the bonds and common stock, no gain or loss should be recognized by the company on the exchange, and no dividends need to be paid on the preferred stock exchanged.

7 45. A feature common to both stock splits and stock dividends is a. A reduction in total capital of a corporation b. A transfer from earned capital to paid-in capital c. A reduction in book value per share d. Inclusion in conventional statement of source and application of funds 46. The dollar amount of total stockholders equity remains the same when there is a (an) a. Issuance of preferred stock in exchange for convertible debentures b. Issuance of nonconvertible bonds with detachable stock purchase warrants c. Declaration of a stock dividend d. Declaration of a cash dividend 47. Footnotes to financial statements should not be used to a. Describe the nature and effect of a change in accounting principles b. Identify substantial differences between book and tax income c. Correct an improper financial statement presentation d. Indicate bases for valuing assets 48. Assuming that none of the following have been disclosed in the financial statements, the most appropriate item for footnote disclosure is the a. Collection of all receivables subsequent to year end b. Revision of employees pension plan c. Retirement of president of company and election of new president d. Material decrease in the advertising budget for the coming year and its anticipated effect upon income 49. The primary responsibility for the adequacy of disclosure in the financial statements and footnotes rests with the a. Partner assigned to the engagement b. Auditor in charge of fieldwork c. Staffman who drafts the statements and footnotes d. Client 50. Which of the following situations would require adjustment to or disclosure in the financial statements? a. A merger discussion b. The application for a patent on a new production process c. Discussions with a customer that could lead to a 40 percent increase in the client s sales d. The bankruptcy of a customer who regularly purchased 30 percent of the company s output

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