Adv accounting i – final exam

Review Test Submission: Final Exam Part 2
 
• Question 1
8 out of 8 points
 
 When a business becomes insolvent, it generally has three possible courses of action. Which of the following is not one of the three possible courses of action?
Answer   
  
 
   
• Question 2
0 out of 8 points
 
 When a bankruptcy court enters an “order for relief” it has:
Answer   
  
 
   
• Question 3
8 out of 8 points
 
 The duties of the trustee include:
Answer   
  
 
   
• Question 4
8 out of 8 points
 
 An involuntary petition filed by a firm’s creditors whereby there are twelve or more creditors must be signed by at least:
Answer   
  
 
   
• Question 5
0 out of 8 points
 
 The amount of a long-lived asset impairment loss is generally determined by comparing
Answer   
  
 
   
• Question 6
0 out of 8 points
 
 Which statement below concerning the accountability and funding of the IASC Foundation is correct?
Answer   
  
 
   
• Question 7
8 out of 8 points
 
 SFAS No.162, the Accounting Standards Codification, is directed to
Answer   
  
 
   
• Question 8
8 out of 8 points
 
 In accounting for liabilities, IFRS interprets “probable” as
Answer   
  
 
   
• Question 9
8 out of 8 points
 
 A transaction gain or loss is reported currently in the determination of income if the purpose of the forward contract is to:
Answer   
  
 
   
• Question 10
8 out of 8 points
 
 The forward exchange rate quoted for the remaining term of a forward contract is used to account for the contract when the forward contract:
Answer   
  
 
   
• Question 11
8 out of 8 points
 
 A discount or premium on a forward contract is deferred and included in the measurement of the related foreign currency transaction if the contract is classified as a:
Answer   
  
 
   
• Question 12
8 out of 8 points
 
 The discount or premium on a forward contract entered into as a hedge of an exposed asset or liability position should be:
Answer   
  
 
   
• Question 13
8 out of 8 points
 
 The exchange rate quoted for future delivery of foreign currency is the definition of a(n):
Answer   
  
 
   
• Question 14
8 out of 8 points
 
 Under the temporal method, monetary assets and liabilities are translated by using the exchange rate existing at the:
Answer   
  
 
   
• Question 15
8 out of 8 points
 
 The objective of remeasurement is to:
Answer   
  
 
   
• Question 16
8 out of 8 points
 
 Which of the following would be restated using the current exchange rate under the temporal method?
Answer   
  
 
   
• Question 17
8 out of 8 points
 
 Average exchange rates are used to translate certain items from foreign financial statements into U.S. dollars. Such averages are used in order to:
Answer   
  
 
   
• Question 18
0 out of 8 points
 
 An entity is permitted to aggregate operating segments that have similar economic characteristics under certain circumstances. Which of the following circumstances would allow aggregation of a Entity A into Segment B?
Answer   
  
 
   
• Question 19
8 out of 8 points
 
 Current authoritative pronouncements require the disclosure of segment information when certain criteria are met. Which of the following reflects the type of firm and type of financial statement for which this disclosure is required?
Answer   
  
 
   
• Question 20
8 out of 8 points
 
 An enterprise determines that it must report segment data in annual reports for the year ended December 31, 2014. Which of the following would not be an acceptable way of reporting segment information?
Answer   
  
 
   
• Question 21
8 out of 8 points
 
 In January 2014, Cain Company paid $200,000 in property taxes on its plant for the calendar year 2014. Also in January 2014, Cain estimated that its year-end bonuses to executives for 2014 would be $800,000. What is the amount of expenses related to these two items that should be reflected in Cain’s quarterly income statement for the three months ended June 30, 2014 (second quarter)?
Answer   
  
 
   
• Question 22
8 out of 8 points
 
 Pale Company has four manufacturing divisions, each of which has been determined to be a reportable segment. Common operating costs are appropriately allocated on the basis of each division’s sales in relation to Pale’s aggregate sales. Pale’s Delta division accounted for 40% of Pale’s total sales in 2014. For the year ended December 31, 2014, Delta had sales of $5,000,000 and traceable costs of $3,600,000. In 2014, Pale incurred operating costs of $350,000 that were not directly traceable to any of the divisions. In addition, Pale incurred interest expense of $360,000 in 2014. In reporting supplementary segment information, how much should be shown as Delta’s operating profit for 2014?
Answer   
  
 
   
• Question 23
0 out of 8 points
 
 Letterman and Conan are partners who share profits and losses 3:7. The capital accounts on January 1, 2014, are $120,000 and $160,000, respectively. Leno is to be admitted as a partner with a one-fourth interest in the capital and profits and losses by investing $80,000. Goodwill is not notto be recorded. The capital balances after admission should be:
Answer   
  
 
   
• Question 24
0 out of 8 points
 
 The partnership agreement of Powell, Gaunt, and Holl allows Gaunt a bonus of 10% of income after the bonus, salaries of $30,000 per partner and interest of 6% on average capital balances of $120,000, $150,000, and $180,000 for Powell, Gaunt, and Holl, respectively. The amount of Gaunt’s bonus, assuming income before bonus, salaries, and interest of $315,000, is
Answer   
  
Correct Answer:   
$18,000.
   
• Question 25
0 out of 8 points
 
 Mack and Ruben are partners operating an electronics repair shop. For 2014, net income, after salaries expense of $150,000 was $50,000. Mack and Ruben have salary allowances of $90,000 and $60,000, respectively, and remaining profits and losses are shared 6:4.
The division of salaries and profits in total to Mack and Ruben would be:
Answer   
  
 
   
• Question 26
0 out of 8 points
 
 Shrek, Donkey, and Muffin are partners with capital balances of $135,000, $90,000, and $60,000, respectively. The partners share profits and losses equally. For an investment of $120,000 cash, Fiona is to be admitted as a partner with a one-fourth interest in capital and profits. Based on this information, the amount of Fiona’s investment can best be justified by which of the following?
Answer   
  
 
   
• Question 27
0 out of 8 points
 
 An advance cash distribution plan is prepared
Answer   
  
 
   
• Question 28
0 out of 8 points
 
 The summarized balances of the accounts of MNO partnership on December 31, 2014, are as follows:
 
Assets   Liabilities and Capital
Cash $  15,000   Liabilities $  15,000
Noncash     90,000   M, Capital     45,000
      N, Capital     30,000
                   O, Capital     15,000
     Total Assets $105,000        Total Equities $105,000

 
The agreed upon profit/loss ratio is 50:40:10, respectively. Using the information given above, which one of the following amounts, if any, is the loss absorption potential of partner N as of December 31, 2014?
Answer   
  
 
   
• Question 29
0 out of 8 points
 
 The ABC partnership has the following capital accounts on its books at December 31, 2014:
 
  Credit
A, Capital $200,000
B, Capital   120,000
C, Capital     40,000

 
 All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash assets are sold for $150,000, the partners should receive as a final payment:
Answer   
  
 
   
• Question 30
0 out of 8 points
 
 X, Y, and Z have capital balances of $90,000, $60,000, and $30,000, respectively. Profits are allocated 35% to X, 35% to Y, and 30% to Z. The partners have decided to dissolve and liquidate the partnership. After paying all creditors, the amount available for distribution is $60,000. X, Y, and Z are all personally solvent. Under the circumstances, Z will
Answer   
 

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