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Intermediate Accounting II

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Intermediate Accounting II .... I need this asap. I have 45 minutes. Thank you







 


1. Which of the following is not a disadvantage of using the FIFO cost flow assumption? (Points : 4)
creates the highest outflow for income taxes during periods of rising prices
does not match current costs against current revenues
includes all the holding gains in income during periods of rising prices
provides a relevant ending inventory value











2. Phillips Corp. purchased raw materials with a catalog price of $60,000. Credit terms of 3/15, n/60 apply. If Phillips uses the net price method, the purchase should be recorded at (Points : 4)
$61,800
$60,000
$58,200
$51,000









3. A manufacturing firm would not normally have an account titled (Points : 4)
Goods in Process Inventory
Raw Materials Inventory
Merchandise Inventory
Finished Goods Inventory









4. Using the following letters to represent items:
P = Purchases (net)
C = Cost of goods sold
B = Beginning inventory
E = Ending inventory
Which equation is correct? (Points : 4)
B - C + P = E
B - E = C + P
P - E = B + C
B = C - E + P









5. Which of the following variations of the retail inventory method would generally result in the lowest cost-to-retail ratio in a period of rising prices? (Points : 4)
FIFO
LIFO
average cost
lower of average cost or market









6. The gross profit method is most commonly used to (Points : 4)
replace the year-end physical inventory
check the cost generated by a perpetual inventory system
determine the cost of inventory destroyed by fire
develop a sales budget









7. The major criticism of the lower of cost or market rule for valuation of inventory is that (Points : 4)
holding losses are recognized, but holding gains are not
holding gains are recognized, but holding losses are not
the total difference between selling price and cost is usually recognized in the period of the sale
the conservatism principle is violated because of the use of the floor constraint









8. Which application of the lower of cost or market rule will generally result in the lowest valuation for the ending inventory? (Points : 4)
to each item of the inventory
to each major category of inventory
to the total inventory
all of these applications result in the same valuation for inventory









9. A plant site donated by a city to Rupp Company, which plans to open a new factory, should be recorded on Rupp's books at (Points : 4)
the nominal cost of taking title to it
its fair market value
zero value, but footnoted
the value assigned to it by the company's directors









10. Which of the following costs incurred subsequent to the acquisition of a machine would be appropriately accounted for by debiting the accumulated depreciation account related to the machine? (Points : 4)
the cost of cleaning and lubricating the machine
the cost of replacing the motor on the machine when the cost of the original motor is not known
the cost of moving the machine to another manufacturing plant
the cost of a new attachment to the machine that provides for more output per unit of time









11. Which one of the following types of assets should not be classified as property, plant, and equipment? (Points : 4)
leasehold improvements
fully-depreciated building (still in use)
idle land and buildings
long-lived tangible assets









12. When exchanging nonmonetary assets (Points : 4)
boot must be associated with the transaction in order to recognize a gain or loss
recognized gain or loss can occur depending on the fair value of the asset surrendered and the fair value of the asset received
a loss can be recognized only when the fair value of the asset received plus boot is greater than the book value of the asset surrendered
recognized gain or loss can occur depending on the book value of the asset surrendered and the fair value of the asset surrendered









13. The factors involved in computing periodic depreciation charges for an asset do not include the (Points : 4)
method of cost allocation
current value of the asset
service life
residual value of the asset









14. The service life of an asset may be measured by all of the following except (Points : 4)
units of output
units of activity
units of input
units of time









15. Which of the following is not a factor in selecting a depreciation method? (Points : 4)
salvage value
repair and maintenance costs
inflation
the risk associated with the cash flows from the asset









16. When the expected cost to dismantle and remove an asset exceeds the expected selling price of a depreciable asset, the difference is (Points : 4)
added to cost to determine the depreciable base
deducted from accumulated depreciation in the year of disposal
not included in the calculation of depreciation expense
added to the depreciation expense in the year of disposal









17. Which of the following statements regarding intangible assets is true? (Points : 4)
The expected useful life of an intangible asset is generally easier to estimate than the expected useful life of a tangible noncurrent asset.
The cost of an intangible asset is not permitted to be amortized for income tax purposes.
Intangible assets have a lower degree of uncertainty with regard to their expected future benefits than tangible noncurrent assets.
The accumulated amortization for intangible assets that are amortized must be disclosed.









18. Which of the following characteristics is not common to both tangible and intangible assets? (Points : 4)
held for use and not for investment
expected life of more than one year
derive value from the ability to generate revenue
may have value only to a particular company









19. GAAP requires that research and development costs be (Points : 4)
capitalized
expensed as incurred
accumulated until the existence of future benefits is determined
expensed in part and capitalized in part









20. Which of the following methods is used to amortize intangible assets over their useful lives? (Points : 4)
declining balance
straight line
annual review for impairment
none of these since intangible assets are not amortized









21. On the balance sheet, liabilities are generally classified as (Points : 4)
current or long-term
legal or nonlegal
material or immaterial
probable or estimated









22. With regard to liabilities, liquidity refers to (Points : 4)
a company's ability to convert its assets to cash to pay its liabilities
a company's ability to use its financial resources to adapt to change
a company's operating cycle
only liabilities and not assets









23. Unearned or deferred revenue can occur when (Points : 4)
services are provided prior to receipt of cash
goods are sold on account
services are provided after the receipt of cash
goods are sold for cash









24. Which of the following statements regarding the gross and net methods for recording trade accounts payable is true? (Points : 4)
The net method overstates accounts payable at the end of the accounting period.
The net method is more widely used in practice than is the gross method.
The gross method more accurately measures liquidity.
The net method highlights management inefficiency because purchase discounts lost are recorded whenever an invoice is paid after the cash discount period has expired.









25. Conceptually, all liabilities should be reported on the balance sheet at (Points : 4)
the present value of the future outlays they require
their maturity value
face amount
their current cash equivalent amount









26. Which of the following bonds pay no interest until maturity? (Points : 4)
zero-coupon bonds
registered bonds
serial bonds
debenture bonds









27. If a company sells its bonds at face value, the effective interest rate is (Points : 4)
lower than the contract interest rate
higher than the contract interest rate
equal to the contract interest rate
higher than the market interest rate









28. Which of the following is the best reason for the issuance of long-term liabilities? (Points : 4)
Debt financing offers an income tax advantage.
Risk to the firm may be increased.
Ownership interest is diluted but may be necessary to do.
Debt financing may cost the entity more but is the only available source of funds.









29. An unsecured bond is called a (Points : 4)
debenture bond
mortgage bond
registered bond
serial bond









30. Which of the following is not a reason for the issuance of long-term liabilities? (Points : 4)
Debt financing offers an income tax advantage.
Ownership interest is diluted.
Debt may be the only available source of funds.
Debt financing may have a lower cost.









31. Investments that are typically held for short periods of time and sold by the company in the expectation of a profit on the short-term differences in price are classified as (Points : 4)
available-for-sale securities
trading securities
held-to-maturity securities
marketable securities









32. Permanent value declines in available-for-sale securities should be (Points : 4)
recorded in the allowance account
included in income as a realized loss
amortized over the remaining life of the security
recorded similarly to temporary declines in value









33. How is the premium or discount on held-to-maturity bond investments presented on the balance sheet? (Points : 4)
as a part of the cost of the investment and amortized over a period not to exceed five years
as a part of the cost of the investment and amortized over the remaining life of the bonds
in a separate account that is reported separately from the bonds and amortized over the remaining life of the bonds
in a separate account that is reported separately from the investment account and not amortized









34. Investments in debt and equity securities that are held for current resale by banks and stockbrokerage firms are termed (Points : 4)
available-for-sale securities
trading securities
held-to-maturity securities
marketable securities









35. Which of the following methods of accounting for investments is appropriate when the investor has significant influence over the investee? (Points : 4)
equity method
consolidation
cost method
lower of cost or market method


Submitted: 6 years ago.Category: Homework
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9/14/2011
Tutor: Linda_us, Finance, Accounts & Homework Tutor replied 6 years ago
Linda_us
Linda_us, Finance, Accounts & Homework Tutor
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Hi JACUSTOMER

I can help you with this but it may take more time to complete than you specified.

Regards

Linda
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Customer reply replied 6 years ago
Can you tell me how much time? please
Tutor: Linda_us, Finance, Accounts & Homework Tutor replied 6 years ago
30 - 45 minutes from now. Let me know if you want me to complete.

Regards

Linda
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Customer reply replied 6 years ago
OK that will work. Please complete. Thank you
Tutor: Linda_us, Finance, Accounts & Homework Tutor replied 6 years ago

Please Click here for Solution

Please note that I get credit for my work only when you click accept.

Regards

Linda
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Tutor: Linda_us, Finance, Accounts & Homework Tutor replied 6 years ago
Update: For 32 it should be Choice included in income as a realized loss

Regards

Linda
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Customer reply replied 6 years ago
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Tutor: Linda_us, Finance, Accounts & Homework Tutor replied 6 years ago
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