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3/2/2013
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Customer reply replied 4 years ago

  • GAAP-definition, sources

  • Financial Statements (Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flows)

  • Conceptual framework—primary, secondary, assumptions, basic principles, constraints

  • Income statement –irregular items

  • Revenue Recognition (% of Completion, Installment Sales , Cost Recovery, Franchises, Consignment)

  • Cash-- composition, bank reconciliation, and internal controls

  • Accounts Receivables –provision for bad debts- allowance method based on sales and based on A/R; journal entries and balance sheet presentation, write off entries.

  • Inventory costing methods: FIFO, LIFO, Weighted Average—computations and impact on the financial statements

  • Inventories--what to include exclude

  • Inventories –dollar value Lifo computations and rationale for the use of the method

  • Inventory Valuation at the Lower of Cost or market

  • Inventories – estimating under Gross Profit Method and Retail Inventory method


 


Final Exams Comprehensive32 Multiple Choice Questions x 6 = 192 points


 

Please post your questions.
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Customer reply replied 4 years ago













1. Corresponds to CLO 1(a)
All of the following are considered primary user of financial reports, except: (Points : 6)

Employees
investors
creditors
all of these are primary users.

 















2. Corresponds to CLO 1(b)
The due process system used by the FASB (Points : 6)

identifies the most important accounting issues
requires that all accountants must receive a copy of the financial standards
enables interested parties to express their views on issues under consideration
is an efficient system for collecting dues from members.

 















3. Corresponds to CLO 1(c)
Which of the following best describes generally accepted accounting principles? (Points : 6)

standards and principles based on federal statutes
a common set of standards and principles
acceptance requires an affirmative vote of Certified Public Accountants
practices that have been accepted for at least a year by all industry members

 















4. Corresponds to CLO 1(d)
Which of the following is a major challenge facing the accounting profession? (Points : 6)

Timeless
Forward-looking data
Nonfinancial measurements
All of the above

 















5. Corresponds to CLO 2(a)
Accounting information that is capable of making a difference in a decision has the fundamental qualitative characteristic of (Points : 6)

Faithful representation
Completeness
Relevance
Neutrality

 















6. Corresponds to CLO 2(b)
In the financial statements, under what qualitative characteristic of accounting information should a change in inventory valuation method be reported? (Points : 6)

Verifiability
Consistency
Neutrality
Timeliness

 















7. Corresponds to CLO 2(c)
Accountants produce financial statements at arbitrary points in time during the lifetime of an entity in accordance with which basic accounting concept? (Points : 6)

Going concern assumption
Historical cost assumption
Periodicity assumption
Monetary unit assumption

 















8. Corresponds to CLO 2(d)
Generally, product costs are recognized as expenses (Points : 6)

In the period when the related revenue is recognized
In the period when the vendor invoice is recieved.
In the period when the expenses are paid.
In the period when the expenses are incurred.

 















9. Corresponds to CLO 3(a)
Jot Construction Company uses the percentage-of-completion method of accounting. In 2013, Jot began work on a contract it had received which provided for a contract price of $6,000,000. Additional information related to the project includes: costs incurred during the year were $2,100,000; estimated costs to complete as of December 31, 2013 were $1,400,000. What amount should Jot recognize as gross profit for the project in 2013? (Points : 6)

$700,000
$1,000,000
$1,500,000
$2,500,000

 















10. Corresponds to CLO 3(b)
Swift Builders, Inc. uses the completed-contract method of accounting for a $450,000 contract that it expects will take two years to complete. At December 31, 2013, the end of the first year of the contract, additional information related to the project includes: costs incurred to date were $290,000; estimated costs to complete were $180,000; billings to date were $325,000; collections to date were $300,000. What amount should Swift recognize as gross profit or loss for 2013? (Points : 6)

$ -0-
a $20,000 loss
a $40,000 loss
a $110,000 loss

 















11. Corresponds to CLO 3(c)
Miller Company appropriately uses the installment method of accounting to recognize income in its financial statements. Pertinent data relating to this method of accounting includes: installment sales totaled $500,000 for 2013 and $650,000 for 2014; cost of sales were $300,000 for 2013 and $422,500 for 2014; in 2013 Miller collected $300,000 from 2013 sales; in 2014 Miller collected $150,000 from 2013 sales and $400,000 from 2014 sales. What amount should Miller report as realized gross profit on the 2014 income statement? (Points : 6)

$60,000
$120,000
$140,000
$200,000

 















12. Corresponds to CLO 3(d)
In consignment sales, the consignee (Points : 6)

records the merchandise as an asset on its books.
recognizes revenue when it ships merchandise to the consignor.
upon sale of the merchandise, has a liability for the net amount due the consignor.
records a liability for the merchandise held on consignment.

 















13. Corresponds to CLO 4(a)
If Collier Costumes, Inc. has the following items at year-end, how much should it report as cash on the balance sheet?

 





















Cash in bank$25,700
Cash on hand$620
Post-dated checks$1,680
Certificates of deposit$80,000

 


(Points : 6)

$80,000
$28,000
$26,320
$620

 















14. Corresponds to CLO 4(b)
At December 31, 2013, Vega Vaccum Corporation has cash in bank of 104,000, restricted cash in a separate account of $19,000, and a bank overdraft at another bank of $500. How much should it report as cash on the balance sheet? (Points : 6)

$123,000
$122,500
$104,500
$104,000

 















15. Corresponds to CLO 4(c)
Which of the following is not classified as cash on the balance sheet? (Points : 6)

Postage stamps
Post-dated checks
Cash restricted for plant expansion
All of the above

 















16. Corresponds to CLO 4(d)
The month-end bank statement for Guthrie Motors shows a balance of $125,000 and a bank service charge of $40. Outstanding checks are $35,000, a deposit of $10,000 was in transit at month end, and a check for $1,500 was erroneously charged by the bank against the account. The correct balance in the bank account at month end is (Points : 6)

$101,500
$ 101,460
$98,500
$98,460

 















17. Corresponds to CLO 5(a)
As of December 31, Gammelguard Corporation has outstanding accounts receivable of $1.5 million. Sales on credit during the year were $9 million. The allowance for doubtful accounts has a credit balance of $20,000. If the company estimates that 9% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? (Points : 6)

$115,000
$135,000
$155,000
$810,000

 















18. Corresponds to CLO 5(b)
As of December 31, William Corporation has outstanding accounts receivable of $5.8 million. Sales on credit during the year were $18.5 million. The allowance for doubtful accounts has a credit balance of $94,000. If the company estimates that 2% of its net credit sales will be uncollectible, what will be the amount of bad debt expense recognized for the year? (Points : 6)

$464,000
$370,000
$276,000
$116,000

 















19. Corresponds to CLO 5(c)
Kandris Corporation had a balance in accounts receivable of $600,000 and a balance in allowance for doubtful accounts of $55,000, when management decided the account receivable from Dunn Corporation of $2,000 had become uncollectible. What journal entry should Kandris Corporation make to write-off the uncollectible account? (Points : 6)

Debit Bad Debt Expense, credit Allowance for Doubtful Accounts, $2,000
Debit Accounts Receivable, credit Allowance for Doubtful Accounts, $2,000
Debit Allowance for Doubtful Accounts, credit Accounts Receivable, $2,000
Debit Allowance for Doubtful Accounts, credit Bad Debt Expense, $2,000

 















20. Corresponds to CLO 5(d)
At December 31, Norman Industrial Inc. had account balances before year-end adjusting entries for accounts receivable and the related allowance for doubtful accounts of $920,000 and $79,000 respectively. An aging of accounts receivable indicated that $100,000 of the December 31, receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is (Points : 6)

$1,020,000
$820,000
$841,000
$999,000

 















21. Corresponds to CLO 6(a)
The following is a record of Axis Corporation's inventory transactions for the current month:

 























June 1Balance, 300 units @ $65 eachJune 16Sale, 400 units @ $90
June 14Purchase 800 units @ $68 eachJune 20Sale, 500 units @ $90
June 25Purchase 250 units @ $70

 


Axis uses the periodic inventory system. Using the FIFO method, what is the amount of cost of goods sold for the month?


(Points : 6)

$61,700
$60,300
$58,500
$31,100

 















22. Corresponds to CLO 6(b)
The following is a record of Meyer Corporation's inventory transactions for the current month:





















October 1Balance, 600 units @ $24 eachOctober 9Sale, 600 units @ $51
October 12Purchase 550 units @ $26 eachOctober 19Sale, 500 units @ $51
October 25Purchase 700 units @ $27 each

Meyer uses the periodic inventory system. Using the LIFO method, what is the amount of ending inventory on October 31?


(Points : 6)

$18,300
$20,200
$18,000
$29,300

 















23. Corresponds to CLO 6(c)
The following is a record of Tiller Corporation's inventory transactions for the current month:





















January 1Balance, 500 units @ $10 eachJanuary 5Sale, 290 units @ $25
January 11Purchase, 300 units @ $12 eachJanuary 13Sale, 250 units @ $25
January 23Purchase, 400 units @ $13 eachJanuary 27Sale, 310 units @ $25

Tiller uses the periodic inventory system. Using the weighted-average inventory method, what is the cost of goods sold for the month of January?


(Points : 6)

$14,004
$9,775
$4,085
$4,025

 















24. Corresponds to CLO 6(d)
The following is a record of Caulder Corporation's inventory transactions for the current month:

 























March 1Balance, 500 units @ $40 eachMarch 12Sale, 200 units @ $85
March 16Purchase, 300 units @ $42 eachMarch 22Sale, 350 units @ $85
March 28Purchase, 300 units @ $43 each

Caulder uses the perpetual inventory system. Using the LIFO method, what is the ending inventory on March 31?


(Points : 6)

$22,900
$22,100
$22,600
$23,400

 















25. Corresponds to CLO 7(a)
In the context of dollar-value LIFO, when inventory in base year dollars decreases, (Points : 6)

The LIFO reserve increase
A LIFO layer is liquidated
A LIFO layer is created
The LIFO price index decreases

 















26. Corresponds to CLO 7(b)
Hemmer Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2011. Its inventory at that date was 460,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:























DateInventory at Current PricesCurrent Price Index
December 31, 2012$513,600107
December 31, 2013$580,000125
December 31, 2014$650,000130

What is the ending inventory at December 31, 2012 under dollar-value LIFO?


(Points : 6)

$464,000
$485,680
$481,400
$464,280

 















27. Corresponds to CLO 7(c)
Inventories are primarily accounted for at cost on the balance sheet. In a departure from the cost basis, inventory is accounted for at market when (Points : 6)

There is any decrease in the future utility
Mangement wants to decrease the value of ending inventory
There is a decrease in the future utility below the original cost
Management wants to defer profits to a future period

 















28. Corresponds to CLO 7(d)
If the historical cost of product X is $55, the selling price of product X is $90, the costs to sell product X are $14, the replacement cost for product X is $50, and the normal profit margin is 30% of sales price, what is the market value that should be used in the lower-of-cost-or-market comparison? (Points : 6)

$50
$49
$76
$55

 















29. Corresponds to CLO 8(a)
Energy Solutions Corporation estimates the cost of its physical inventory at November 30 for use in an interim financial statement. Management uses a gross profit rate on sales of 30%. The following information is available:

 

















Inventory, November 1$500,000
Purchases during November$650,000
Sales during November$900,000

 


The estimated cost of inventory at November 30 is


(Points : 6)

$270,000
$630,000
$650,000
$520,000

 















30. Corresponds to CLO 8(b)
How is the gross profit method used as it relates to inventory valuation? (Points : 6)

To provide an inventory value of LIFO inventories.
To estimate inventories for annual statements.
To verify the accuracy of the perpetual inventory records.
To verify the accuracy of the physical inventory.

 















31. Corresponds to CLO 8(c)
Arrow Corporation uses the conventional retail inventory method to value its merchandise inventory. The following information is available for the current year:

 













































CostRetail
Beginning Inventory$30,000$50,000
Purchases$160,000$270,000
Freight-In$2,500----
Net Markups $8,500
Net Markdowns $10,000
Employee Discounts $1,000
Sales $205,000

 


What is the cost to retail ratio?


(Points : 6)

60.16%
59.65%
58.60%
57.84%

 















32. Corresponds to CLO 8(d)
Capital City Corporation uses the conventional retail inventory method to determine its ending inventory at cost. The following information is available for the current year:

































CostRetail
Beginning Inventory$300,000$420,000
Purchases$1,450,000$2,000,000
Net Markups $80,000
Net Markdowns $30,000
Sales $1,900,000

Capital City determines that the cost-to-retail ratio is 70%. What is the ending inventory at cost?


(Points : 6)

$520,000
$399,000
$300,000
$570,000

 


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Customer reply replied 4 years ago

ThxLaughing

I am almost done will post the solution in 15-20 minutes.
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Customer reply replied 4 years ago

ok. thx take yr time


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