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1.
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?
2.
When a bankruptcy court enters an “order for relief” it has:
3.
The duties of the trustee include:
4.
An involuntary petition filed by a firm’s creditors whereby
there are twelve or more creditors must be signed by at least:
5.
The amount of a long-lived asset impairment loss is generally
determined by comparing
6.
Which statement below concerning the accountability and funding
of the IASC Foundation is correct?
7.
SFAS No.162, the Accounting Standards Codification, is directed
to
8.
In accounting for liabilities, IFRS interprets “probable” as
9.
A transaction gain or loss is reported currently in the
determination of income if the purpose of the forward contract is to:
10.
The forward exchange rate quoted for the remaining term of a
forward contract is used to account for the contract when the forward contract:
11.
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:
12.
The discount or premium on a forward contract entered into as a
hedge of an exposed asset or liability position should be:
13.
The exchange rate quoted for future delivery of foreign currency
is the definition of a(n):
14.
Under the temporal method, monetary assets and liabilities are
translated by using the exchange rate existing at the:
15.
The objective of remeasurement is to:
16.
Which of the following would be restated using the current
exchange rate under the temporal method?
17.
Average exchange rates are used to translate certain items from
foreign financial statements into U.S. dollars. Such averages are used in order
to:
18.
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?
19.
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?
20.
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?
21.
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)?
22.
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?
23.
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:
24.
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
25.
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:
The division of salaries and profits in total to Mack and Ruben would be:
26.
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?
27.
An advance cash distribution plan is prepared
28.
The summarized balances of the accounts of MNO partnership on
December 31, 2014, are as follows:
29.
The ABC partnership has the following capital accounts on its
books at December 31, 2014:
30.
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
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