Taxable income of a corporation
b. differs from accounting income due to differences in interperiod allocation and permanent differences
between the two methods of income determination.
The deferred tax expense is the
b. increase in balance of def
Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even
though, in theory, this may be a violation of the accounting concept of
Which of the following is not treated as a
Major reasons why a company may become involved in leasing to other companies is (are)
d. all of these.
Which of the followin
In determining the present value of the prospective benefits (often referred to as the projected benefit obligation), the following
are considered by the actuary:
d. all of these factors.
In a defined-benefit plan, the process of funding refers to
21.It is an objective of the statement of cash flows to
c. provide information about the operating, investing, and financing activities of an entity during a period.
The primary purpose of the statement of cash flows is to provide information
The residual interest in a corporation belongs to the
c. common stockholders.
The pre-emptive right of a common stockholder is the right to
b. share proportion
VALUATION OF INVENTORIES: A COST-BASIS APPROACH
IFRS questions are available at the end of this chapter.
T F F F T T F T F T T F F T T F F T F T
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19.
COMPREHENSIVE EXAMINATION A
Problem A-I - Multiple Choice. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. _ 1. How does failure to record accrued revenue distort the
COMPREHENSIVE EXAMINATION B
Problem B-I - Multiple Choice - Cash and Receivables. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. _ 1. When should the loss on an uncol
COMPREHENSIVE EXAMINATION C
Problem C-I - Multiple Choice - Tangible and Intangible Assets. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. _ 1. When the sum-of-the-
COMPREHENSIVE EXAMINATION E
E-I E-II E-III E-IV E-V
Long-Term Contracts. Installment Sales Method. Deferred Income Taxes. Pensions. Leases.
15 min. 20 min. 25 min. 15 min. 25 min. 100 min.
COMPREHENSIVE EXAMINATION F
F-I F-II F-III F-IV F-V
Multiple Choice Questions. Statement of Cash Flows. Accounting Changes, Error Corrections, and Prior Period Adjustments. *Analysis of Financial Statements. Segment R
22. The covenants and other terms of the agreement between the issuer of bonds and the lender
are set forth in the
a. bond indenture.
b. bond debenture.
c. registered bond.
d. bond coupon.
23. The term used for bonds that are unsecured as to principal is
1.Trading securities are reported on the balance sheet at fair value.
3.Debt securities may be classified as:
D.All of these.
4.Held-to-maturity securities are reported at their:
5.A correct valuation is
Quiz Ch 19
1.Tax rates other than the current tax rate may be used to calculate the deferred income
tax amount on the balance sheet if
a. it is probable that a future tax rate change will occur.
b. it appears likely that a future tax rate will be greater
Quiz Ch. 13
a. any accounts having credit balances after closing entries are made.
b. deferred credits that are recognized and measured in conformity with generally accepted accounting
c. obligations to transfer ownership sha
Quiz CH 14
1. Downing Company issues $3,000,000, 6%, 5-year bonds dated
January 1, 2012 on January 1, 2012. The bonds pay interest
semiannually on June 30 and December 31. The bonds are issued to
yield 5%. What are the proceeds from the bond issue?
Quiz ch 15
1.Stockholders' equity is generally classified into two major categories:
a. contributed capital and appropriated capital.
b. appropriated capital and retained earnings.
c. retained earnings and unappropriated capital.
d. earned capital and con
Quiz Ch 16
1.Litke Corporation issued at a premium of $5,000 a $100,000 bond issue convertible
into 2,000 shares of common stock (par value $25). At the time of the conversion,
the unamortized premium is $2,000, the market value of the bonds is $110,000,
Quiz Ch 17 Investment
1. Unrealized holding gains or losses which are recognized in income statement are
from securities classified as
d. none of these.
Instrument Corp. has the following investments
UNIVERSITY OF SOUTHERN INDIANA
COLLEGE OF BUSINESS
Intermediate Accounting II
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