College of Business Administration
Department of Accounting
ACCO 3001: Intermediate Accounting
PRACTICE EXAM 1
Note: The practice exam does not necessarily reflect exact topic coverage (see exam 1 study outline) or
specific question f
DIRECT- COST VARIENCES,
(Textbook Readings: Chapter 12)
Explain how standard costs can be
useful for planning and control
Distinguish a static-budget from a
1 Stanton invested $175,000 in the business in exchange for common stock.
2 Rented a furnish
A government would refer to its property tax calendar to determine whether property taxes receivable at
any given time are.
collectible in part or in full
delinquent or current
sufficient to finance planned expenditures
larger or smaller than those of the
E15-2: (Recording the issuance of common and preferred stock)
Kathleen battle corporation was organized on January 2, 2014. It is authorized to issue 10,000
shares of 8% 100 par value preferred stock, and 500,000 shares of no par comm
Chapter 06 - Proprietary Funds
Chapter 6 Proprietary Funds
1. Proprietary funds use the accrual basis of accounting.
2. Enterprise Funds and Internal Service Funds are part of the larger category of
ANDERSON COOPER CO.
For the Year Ended December 31, 2014
Service revenue .
Salaries and wages expense .
Depreciation expense .
Interest expense .
Chapter 8: The Governmental Fund Accounting Cycle-Fiduciary Funds
Which of the following characteristics is true of fiduciary funds?
a. they report restricted fund balances
b. their net assets are unavailable to finance government progr
CHAPTER COST CONCEPTS AND MEASUREMENT
1. The foregone value associated with the current rather than next-best use of a given asset is called:
a current cost.
b replacement cost.
c historical cost.
d opportunity cost.
Titan Mining Corporation has 9 million shares of common stock outstanding and 340,000 6 percent
semiannual bonds outstanding, par value $1,000 each. The common stock currently sells for $38 per
share and has a beta of 1.5, and the bonds have 20 years t
Internal service funds of one government may not provide goods or services, on a cost-reimbursement
basis, to other governments.
Revenues of internal service funds should be recognized only when they are expected to be available in
P15-2: (Treasury stock transactions and presentation)
Clemson company had the following stockholders equity as of January 1, 2014.
Common stock 5 par value, 20,000 shares issued $100,000
Paid in capital excess of par-common stock $3
Chapter 14 Homework Solutions (15th edition)
ACCO 4020: Advanced Accounting
BRIEF EXERCISE 14-1 (15th edition)
PV of $1 factor
Chapter 02 Reporting Intercorporate Interests Answer Key
Multiple Choice Questions
On January 1, 2007, Rotor Corporation acquired 30 percent of Stator Company's stock for
$150,000. On the acquisition date, Stator reported net assets of $450,000 valued at
Chapter 15 Homework Solutions: Stockholders Equity (Kieso 15th edition)
ACCO 4020: Advanced Accounting
EXERCISE 15-2 (15th edition)
Facts: Kathleen Battle Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%,
CPA REVIEW SCHOOL OF THE PHILIPPINES
MANAGEMENT ADVISORY SERVICES
OVERVIEW OF THE MS Practice by the CPA
1. That kind of accounting concerned with providing information to management in
making decisions about the operations of the business
Managers need to estimate future revenues, costs, and profits to help them
plan and monitor operations. They use cost-volume-profit (CVP) analysis to
identify the levels of oper
2nd Flr, GF Partners Bldg, 139 H.V. dela Costa, Salcedo Village, Makati City
3rd Flr. EPCIB Bldg. 2070 Claro M. Recto, Manila
Practical Accounting 2 Prof. Jennifer Tolentino
QUIZZER IN COST ACCOUNTING
Job Order Costing
The work in process account of the M
Objective 2: The Flow of Costs in Job Costing
Note that in job costing questions, you calculate gures such as Cost of Goods Manufactured and Cost of Goods
Sold from your job cards or sheets. In recording, your cost ows, the individual job costs for direct