2. A company has a contract to build a house for $80000 with an estimated time to completion of three years. A reliable cost estimate of the project is $50000. In the first year of the project, the company incurred cost totaling $20000. How much profit should the company report at the end of the first year under the percentage-of-completion method and the completed-contract method? percentage-of-completion method completed-contract method ① $12000 $0 ② $12000 $30000 ③ $30000 $0
4. When accounting for inventory, are the first-in, first-out (FIFO) and the last-in, first-out (LIFO) permitted under U.S. GAAP? FIFO LIFO ① yes yes ② yes no ③ no yes
A.①
B.②
C.③
A B C
A
[解析] 美国GAAP准则允许厂商使用FIFO法或LIFO法。
5. Which of the following statements best describes the impact of depreciating equipment with a useful life of 5 years using the declining balance method as compared to the straight-line method?
A.Depreciation expense will he higher in the first year.
B.Scrapping the equipment after four years will result in a larger loss.
C.Total depreciation expense will be higher over the life of the equipment.
6. At the beginning of the year, Weller Corporation purchased a new piece of equipment to be used in its manufacturing operation. The cost of the equipment was $12000. The equipment is expected to be used for 5 years and then sold for $3000. Depreciation expense to be reported for the second year using the double declining balance method is closest to:
A.$1800
B.$2880
C.$3600
A B C
B
[解析] 根据双倍下降余额法,前两年各年度的折旧费用分别为:
因此,本题的正确选项为B。
7. Addison Corporation reported the following inventory transactions (in chronological order) for the year:
purchase 40 units at $30 20 units at $40 90 units at $50
sales 13 units at $35 35 units at $45 60 units at $60
Assuming inventory at the beginning of the year was zero, calculate the year-end inventory using FIFO and LIFO. FIFO LIFO ① $5220 $1040 ② $2100 $1280 ③ $2100 $1040
11. An analyst gathers the following information about a company:
average market price per share of common stock during the year exercise price per share for options on 50000 common shares exercise price per share for warrants on 50000 common shares
$40 $50 $30
Using the treasury stock method, the number of incremental shares used to compute diluted earnings per share is closest to:
12. The D&G Corporation had 100000 shares of common stock outstanding at the beginning of the year. D&G issued 30000 shares of common stock on May 1. On July 1, the company issued a 10% stock dividend. On September 1, D&G issued 1000, 10% bonds, each convertible into 21 shares of common stock. What is the weighted average number of shares to be used in computing basic and diluted EPS, assuming the convertible bonds are dilutive? Average shares, basic Average shares, dilutive ① 132000 139000 ② 132000 146000 ③ 139000 146000
13. An analyst gathered the following information about a company: ●100000 common shares outstanding from the beginning of the year. ●Earnings of $125000. ●1000, 7%, $1000 par bonds convertible into 25 shares, outstanding from the beginning of the year. ●The tax rate is 40%. The company's diluted EPS is closest to:
15. The following information is available from the accounting records of a company at 31 December 2009 (all figures in $thousands):
accounts payable accounts receivable bank loan, due on demand cash income taxes payable inventory investments accounted for by the equity method loan payable, due 30 June 2012 deposits from customers for delivers in 2010
20 82 44 12 5 47 112 50 8
The working capital for the company (in $thousands) is closest to:
16. At the beginning of the year, Florission Corporation paid its annual operating lease obligation in advance. What is the immediate impact of this transaction on Florission's total assets and total liabilities? total assets total liabilities ① no effect no effect ② no effect decrease ③ increase decrease
17. How should the proceeds received from the advance sale of tickets to a sporting event be treated by the seller, assuming the tickets are nonrefundable?
A.Revenue is deferred until the sporting event is held.
B.Revenue is recognized to the extent that costs have been incurred.
C.Unearned revenue is recognized to the extent that costs have been incurred.
19. SF&P Corporation has created employee goodwill by retirement benefit package. An independent management consultant estimated the value of the goodwill at $3 million. In addition, SF&P recently purchased a patent that was developed by a competitor. The patent has an estimated useful life of five years. Should SF&P report the goodwill and patient on its balance sheet? goodwill patent ① yes no ② no yes ③ no no
A.①
B.②
C.③
A B C
B
[解析] 公司内部产生的商誉应当按照已发生的费用加以处理,而购入的专利则应当记录在资产负债表中。
20. During December 2009 Company A acquires a small competitor, Company B. During the evaluation of the acquisition it is determined that the customer lists of Company B have a fair value of $50000. Company A has spent $15000 during the year updating and maintaining its own customer lists. What will be the value of the customer list intangible asset on Company A's 31 December 2009 consolidated financial statements?
21. At the beginning of the year, Allison Company purchased all 500000 shares of Baker Company for $15 per share. Just before the acquisition date, Baker's balance sheet reported net assets of $6 million. Allison determined the fair value of Baker's property and equipment was $1 million higher than reported by Baker. What amount of goodwill should Allison report as a result of its acquisition of Baker?
22. What amount should Company A report on its balance sheet at year-end if the investment in Company B is considered a trading security, and what amount should be reported if the investment is considered an available-for-sale security? trading securities available-for-sale securities ① $75000 $75000 ② $75000 $80000 ③ $80000 $80000
23. What amount of investment should Company A recognize in its income statement if the investment in Company B is considered a trading security, and what amount should be reported if the investment is considered an available-for-sale security? trading securities available-for-sale securities ① ($1000) ($1000) ② ($1000) $4000 ③ ($5000) $4000
24. Selected data from Douglas Company's balance sheet at the end of the year follows:
Investment in Corrision Company, at fair value Deferred taxes Common stock, $1 par value Preferred stock, $100 par value Retained earnings Accumulated other comprehensive income
$150000 $86000 $550000 $175000 $893000 $46000
The investment in Corrision Company had an original cost of $120000. Assuming the investment in Corrision is classified as available-for-sale, Douglas Company's total owners' equity at year-end is closest to:
25. Assume U.S. GAAP applies unless otherwise noted. At the end of the year, a company sold equipment for $30000 cash. The company paid $110000 for the equipment several years ago and had recorded accumulated depreciation of $70000 at the time of its sale. All else equal, the equipment sale will result in the company's cash flow from:
A.investing activities increasing by $30000.
B.investing activities decreasing by $30000.
C.operating activities being $10000 less than net income.
31. Which of the following would be least likely to cause a change in cash flow from financing activities under U.S. GAAP?
A.Payment of interest on debt.
B.Payment of cash for dividends.
C.Receipt of cash from the sale of bonds.
A B C
A
[解析] 根据美国的GAAP准则,融资现金流的基本内容如下表所示:
融资现金流的基本内容
现金流入
现金流出
债务本金 发行股票所得
债务本金偿付 回购股票支付 向股东支付的股息
根据GAAP准则的规定,债务利息支付应当属于营业现金流,而非融资现金流。
32. Sales of inventory would be classified as:
A.operating cash flow.
B.investing cash flow.
C.financing cash flow.
A B C
A
[解析] 由下表可知,存货销售应当被归为营业现金流。
营业现金流的基本内容
现金流入
现金流出
从顾客处收取的现金 收到的利息和股息 证券交易获得的销售所得
向雇员和供应商支付的现金 其他费用现金 购买交易证券 支付利息 支付税金
33. Issuing bonds would be classified as:
A.operating cash flow.
B.investing cash flow.
C.financing cash flow.
A B C
C
[解析] 由下表可知,发行债券应当被归为融资现金流。
融资现金流的基本内容
现金流入
现金流出
债务本金 发行股票所得
债务本金偿付 回购股票支付 向股东支付的股息
34. Sale of land would be classified as:
A.operating cash flow.
B.investing cash flow.
C.financing cash flow.
A B C
B
[解析] 由下表可知,土地销售应当被归为投资现金流。
投资现金流的基本内容
现金流入
现金流出
固定资产销售所得 债务和权益投资销售所得 其他厂商贷款本金偿付
收购固定资产 债务和权益投资收购 向其他厂商提供的贷款
35. The write-off of obsolete equipment would be classified as:
A.operating cash flow.
B.financing cash flow.
C.no cash flow impact.
A B C
C
[解析] 过时设备的注销不会对现金流产生影响。
36. Sale of obsolete equipment would be classified as:
A.operating cash flow.
B.investing cash flow.
C.financing cash flow.
A B C
B
[解析] 由表可知,过时设备的销售应当被归为投资现金流。
投资现金流的基本内容
现金流入
现金流出
固定资产销售所得 债务和权益投资销售所得 其他厂商贷款本金偿付
收购固定资产 债务和权益投资收购 向其他厂商提供的贷款
37. Where are dividends paid to shareholders reported in the cash flow statement under U.S. GAAP and 1FRS? U.S. GAAP IFRS ① operating or financing activities operating or financing activities ② financing activities operating or financing activities ③ operating activities financing activities
38. Net income for Orrican Company for the year ended December 31, 2009 was $83000. Its accounts receivable balance at December 31, 2009 was $153000, and this balance was $75000 at December 31, 2008. The accounts payable balance at December 31, 2009 was $82000 and was $51000 at December 31, 2008. Depreciation for 2008 was $14000, and there was an unrealized gain of $16000 included in 2009 income from the change in value of trading securities. Which of the following amounts represents Orrican's cash flow from operations for 2009?
A.$36000
B.$42000
C.$57000
A B C
A
[解析] Orrican公司在2009年的营业现金流的计算步骤如下:
净收益 折旧 未实现利润 应收账款的增加额 应付账款的增加额
$83000 $14000 ($16000) ($76000) $31000
营业现金流
$36000
因此,本题的正确选项为A。
39. Using the following information, what is the firm's cash flow form operations?
Net income Decrease in accounts receivable Depreciation Increase in inventory Increase in accounts payable Decrease in wages payable Increase in deferred tax liabilities Profit from the sale of land
40. Morris Inc. had the following transactions during 2009: ●Purchased new fixed assets for $105000. ●Converted $83000 worth of preferred shares to common shares. ●Received cash dividends of $24000. Paid cash dividends of $32000. ●Repaid mortgage principal of $18000. Assuming Morris, Inc. follows U.S. GAAP, which of the following amounts represents Morris's cash flow from investing and cash flow from financing in 2009, respectively? cash flow from investing cash flow from financing ① ($105000) ($50000) ② ($83000) ($18000) ③ ($105000) ($18000)
41. In preparing a common-size cash flow statement, each cash flow is expressed as a percentage of:
A.total assets.
B.total revenues.
C.the change in cash.
A B C
B
[解析] 通过将各个现金流项目转变为其占收入百分比的形式,我们可以将现金流标准变为一般报表的形式。
42. An analyst gathers the following annual information ($millions) about a company that pays no dividends and has no debt:
net income depreciation loss on sale of equipment decrease in accounts receivable increase in inventories increase in accounts payable capital expenditures proceeds from sale of stock
45.8 18.2 1.6 4.2 3.4 2.5 7.3 8.5
The company's annual free cash flow to equity ($millions) is closest to:
45. A&G Inc.'s purchases during the year were $300000. The balance sheet shows an average accounts payable balance of $42000. A&G's payables payment period is closest to:
A.32 days.
B.43 days.
C.51 days.
A B C
C
[解析]
因此,本题的正确选项为C。
46. A&G Inc.'s has a gross profit of $52000 on sales of $176000. The balance sheet shows average total assets of $82000 with the average inventory balance of $16000. A&G's total asset turnover and inventory turnover are closest to: total asset turnover inventory turnover ① 2.15 times 7.75 times ② 1.63 times 7.75 times ③ 2.15 times 5.24 times
A.①
B.②
C.③
A B C
A
[解析]
因此,本题的正确选项为A。
47. If A&G Inc.'s has annual sale of $300000, average accounts payable of $80000, and average accounts receivable of $70000, A&G's receivables turnover and average collection period are closest to: receivables turnover average collection period ① 4.29 times 33.51 days ② 3.12 times 33.51 days ③ 4.29 times 47.10 days
A.①
B.②
C.③
A B C
C
[解析]
因此,本题的正确选项为C。
48. A company's current ratio is 1.5. If some of the accounts payable are paid off from the cash account, the:
A.numerator and denominator would decrease proportionally, leaving the current ratio unchanged.
B.numerator would decrease by a greater percentage than the denominator, resulting in a lower current ratio.
C.denominator would decrease by a greater percentage than the numerator, resulting in a higher current ratio.
49. An analyst prepares common-size balance sheets for two countries operating in the same industry. The analyst notes that both companies had the same proportion of current liabilities, long-term liabilities, and shareholders' equity and the following ratios: Company A Company B current ratio 2.0 2.0 cash ratio 0.3 0.3 quick ratio 0.5 0.8 The most reasonable conclusion is that, compared with Company B, Company A had a:
A.higher percentage of assets associated with inventory.
B.higher percentage of assets associated with accounts receivable.
C.lower percentage of assets associated with marketable securities.
52. A&G Inc.'s receivable turnover is six times, the inventory turnover is two times, and the payables turnover is fifteen times. A&G's cash conversion cycle is closest to:
53. A&G Inc.'s income statement shows sales of $3000, cost of goods sold of 1200, pre-interest operating expense of $400, and interest expense of $50. A&G's interest coverage ratio is closest to:
A.28 times.
B.33 times.
C.51 times.
A B C
A
[解析] 因此,本题的正确选项为A。
54. A&G Inc. has a net profit margin of 20%, an asset turnover of 3 times, and a financial leverage multiplier of 1.4 times. A&G's return on equity is closest to:
55. Using the following information for A&G Inc. : ●EBIT/revenue = 15% ●tax retention rate = 70% ●revenue/assets = 2.3 times ●current ratio = 3 times ●EBT/EBIT = 0.6 times ●assets/equity = 1.7 times A&G Inc.'s return on equity is closest to:
56. A firm has a dividend payout ratio of 30%, a net profit margin of 15%, an asset turnover of 1.4 times, and a financial leverage multiplier of 1.8 times. The firm's sustainable growth rate is closest to:
58. An analyst gathers the following information about a company's common stock: ●1 January 2009 180000 shares outstanding ●1 June 2009 60000 shares issued ●1 August 2009 2-for-1 stock split ●31 December 2009 480000 shares outstanding To calculate earnings per share for 2009, the company's weighted average number of shares outstanding is closest: