发布时间 : 星期二 文章财务习题 - 习题答案一起 - 图文更新完毕开始阅读
10 . C is correct. Revenue for barter transactions should be measured based on the fair value of revenue from similar non-barter transactions with unrelated parties.
11 . A is correct. Apex is not the owner of the goods and should only report its net commission as revenue.
12 . B is correct. Under the first in, first out (FIFO) method, the first 10,000 units sold came from the October purchases at ￡10 , and the next 2,000 units sold came from the November purchases at ￡11. 13 . C is correct. Under the weighted average cost method:
October purchases 10,000 units $100,000 November purchases 5,000 units $55,000 Total 15,000 units $155,000 $155,000/15,000 units = $10.3333 x 12,000 units =$124,000.
14 . B is correct. The last in, first out (LIFO) method is not permitted under IFRS. The other two methods are permitted.
15 . A is correct. Straight-line depreciation would be ($600,000 - $50,000)/10, or $55,000.
16 . C is correct. Double-declining balance depreciation would be $600,000 ×20 percent (twice the straight-line rate). The residual value is not subtracted from the initial book value to calculate depreciation. However, the book value(carrying amount) of the asset will not be reduced below the estimated residual value.
17 . C is correct. This would result in the highest amount of depreciation in the first year and hence the lowest amount of net income relative to the other choices.
18 . B is correct. A fire may be infrequent, but it would still be part of continuing operations. IFRS do not permit classification of an item as extraordinary. Discontinued operations relate to a decision to dispose of an operating division.
19 . C is correct. The weighted average number of shares outstanding for 2009 is 1,050,000. Basic earnings per share would be $1,000,OOO divided by l,050,000 or $0.95.
20. A is correct. With stock options, the treasury stock method must be used. Under chat method, the company would receive $l00,000 (l0,000×$10) and would repurchase 6,667 shares ($l00,000/S15). The shares For the denominator would be:
Shares outstanding 1,000,000 Options exercises 1,00,000 Treasury shares purchased (6,667)
Denominator 1,003，333
Reading 26 . understanding Balance Sheets 试题整理 PRACTICE PROBLEMS
1 . Resources controlled by a company as a result of past events are:
A . equity. B . assets. C . liabilities. 2 . Equity equals:
A . Assets - Liabilities. B . Liabilities - Assets. C . Assets + Liabilities.
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3 . Distinguishing between current and non-current items on the balance sheet and presenting a subtotal for current assets and liabilities is referred to as: A . a classified balance sheet. B . an unclassified balance sheet.
C . a liquidity-based balance sheet. 4 . All of the following are current assets except:
A . Cash. B . goodwill.
C . Inventories.
5 . Debt due within one year is considered: A . current. B . preferred.
C . convertible.
6 . Money received From customers for products to be delivered in the future is recorded as:
A . revenue and an asset. B . an asset and a liability. C . revenue and a liability.
7 . The carrying value of inventories reflects:
A . their historical cost. B . their current value.
C . the lower of historical cost or net realizable value.
8 . When a company pays its rent in advance, its balance sheet will reflect a reduction in:
A . assets and liabilities.
B . assets and shareholders' equity.
C . one category of assets and an increase in another. 9 . Accrued expenses (accrued liabilities) are:
A . expenses that have been paid.
B . created when another liability is reduced.
C . expenses that have been reported on the income statement hut not yet paid. 10 . The initial measurement of goodwill is most likely affected by:
A . an acquisition's purchase price. B . the acquired company's book value.
C . the fair value of the acquirer's assets and liabilities.
11 . Defining total asset turnover as revenue divided by average total assets, all else equal, impairment write-downs of long-lived assets owned by a company will most likely result in an increase for that company in:
A . the debt-to-equity ratio but not the total asset turnover. B . the total asset turnover but not the debt-to-equity ratio. C . both the debt-to-equity ratio and the total asset turnover.
12. For financial assets classified as trading securities, how are unrealized gains and losses reflected in shareholders' equity? A . They are not recognized.
B . They flow through income into retained earnings.
C . They are a component of accumulated other comprehensive income.
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13 . For financial assets classified as available for sale, how are unrealized gains and losses reflected in shareholders' equity? A . They are not recognized.
B . They flow through retained earnings.
C . They are a component of accumulated other comprehensive income.
14 . For financial assets classified as held to maturity, how are unrealized gains and losses reflected in shareholders' equity? A . They are not recognized.
B . They flow through retained earnings.
C . They are a component of accumulated other comprehensive income.
15 . The non-controlling (minority) interest in consolidated subsidiaries js presented on the balance
sheet:
A . as a long-term liability.
B . separately, but as a part of shareholders' equity.
C . as a mezzanine item between liabilities and shareholders' equity. 16 . The item \
A . assets. B . liabilities.
C . shareholders' equity.
17 . When a company buys shares of its own stock to be held in treasury, it records a reduction in:
A . both assets and liabilities.
B . both assets and shareholders' equity. C . assets and an increase in shareholders' equity.
18 . Which of the following would an analyst most likely be able to determine from a common-size
analysis of a company's balance sheet over several periods? A . An increase or decrease in sales.
B . An increase or decrease in financial leverage. C . A more efficient or less efficient use of assets.
19 . An investor concerned whether a company can meet its near-term obligations is most likely to
calculate the: A . current ratio. B . return on total capital. C . financial leverage ratio.
20 . The most stringent test of a company's liquidity is its:
A . cash ratio. B . quick ratio. C . current ratio.
21 . An investor worried about a company's long-term solvency would most likely examine its:
A . current ratio. B . return on equity. C . debt-to-equity ratio.
22 . Using the information presented in Exhibit 4, the quick ratio for SAP Group at 31 December 2009 is closest to: A . 1.01.
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B . 1.44. C . 1.54.
23 . Using the information presented in Exhibit 12, the financial leverage ratio for SAP Group at 31
December 2009 is closest to: A . 0.08. B . 0.58. C . 1.58
Reading 26 . understanding Balance Sheets 试题答案整理
1 . B is correct. Assets are resources controlled by a company as a result of past events. 2 . A is correct. Assets = Liabilities + Equity and, therefore, Assets - Liabilities =Equity.
3 . A is correct. A classified balance sheet is one that classifies assets and liabilities as current or non-current and provides a subtotal for current assets and current liabilities. A liquidity-based balance sheet broadly presents assets and liabilities in order of liquidity. 4 . B is correct. Goodwill is a long-term asset, and the others are all current assets.
5 . A is correct. Current liabilities are those liabilities, including debt, due within one year. Preferred refers to a class of stock. Convertible refers to a feature of bonds (or preferred stock) allowing the holder to convert the instrument into common stock.
6 . B is correct. The cash received from customers represents an asset.1he obligation to provide a product in the future is a liability called \is delivered, revenue will be recognized and the liability will be reduced.
7 . C is correct. Under IFRS, inventories are carried at historical cost unless net realizable value of the inventory is less. Under U.S. GAAP, inventories are carried at the lower of cost or market. 8 . C is correct. Paying rent in advance will reduce cash and increase prepaid expenses, both of which are assets.
9 . C is correct. Accrued liabilities are expenses that have been reported on a company's income statement but have not yet been paid.
10 . A is correct. Initially, goodwill is measured as the difference between the purchase price paid for an acquisition and the fair value of the acquired, not acquiring, company's net assets (identifiable assets less liabilities).
11 . C is correct. Impairment write-downs reduce equity in the denominator of the debt-to-equity ratio but do not affect debt, so the debt-to-equity ratio is expected to increase. Impairment write-downs reduce total assets but do not affect revenue. Thus, total asset turnover is expected to increase. 12 . B is correct. For financial assets classified as trading securities, unrealized gains and losses are reported on the income statement and flow to shareholders' equity as part of retained earnings. 13 . C is correct. For financial assets classified as available for sale, unrealized gains and losses are not recorded on the income statement and instead are part of other comprehensive income. Accumulated other comprehensive income is a component of Shareholders' equity
14 . A is correct. Financial assets classified as held co maturity are measured at amortised cost. Gains and losses are recognized only when realized.
15 . B is correct. The non-controlling interest in consolidated subsidiaries is shown separately as part of shareholders' equity.
16 . C is correct. The item \
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