Question 1

At December 31, 2011, the current ratio was

Accepted Answer

A) 750 ÷ 210. 
B) 2,225 ÷ 273. 
C) 1,563 ÷ 273. 
D) 1,563 ÷ 348. 
A) 750 ÷ 210. 
B) 2,225 ÷ 273. 
C) 1,563 ÷ 273. 
D) 1,563 ÷ 348. D

Question 2

Presented below are four segments that have been identified by Haley Productions:
 
For which of the segments would information have to be disclosed in accordance with professional pronouncements?

Accepted Answer

A) Segments A, B, C, and D 
B) Segments A, B, and C 
C) Segments A and B 
D) Segments A and D 
A) Segments A, B, C, and D 
B) Segments A, B, and C 
C) Segments A and B 
D) Segments A and D B

Question 3

When should an average amount be used for the numerator or denominator?

Accepted Answer

A) When the numerator is a statement of financial position item or items 
B) When the denominator is a statement of financial position item or items 
C) When a ratio consists of an income statement item and a statement of financial position item 
D) When the numerator is an income statement item or items 
A) When the numerator is a statement of financial position item or items 
B) When the denominator is a statement of financial position item or items 
C) When a ratio consists of an income statement item and a statement of financial position item 
D) When the numerator is an income statement item or items C

Question 4

Cash, short-term investments, and net receivables are the numerator for

Accepted Answer

The answer of Cash, short-term investments, and net receivables are...

Question 5

Use the following information for questions.
The following data are provided:
   
Additional information:
Depreciation included in cost of goods sold and operating expenses is $305,000.On May 1, 2011, 15,000 ordinary shares were issued.The preference share are cumulative.The preference dividends were not declared during 2011.
-At December 31, 2011, the acid-test ratio was

Accepted Answer

A) 775 ÷ 325. 
B) 775 ÷ 540. 
C) 1,050 ÷ 400. 
D) 1,425 ÷ 325. 
A) 775 ÷ 325. 
B) 775 ÷ 540. 
C) 1,050 ÷ 400. 
D) 1,425 ÷ 325.

Question 6

Revenue of a segment includes

Accepted Answer

A) only sales to unaffiliated customers. 
B) sales to unaffiliated customers and intersegment sales. 
C) sales to unaffiliated customers and interest revenue. 
D) sales to unaffiliated customers and other revenue and gains. 
A) only sales to unaffiliated customers. 
B) sales to unaffiliated customers and intersegment sales. 
C) sales to unaffiliated customers and interest revenue. 
D) sales to unaffiliated customers and other revenue and gains.

Question 7

Unruh Corp.and its divisions are engaged solely in manufacturing operations.The following data (consistent with prior years' data) pertain to the industries in which operations were conducted for the year ended December 31, 2011.
 
In its segment information for 2011, how many reportable segments does Unruh have?

Accepted Answer

A) Three 
B) Four 
C) Five 
D) Six 
A) Three 
B) Four 
C) Five 
D) Six

Question 8

If the loss on an account receivable results from a customer's bankruptcy after the statement of financial statement date, the company only discloses this information in the notes to the financial statements.

Accepted Answer

A) True 
 B)False

Question 9

Use the following information for questions.
The following data are provided:
   
Additional information:
Depreciation included in cost of goods sold and operating expenses is $305,000.On May 1, 2011, 15,000 ordinary shares were issued.The preference share are cumulative.The preference dividends were not declared during 2011.
-The inventory turnover for 2011 is

Accepted Answer

A) 3,200 ÷ 650. 
B) 2,100 ÷ 650. 
C) 3,200 ÷ 600. 
D) 2,100 ÷ 600. 
A) 3,200 ÷ 650. 
B) 2,100 ÷ 650. 
C) 3,200 ÷ 600. 
D) 2,100 ÷ 600.

Question 10

The accounting profession requires disaggregated information in the following ways:

Accepted Answer

A) products or services. 
B) geographic areas. 
C) major customers. 
D) all of these.
S1U1P1S45.In presenting segment information,for which of the following items must a reconcilation be provided?
  
A) products or services. 
B) geographic areas. 
C) major customers. 
D) all of these.
S1U1P1S45.In presenting segment information,for which of the following items must a reconcilation be provided?

Question 11

How many years of comparative information must a company present under IFRS first-time adoption?

Accepted Answer

A) One. 
B) Two. 
C) Five. 
D) Ten. 
A) One. 
B) Two. 
C) Five. 
D) Ten.

Question 12

The difference between a financial forecast and a financial projection is that a forecast provides information on what is expected to happen, while a projection provides information on what might take place but is not necessarily expected to happen.

Accepted Answer

A) True 
 B)False

Question 13

An example of an inventory accounting policy that should be disclosed in a Summary of Significant Accounting Policies is the

Accepted Answer

A) composition of inventory into raw materials, work-in-process, and finished goods. 
B) major backlogs of inventory orders. 
C) method used for pricing inventory. 
D) All of the above should be disclosed. 
A) composition of inventory into raw materials, work-in-process, and finished goods. 
B) major backlogs of inventory orders. 
C) method used for pricing inventory. 
D) All of the above should be disclosed.

Question 14

The IASB has issued many pronouncements in the last 10 years that have substantial disclosure provisions.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following are defined as intentional distortions of financial statement.
 
S1U1P1S35.The disclosure of accounting policies, is important to financial statement readers in determining

Accepted Answer

A) net income for the year. 
B) whether accounting policies are consistently applied from year to year. 
C) the value of obsolete items included in ending inventory. 
D) whether the working capital position is adequate for future operations. 
A) net income for the year. 
B) whether accounting policies are consistently applied from year to year. 
C) the value of obsolete items included in ending inventory. 
D) whether the working capital position is adequate for future operations.

Question 16

The calculation of the times interest earned ratio involves dividing

Accepted Answer

A) net income by annual interest expense. 
B) net income plus income taxes by annual interest expense. 
C) net income plus income taxes and interest expense by annual interest expense. 
D) none of these. 
A) net income by annual interest expense. 
B) net income plus income taxes by annual interest expense. 
C) net income plus income taxes and interest expense by annual interest expense. 
D) none of these.

Question 17

Use the following information for questions.
The following data are provided:
   
Additional information:
Depreciation included in cost of goods sold and operating expenses is $305,000.On May 1, 2011, 15,000 ordinary shares were issued.The preference share are cumulative.The preference dividends were not declared during 2011.
-The rate of return on ordinary share equity for 2011 is

Accepted Answer

A) 375 ÷ 1,800. 
B) 375 ÷ 2,000. 
C) 325 ÷ 1,800. 
D) 325 ÷ 2,000. 
A) 375 ÷ 1,800. 
B) 375 ÷ 2,000. 
C) 325 ÷ 1,800. 
D) 325 ÷ 2,000.

Question 18

With the advent of simplified IFRS for SMEs, the FASB and the AICPA have adopted big GAAP\little GAAP for differential reporting

Accepted Answer

A) True 
 B)False

Question 19

All of the following statement are true regarding IFRS and interim except

Accepted Answer

A) IFRS requires a complete set of financial statements at the interim reporting date. 
B) IFRS companies expense interim amount like advertising expenditures that could benefits later interim periods 
C) IFRS leans toward the discrete approach. 
D) No accruals or deferrals in anticipating of future events during the year should be reported. 
A) IFRS requires a complete set of financial statements at the interim reporting date. 
B) IFRS companies expense interim amount like advertising expenditures that could benefits later interim periods 
C) IFRS leans toward the discrete approach. 
D) No accruals or deferrals in anticipating of future events during the year should be reported.

Question 20

Which of the following should be disclosed in a Summary of Significant Accounting Policies?

Accepted Answer

A) Types of executory contracts 
B) Amount for cumulative effect of change in accounting policy 
C) Claims of equity holders 
D) Depreciation method followed 
A) Types of executory contracts 
B) Amount for cumulative effect of change in accounting policy 
C) Claims of equity holders 
D) Depreciation method followed

At December 31, 2011, the current ratio was

Presented below are four segments that have been identified by Haley Productions: For which of the segments would information have to be disclosed in accordance with professional pronouncements?

When should an average amount be used for the numerator or denominator?

Cash, short-term investments, and net receivables are the numerator for

Revenue of a segment includes

If the loss on an account receivable results from a customer's bankruptcy after the statement of financial statement date, the company only discloses this information in the notes to the financial statements.

The accounting profession requires disaggregated information in the following ways:

How many years of comparative information must a company present under IFRS first-time adoption?

The difference between a financial forecast and a financial projection is that a forecast provides information on what is expected to happen, while a projection provides information on what might take place but is not necessarily expected to happen.

An example of an inventory accounting policy that should be disclosed in a Summary of Significant Accounting Policies is the

The IASB has issued many pronouncements in the last 10 years that have substantial disclosure provisions.

The calculation of the times interest earned ratio involves dividing

With the advent of simplified IFRS for SMEs, the FASB and the AICPA have adopted big GAAP\little GAAP for differential reporting

All of the following statement are true regarding IFRS and interim except

Which of the following should be disclosed in a Summary of Significant Accounting Policies?

Financial Accounting and Accounting Standards

Conceptual Framework Underlying Financial Accounting

The Accounting Information System

Income Statement and Related Information

Statement of Financial Position and Statement of Cash Flows

Accounting and the Time Value of Money

Cash and Receivables

Valuation of Inventories: a Cost-Basis Approach

Inventories: Additional Valuation Issues

Acquisition and Disposition of Property, Plant, and Equipment

Depreciation, Impairments, and Depletion

Intangible Assets

Current Liabilities, Provisions, and Contingencies

Non-Current Liabilities

Equity

Dilutive Securities and Earnings Per Share

Investments

Revenue

Accounting for Income Taxes

Accounting for Pensions and Postretirement Benefits

Accounting for Leases

Accounting Changes and Error Analysis

Statement of Cash Flows

Filters

Exam 24: Presentation and Disclosure in Financial Reporting

At December 31, 2011, the current ratio was

Presented below are four segments that have been identified by Haley Productions: For which of the segments would information have to be disclosed in accordance with professional pronouncements?

When should an average amount be used for the numerator or denominator?

Cash, short-term investments, and net receivables are the numerator for

Revenue of a segment includes

If the loss on an account receivable results from a customer's bankruptcy after the statement of financial statement date, the company only discloses this information in the notes to the financial statements.

The accounting profession requires disaggregated information in the following ways:

How many years of comparative information must a company present under IFRS first-time adoption?

The difference between a financial forecast and a financial projection is that a forecast provides information on what is expected to happen, while a projection provides information on what might take place but is not necessarily expected to happen.

An example of an inventory accounting policy that should be disclosed in a Summary of Significant Accounting Policies is the

The IASB has issued many pronouncements in the last 10 years that have substantial disclosure provisions.

Which of the following are defined as intentional distortions of financial statement. S<\sup>35.The disclosure of accounting policies, is important to financial statement readers in determining

The calculation of the times interest earned ratio involves dividing

With the advent of simplified IFRS for SMEs, the FASB and the AICPA have adopted big GAAP\little GAAP for differential reporting

All of the following statement are true regarding IFRS and interim except

Which of the following should be disclosed in a Summary of Significant Accounting Policies?

Financial Accounting and Accounting Standards

Conceptual Framework Underlying Financial Accounting

The Accounting Information System

Income Statement and Related Information

Statement of Financial Position and Statement of Cash Flows

Accounting and the Time Value of Money

Cash and Receivables

Valuation of Inventories: a Cost-Basis Approach

Inventories: Additional Valuation Issues

Acquisition and Disposition of Property, Plant, and Equipment

Depreciation, Impairments, and Depletion

Intangible Assets

Current Liabilities, Provisions, and Contingencies

Non-Current Liabilities

Equity

Dilutive Securities and Earnings Per Share

Investments

Revenue

Accounting for Income Taxes

Accounting for Pensions and Postretirement Benefits

Accounting for Leases

Accounting Changes and Error Analysis

Statement of Cash Flows

Filters