Exam 9: Operating Activities

The _____________________________________________ is equal to the actuarial present value of amounts that the employer expects to pay to retired employees,based on the employees' service to date and using expected future salary amounts.

(Short Answer)

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Question 21

All of the following are most likely to change the FMV of pension plan assets during a given period except:

(Multiple Choice)

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Question 22

The process of allocating the historical cost of certain assets to the periods of their use in a reasonably systematic manner is referred to as ____________________.

(Short Answer)

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Question 23

A minimum liability for pension expense is reported when:

(Multiple Choice)

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Question 24

An inventory pricing procedure in which the current costs have a direct impact on the inventory is:

(Multiple Choice)

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Question 25

Upton Company has consistently used the percentage-of- method of recognizing income.In 2010,Upton started on an $18,000,000 construction contract that was completed in 2012.The following information was taken from Upton's 2010 accounting records: What amount of revenue should Upton recognize on the contract in 2010?

(Multiple Choice)

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Question 26

A company that uses LIFO will experience a(n)______________________________ during a period it sells more units than it purchases.

(Short Answer)

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Question 27

All of the following are considered by analysts when assessing the quality of accounting except:

(Multiple Choice)

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Question 28

All of the following are events that can change the projected benefit obligation (PBO)during a period except:

(Multiple Choice)

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Question 29

If the portions of the firm's foreign operations in higher-tax-rate countries grew more rapidly than foreign operations in lower-tax-rate countries,the company may seek out more tax effective ways of operating abroad through all of the following means except:

(Multiple Choice)

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Question 30

Gorilla,Corp.implemented a defined-benefit pension plan for its employees on January 2,2012.The following data are provided for year 2012,as of December 31: What amount should Gorilla record as additional minimum pension liability at December 31,2012?

(Multiple Choice)

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Question 31

Using the information provided by Falcon Networks determine the combined effective tax rate for 2012.

(Multiple Choice)

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Question 32

Typical U.S.GAAP disclosures for deferred income taxes include all of the following except:

(Multiple Choice)

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Question 33

Assume that Madison Corp.has agreed to construct a new basketball arena for Gator Town for $70 million dollars.Construction of the new arena begins in July,2012 and is expected to be completed in March 2009.At the signing of the contract Madison Corp.estimates that the new arena will cost $60 million dollars to build.Given the following cost and building schedule determine the cumulative degree of and how much revenue and gross margin Madison Corp.should recognize in years 2012,2013 and 2014.

(Essay)

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Question 34

The following information is related to the defined benefit pension plan of Xavier Company for 2012: Required:

(Essay)

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Question 35

The major difference between accounting for pensions and the accounting for other postretirement benefits is that firms:

(Multiple Choice)

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Question 36

Magnum Construction contracted to construct a factory building for $545,000.The company started during 2012 and was completed in 2013.Information relating to the contract is as follows: Required: Record the preceding transactions in Magnum's books under completed-contract and the percentage of methods.Determine amounts that will be reported on the balance sheet at the end of 2012.

(Essay)

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Question 37

Companies that engage in long-term contracts can recognize income using either the _____ method or the method.

(Short Answer)

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Question 38

A LIFO liquidation during periods when prices are increasing results in a company:

(Multiple Choice)

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Question 39

To calculate a company's average tax rate an analyst would:

(Multiple Choice)

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Question 40

Showing 21 - 40 of 69

The _____________________________________________ is equal to the actuarial present value of amounts that the employer expects to pay to retired employees,based on the employees' service to date and using expected future salary amounts.

All of the following are most likely to change the FMV of pension plan assets during a given period except:

The process of allocating the historical cost of certain assets to the periods of their use in a reasonably systematic manner is referred to as ____________________.

A minimum liability for pension expense is reported when:

An inventory pricing procedure in which the current costs have a direct impact on the inventory is:

A company that uses LIFO will experience a(n)______________________________ during a period it sells more units than it purchases.

All of the following are considered by analysts when assessing the quality of accounting except:

All of the following are events that can change the projected benefit obligation (PBO)during a period except:

If the portions of the firm's foreign operations in higher-tax-rate countries grew more rapidly than foreign operations in lower-tax-rate countries,the company may seek out more tax effective ways of operating abroad through all of the following means except:

Gorilla,Corp.implemented a defined-benefit pension plan for its employees on January 2,2012.The following data are provided for year 2012,as of December 31: What amount should Gorilla record as additional minimum pension liability at December 31,2012?

Using the information provided by Falcon Networks determine the combined effective tax rate for 2012.

Typical U.S.GAAP disclosures for deferred income taxes include all of the following except:

The following information is related to the defined benefit pension plan of Xavier Company for 2012: Required:

The major difference between accounting for pensions and the accounting for other postretirement benefits is that firms:

Companies that engage in long-term contracts can recognize income using either the _____ method or the method.

A LIFO liquidation during periods when prices are increasing results in a company:

To calculate a company's average tax rate an analyst would:

Overview of Financial Reporting,financial Statement Analysis,and Valuation

Asset and Liability Valuation and Income Recognition

Income Flows Versus Cash Flows: Understanding the Statement of Cash Flows

Profitability Analysis

Risk Analysis

Accounting Quality

Financing Activities

Investing Activities

Forecasting Financial Statements

Risk-Adjusted Expected Rates of Return and the Dividends Valuation Approach

Valuation: Cash-Flow-Based Approaches

Valuation: Earnings-Based Approaches

Valuation: Market-Based Approaches

Filters

Exam 9: Operating Activities

The _____________________________________________ is equal to the actuarial present value of amounts that the employer expects to pay to retired employees,based on the employees' service to date and using expected future salary amounts.

All of the following are most likely to change the FMV of pension plan assets during a given period except:

The process of allocating the historical cost of certain assets to the periods of their use in a reasonably systematic manner is referred to as ____________________.

A minimum liability for pension expense is reported when:

An inventory pricing procedure in which the current costs have a direct impact on the inventory is:

A company that uses LIFO will experience a(n)______________________________ during a period it sells more units than it purchases.

All of the following are considered by analysts when assessing the quality of accounting except:

All of the following are events that can change the projected benefit obligation (PBO)during a period except:

If the portions of the firm's foreign operations in higher-tax-rate countries grew more rapidly than foreign operations in lower-tax-rate countries,the company may seek out more tax effective ways of operating abroad through all of the following means except:

Gorilla,Corp.implemented a defined-benefit pension plan for its employees on January 2,2012.The following data are provided for year 2012,as of December 31: What amount should Gorilla record as additional minimum pension liability at December 31,2012?

Using the information provided by Falcon Networks determine the combined effective tax rate for 2012.

Typical U.S.GAAP disclosures for deferred income taxes include all of the following except:

The following information is related to the defined benefit pension plan of Xavier Company for 2012: Required:

The major difference between accounting for pensions and the accounting for other postretirement benefits is that firms:

Companies that engage in long-term contracts can recognize income using either the _____________________________________________ method or the ________________________________________ method.

A LIFO liquidation during periods when prices are increasing results in a company:

To calculate a company's average tax rate an analyst would:

Overview of Financial Reporting,financial Statement Analysis,and Valuation

Asset and Liability Valuation and Income Recognition

Income Flows Versus Cash Flows: Understanding the Statement of Cash Flows

Profitability Analysis

Risk Analysis

Accounting Quality

Financing Activities

Investing Activities

Forecasting Financial Statements

Risk-Adjusted Expected Rates of Return and the Dividends Valuation Approach

Valuation: Cash-Flow-Based Approaches

Valuation: Earnings-Based Approaches

Valuation: Market-Based Approaches

Filters

Companies that engage in long-term contracts can recognize income using either the _____ method or the method.