ACC 423 Final Exam Guide 2
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ACC 423 Final Exam Guide 2

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1) When the cash proceeds from a bond issued with detachable stock warrants exceed the sum of the par value of the bonds and the fair market value of the warrants, the excess should be credited to  A.   premium on bonds payable. B.   retained earnings. C.   a liability account. D.   additional paid-in capital from stock warrants. 2) The conversion of preferred stock may be recorded by the  A.   par value method. B.   book value method. C.   market value method. D.   incremental method. 3) Proceeds from an issue of debt securities having stock warrants should NOT be allocated between debt and equity features when  A.   the warrants issued with the debt securities are nondetachable. B.   exercise of the warrants within the next few fiscal periods seems remote. C.   the allocation would result in a discount on the debt security. D.   the market value of the warrants is NOT readily available. 4) Total stockholders’ equity represents  A.   only the amount of earnings that have been retained in the business. B.   the maximum amount that can be borrowed by the enterprise. C.   a claim against a portion of the total assets of an enterprise. D.   a claim to specific assets contributed by the owners. 5) When a corporation issues its capital stock in payment for services, the least appropriate basis for recording the transaction is the  A.   Any of these provides an appropriate basis for recording the transaction. B.   par value of the shares issued. C.   market value of the shares issued. D.   market value of the services received. 6) A primary source of stockholders’ equity is  A.   both income retained by the corporation and contributions by stockholders. B.   appropriated retained earnings. C.   contributions by stockholders. D.   income retained by the corporation. 7) Wilson Corp. purchased its own par value stock on January 1, 2007 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000. The $8,000 difference between the cost and sales price should be recorded as a deduction from  A.   retained earnings. B.   additional paid-in capital to the extent that previous net “gains” from sales of the same class of stock are included therein; otherwise, from retained earnings. C.   net income. D.   additional paid-in capital without regard as to whether or NOT there have been previous net “gains” from sales of the same class of stock included therein. 8) УGains” on sales of treasury stock (using the cost method) should be credited to  A.   retained earnings. B.   paid-in capital from treasury stock. C.   other income. D.   capital stock. 9) When treasury stock is purchased for more than the par value of the stock and the cost method is used to account for treasury stock, what account(s) should be debited?  A.   Treasury stock for the purchase price. B.   Treasury stock for the par value and paid-in capital in excess of par for the excess of the purchase price over the par value. C.   Treasury stock for the par value and retained earnings for the excess of the purchase price over the par value. D.   Paid-in capital in excess of par for the purchase price. 10) Antidilutive securities  A.   include stock options and warrants whose exercise price is less than the average market price of common stock. B.   should be included in the computation of diluted earnings per share but NOT basic earnings per share. C.   should be ignored in all earnings per share calculations. D.   are those whose inclusion in earnings per share computations would cause basic earnings per share to exceed diluted earnings per share. 11) What effect will the acquisition of treasury stock have on stockholders’ equity and earnings per share, respectively?  A.   Decrease and increase B.   Decrease and no effect C.   Increase and decrease D.   Increase and no effect 12) In computations of weighted average of shares outstanding, when a stock dividend or stock split occurs, the additional shares are  A.   considered outstanding at the beginning of the year. B.   weighted by the number of days outstanding. C.   considered outstanding at the beginning of the earliest year reported. D.   weighted by the number of months outstanding. 13) On May 1, 2007, Kent Corp. declared and issued a 10% common stock dividend. Prior to this dividend, Kent had 100,000 shares of $1 par value common stock issued and outstanding. The fair value of Kent ‘s common stock was $20 per share on May 1, 2007. As a result of this stock dividend, Kent’s total stockholders’ equity  A.   decreased by $10,000. B.   increased by $200,000. C.   did NOT change. D.   decreased by $200,000. 14) Palmer Corp. owned 20,000 shares of Dixon Corp. purchased in 2003 for $240,000. On December 15, 2006, Palmer declared a property dividend of all of its Dixon Corp. shares on the basis of one share of Dixon for every 10 shares of Palmer common stock held by its stockholders. The property dividend was distributed on January 15, 2007. On the declaration date, the aggregate market price of the Dixon shares held by Palmer was $400,000. The entry to record the declaration of the dividend would include a debit to Retained Earnings of  A.   $240,000. B.   $0. C.   $400,000. D.   $160,000. 15) At its date of incorporation, Wilson, Inc. issued 100,000 shares of its $10 par common stock at $11 per share. During the current year, Wilson acquired 20,000 shares of its common stock at a price of $16 per share and accounted for them by the cost method. Subsequently, these shares were reissued at a price of $12 per share. There have been no other issuances or acquisitions of its own common stock. What effect does the reissuance of the stock have on the following accounts?  Retained Earnings | Additional Paid-in Capital  A.   Decrease | No effect B.   Decrease | Decrease C.   No effect | No effect D.   No effect | Decrease 16) An unrealized holding gain on a company’s available-for-sale securities should be reflected in the current financial statements as  A.   a note or parenthetical disclosure only. B.   an extraordinary item shown as a direct increase to retained earnings. C.   other comprehensive income and included in the equity section of the balance sheet. D.   a current gain resulting from holding securities. 17) Which of the following is correct about the effective-interest method of amortization?  A.   Amortization of a premium decreases from period to period. B.   The effective interest method applied to investments in debt securities is different from that applied to bonds payable. C.   The effective-interest method produces a constant rate of return on the book value of the investment from period to period. D.   Amortization of a discount decreases from period to period. 18) Which of the following is NOT generally correct about recording a sale of a debt security before maturity date?  A.   The entry to amortize a premium to the date of sale includes a credit to the Premium on Investments in Debt Securities. B.   A gain or loss on the sale is NOT extraordinary. C.   An entry must be made to amortize a discount to the date of sale. D.   Accrued interest will be received by the seller even though it is NOT an interest payment date. 19) Investments in debt securities should be recorded on the date of acquisition at  A.   market value plus brokerage fees and other costs incident to the purchase. B.   face value plus brokerage fees and other costs incident to the purchase. C.   market value. D.   lower of cost or market. 20) When an investor’s accounting period ends on a date that does NOT coincide with an interest receipt date for bonds held as an investment, the investor must  A.   make an adjusting entry to debit Interest Receivable and to credit Interest Revenue for the total amount of interest to be received at the next interest receipt date. B.   do nothing special and ignore the fact that the accounting period does NOT coincide with the bond’s interest period. C.   notify the issuer and request that a special payment be made for the appropriate portion of the interest period. D.   make an adjusting entry to debit Interest Receivable and to credit Interest Revenue for the amount of interest accrued since the last interest receipt date. 21) Investments in debt securities are generally recorded at  A.   cost including brokerage and other fees. B.   maturity value with a separate discount or premium account. C.   maturity value. D.   cost including accrued interest. 22) Under the equity method of accounting for investments, an investor recognizes its share of the earnings in the period in which the  A.   investee pays a dividend. B.   earnings are reported by the investee in its financial statements. C.   investee declares a dividend. D.   investor sells the investment. 23) Bista Corporation declares and distributes a cash dividend that is a result of current earnings. How will the receipt of those dividends affect the investment account of the investor under each of the following accounting methods?  Fair Value Method | Equity Method  A.   No Effect | No Effect B.   Decrease | No Effect C.   Increase | Decrease D.   No Effect | Decrease 24) When a company holds between 20% and 50% of the outstanding stock of an investee, which of the following statements applies?  A.   The investor must use the fair value method unless it can clearly demonstrate the ability to exercise “significant influence” over the investee. B.   The investor should always use the fair value method to account for its investment. C.   The investor should use the equity method to account for its investment unless circum-stances indicate that it is unable to exercise “significant influence” over the investee. D.   The investor should always use the equity method to account for its investment. 25) Use of the effective-interest method in amortizing bond premiums and discounts results in  A.   a variable rate of return on the book value of the investment. B.   a smaller amount of interest income over the life of the bond issue than would result from use of the straight-line method. C.   a varying amount being recorded as interest income from period to period. D.   a greater amount of interest income over the life of the bond issue than would result from use of the straight-line method. 26) Equity securities acquired by a corporation which are accounted for by recognizing unrealized holding gains or losses as other comprehensive income and as a separate component of stockholders’ equity are  A.   securities where a company has holdings of between 20% and 50%. B.   securities where a company has holdings of more than 50%. C.   trading securities where a company has holdings of less than 20%. D.   available-for-sale securities where a company has holdings of less than 20%. 27) A requirement for a security to be classified as held-to-maturity is  A.   ability to hold the security to maturity. B.   positive intent. C.   the security must be a debt security. D.   All of these are required. 28) All of the following are requirements for disclosures related to financial instruments EXCEPT  A.   combining or netting the fair value of separate financial instruments. B.   displaying as a separate classification of other comprehensive income the net gain/loss on derivative instruments designated in cash flow hedges. C.   distinguishing between financial instruments held or issued for purposes other than trading. D.   disclosing the fair value and related carrying value of the instruments. 29) The accounting for fair value hedges records the derivative at its  A.   fair value. B.   historical cost. C.   carrying value. D.   amortized cost. 30) All of the following are characteristics of a derivative financial instrument EXCEPT the instrument  A.   requires or permits net settlement. B.   All of these are characteristics. C.   requires a large investment at the inception of the contract. D.   has one or more underlyings and an identified payment provision. 31) Taxable income of a corporation  A.   is based on generally accepted accounting principles. B.   is reported on the corporation’s income statement. C.   differs from accounting income due to differences in interperiod allocation and permanent differences between the two methods of income determination. D.   differs from accounting income due to differences in intraperiod allocation between the two methods of income determination. 32) Interperiod income tax allocation causes  A.   tax liability shown in the balance sheet to bear a normal relation to the income before tax reported in the income statement. B.   tax expense shown in the income statement to bear a normal relation to the tax liability. C.   tax expense shown on the income statement to equal the amount of income taxes payable for the current year plus or minus the change in the deferred tax asset or liability balances for the year. D.   tax expense in the income statement to be presented with the specific revenues causing the tax. 33) Which of the following situations would require interperiod income tax allocation procedures?  A.   A temporary difference exists at the balance sheet date because the tax basis of an asset or liability and its reported amount in the financial statements differ B.   Interest received on municipal bonds C.   An excess of percentage depletion over cost depletion D.   Proceeds from a life insurance policy on an officer 34) Which of the following is a temporary difference classified as a revenue or gain that is taxable after it is recognized in financial income?  A.   An installment sale accounted for on the accrual basis for financial reporting purposes and on the installment (cash) basis for tax purposes. B.   Prepaid royalty received in advance. C.   Subscriptions received in advance. D.   Interest received on a municipal obligation. 35) Which of the following differences would result in future taxable amounts?  A.   Revenues or gains that are recognized in financial income but are never included in taxable income. B.   Revenues or gains that are taxable before they are recognized in financial income. C.   Expenses or losses that are tax deductible after they are recognized in financial income. D.   Expenses or losses that are tax deductible before they are recognized in financial income. 36) Which of the following are temporary differences that are normally classified as expenses or losses that are deductible after they are recognized in financial income?  A.   Depreciable property. B.   Product warranty liabilities. C.   Advance rental receipts. D.   Fines and expenses resulting from a violation of law. 37) In accounting for a defined-benefit pension plan  A.   the expense recognized each period is equal to the cash contribution. B.   the employer’s responsibility is simply to make a contribution each year based on the formula established in the plan. C.   an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised. D.   the liability is determined based upon known variables that reflect future salary levels promised to employees. 38) In a defined-benefit plan, the process of funding refers to  A.   making the periodic contributions to a funding agency to ensure that funds are available to meet retirees’ claims. B.   determining the accumulated benefit obligation. C.   determining the projected benefit obligation. D.   determining the amount that might be reported for pension expense. 39) In a defined-contribution plan, a formula is used that  A.   requires an employer to contribute a certain sum each period based on the formula. B.   ensures that pension expense and the cash funding amount will be different. C.   defines the benefits that the employee will receive at the time of retirement. D.   ensures that employers are at risk to make sure funds are available at retirement. 40) The accumulated benefit obligation measures  A.   an estimated total benefit at retirement and then computes the level cost that will be sufficient, together with interest expected to accumulate at the assumed rate, to provide the total benefits at retirement. B.   the pension obligation on the basis of the plan formula applied to years of service to date and based on future salary levels. C.   the pension obligation on the basis of the plan formula applied to years of service to date and based on existing salary levels. D.   the shortest possible period for funding to maximize the tax deduction. 41) The relationship between the amount funded and the amount reported for pension expense is as follows:  A.   pension expense will be more than the amount funded. B.   pension expense will be less than the amount funded. C.   pension expense must equal the amount funded. D.   pension expense may be greater than, equal to, or less than the amount funded. 42) The projected benefit obligation is the measure of pension obligation that  A.   requires the longest possible period for funding to maximize the tax deduction. B.   requires pension expense to be determined solely on the basis of the plan formula applied to years of service to date and based on existing salary levels. C.   is required to be used for reporting the service cost component of pension expense. D.   is NOT sanctioned under generally accepted accounting principles for reporting the service cost component of pension expense. 43) Yeager Co. maintains a defined-benefit pension plan for its employees. At each balance sheet date, Yeager should report a minimum liability at least equal to the  A.   unfunded accumulated benefit obligation. B.   projected benefit obligation. C.   accumulated benefit obligation. D.   unfunded projected benefit obligation. 44) On January 1, 2008, Pratt Corp. adopted a defined-benefit pension plan. The plan’s service cost of $300,000 was fully funded at the end of 2008. Prior service cost was funded by a contribution of $120,000 in 2008. Amortization of prior service cost was $48,000 for 2008. What is the amount of PrattТs prepaid pension cost at December 31, 2008?  A.   $168,000 B.   $72,000 C.   $120,000 D.   $180,000 45) Effective January 1, 2007, Quayle Co. established a defined-benefit plan with no retro-active benefits. The first of the required equal annual contributions was paid on December 31, 2007. A 10% discount rate was used to calculate service cost and a 10% rate of return was assumed for plan assets. All information on covered employees for 2007 and 2008 is the same. How should the service cost for 2008 compare with 2007, and should the 2007 balance sheet report an accrued or a prepaid pension cost?  Service Cost for 2008 Compared to 2007 | Pension Cost Reported on the 2007 Balance Sheet  A.   Greater than | Accrued B.   Equal to | Accrued C.   Equal to | Prepaid D.   Greater than | Prepaid 46) On January 1, 2005, Lynn Corporation acquired equipment at a cost of $600,000. Lynn adopted the double-declining balance method of depreciation for this equipment and had been recording depreciation over an estimated life of eight years, with no residual value. At the beginning of 2008, a decision was made to change to the straight-line method of depreciation for this equipment. Assuming a 30% tax rate, the cumulative effect of this accounting change on beginning retained earnings, net of tax, is  A.   $78,750. B.   $121,875. C.   $0. D.   $77,109. 47) On January 1, 2005, Baden Co., purchased a machine (its only depreciable asset) for $300,000. The machine has a five-year life, and no salvage value. Sum-of-the-years’-digits depreciation has been used for financial statement reporting and the elective straight-line method for income tax reporting. Effective January 1, 2008, for financial statement reporting, Baden decided to change to the straight-line method for depreciation of the machine. Assume that Baden can justify the change. Baden’s income before depreciation, before income taxes, and before the cumulative effect of the accounting change (if any), for the year ended December 31, 2008, is $250,000. The income tax rate for 2008, as well as for the years 2005-2007, is 30%. What amount should Baden report as net income for the year ended December 31, 2008?  A.   $154,000 B.   $60,000 C.   $91,000 D.   $175,000 48) Accrued salaries payable of $51,000 were NOT recorded at December 31, 2007. Office supplies on hand of $24,000 at December 31, 2008 were erroneously treated as expense instead of supplies inventory. Neither of these errors was discovered nor corrected. The effect of these two errors would cause  A.   2007 net income to be overstated $27,000 and 2008 net income to be understated $24,000. B.   2008 net income to be understated $75,000 and December 31, 2008 retained earnings to be understated $24,000. C.   2007 net income and December 31, 2007 retained earnings to be understated $51,000 each. D.   2008 net income and December 31, 2008 retained earnings to be understated $24,000 each. 49) The estimated life of a building that has been depreciated 30 years of an originally estimated life of 50 years has been revised to a remaining life of 10 years. Based on this information, the accountant should  A.   adjust accumulated depreciation to its appropriate balance, through net income, based on a 40-year life, and then depreciate the adjusted book value as though the estimated life had always been 40 years. B.   continue to depreciate the building over the original 50-year life. C.   depreciate the remaining book value over the remaining life of the asset. D.   adjust accumulated depreciation to its appropriate balance through retained earnings, based on a 40-year life, and then depreciate the adjusted book value as though the estimated life had always been 40 years. 50) Equipment was purchased at the beginning of 2005 for $204,000. At the time of its purchase, the equipment was estimated to have a useful life of six years and a salvage value of $24,000. The equipment was depreciated using the straight-line method of depreciation through 2008. At the beginning of 2008, the estimate of useful life was revised to a total life of eight years and the expected salvage value was changed to $15,000. The amount to be recorded for depreciation for 2008, reflecting these changes in estimates, is  A.   $22,800. B.   $12,375. C.   $19,800. D.   $23,625. 51) Which type of accounting change should always be accounted for in current and future periods?  A.   Change in accounting estimate B.   Change in accounting principle C.   Change in reporting entity D.   Correction of an error

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