中级财务会计书籍.docx
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1、1. According to the FASB and IASB conceptual frameworks, the primary users of financial reports include all of the following,except:a.Investors。b.Regulators。c。Lenders.d。Creditors.2. According to the FASB and IASB conceptual frameworks, useful information must exhibit the fundamental qualitative char
2、acteristics of:a。Comparability and materiality.b。Faithful representation and relevance。c。Understandability and timeliness。d。Neutrality and verifiability。3. What is the underlying concept governing the recording of gain contingencies?a.Consistency。b.Conservatism.c.Reliability。d.Relevance.4. According
3、 to the FASB conceptual framework, which of the following attributes wouldnotbe used to measure inventory?a.Historical cost.b.Net realizable value.c。Replacement cost。d。Present value of future cash flows。5. According to the FASB and IASB conceptual frameworks, the objective of general purpose financi
4、al reporting is to:a。Comply with the need for conservatism.b.Report on how effectively and efficiently management has used the entitys resources.c.Provide financial information that is useful to primary users.d。Comply with generally accepted accounting principles.6. According to the FASB and IASB co
5、nceptual frameworks, completeness is an ingredient of:Relevance Faithful Representationa。Yes Yesb.No Noc.No Yesd。Yes No7. What is the underlying concept that supports the immediate recognition of a contingent loss?a。Conservatism。b。Consistency.c。Matching。d。Substance over form。8. According to the FASB
6、 conceptual framework, the process of reporting an item in the financial statements of an entity is:a。Matching.b。Recognition。c。Allocation。d。Realization。9. The joint FASB and IASB conceptual framework project is intended to establish:a.A comprehensive set of financial statement disclosures。b.A common
7、 set of objectives and concepts for use in developing standards of financial accounting and reporting。c。The structure of the FASB CodificationTM。d。A common set of generally accepted accounting principles。10. Financial information provided in general purpose financial reports doesnotinclude informati
8、on about:a。The claims against the entity。b。The resources of the entity。c.How effectively and efficiently the entitys governing board has discharged its responsibility to use the entitys resources.d.How effectively and efficiently the entitys shareholders have discharged their responsibility to use t
9、he entitys resources.11. On December 2, Year 1, Flint Corp。s board of directors voted to discontinue operations of its frozen food division and to sell the divisions assets on the open market as soon as possible。 The division reported net operating losses of $20,000 in December and 30,000 in January
10、。 On February 26, Year 2, sale of the divisions assets resulted in a gain of 90,000。 Assuming that the frozen foods division qualifies as a component of the business and ignoring income taxes, what amount of gain/loss from discontinued operations should Flint recognize in its income statement for Ye
11、ar 2?a。$0b。90,000c。40,000d.60,00012. At December 31, Year 2, OffLine Co。 changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that d
12、id not result in sales. OffLine had deferred demo costs of 500,000 at December 31, Year 1, 300,000 of which were to be written off in Year 2 and the remainder in Year 3。 OffLines income tax rate is 30。 In its Year 3 financial statements, what amount should OffLine report as cumulative effect of chan
13、ge in accounting principle?a.200,000b。$350,000c.0d。500,00013. How should the effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate be reported?a。By footnote disclosure only.b。By restating the financial statements of all prior periods presen
14、ted。c。As a correction of an error。d。As a component of income from continuing operations.14. In September, Koff Co。s operating plant was destroyed by an earthquake. Earthquakes are rare in the area in which the plant was located。 The portion of the resultant loss not covered by insurance was 700,000.
15、 Koffs income tax rate for 1996 was 40%. In its year-end income statement, what amount should Koff report as extraordinary loss under U。S。 GAAP?a。280,000b.0c.700,000d。420,00015. During January Year 3, Doe Corp. agreed to sell the assets and product line of its Hart division. The sale was completed o
16、n January 15, Year 4 and resulted in a gain on disposal of $900,000。 Harts operating losses were 600,000 for Year 3 and 50,000 for the period January 1 through January 15, Year 4。 Disregarding income taxes, what amount of net gain (loss) should be reported in Does comparative Year 4 and Year 3 incom
17、e statements?Year 3Year 4a.$(600,000)850,000b。(650,000)900,000c.0$250,000d.250,000016. On April 30, Deer Corp。 approved a plan to dispose of a component of its business。 For the period January 1 through April 30, the component had revenues of 500,000 and expenses of 800,000。 The assets of the compon
18、ent were sold on October 15 at a loss. In its income statement for the year ended December 31, how should Deer report the components operations from January 1 to April 30?a。500,000 and 800,000 should be included with revenues and expenses, respectively, as part of continuing operations.b.300,000 sho
19、uld be reported as part of the loss on disposal of a component and included as part of continuing operations。c。$300,000 should be reported as an extraordinary loss.d.$300,000 should be reported as a loss from operations of a component and included in loss from discontinued operations。17. In open mar
20、ket transactions, Gold Corp。 simultaneously sold its longterm investment in Iron Corp. bonds and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions. Golds gain on the purchase of its own bonds exceeded its loss on the sale of the Iron bonds. Assume the tr
21、ansaction to purchase its own outstanding bonds is unusual in nature and has occurred infrequently. Under U.S。 GAAP, Gold should report the:a。Effect of its own bond transaction gain in income before extraordinary items, and report the Iron bond transaction as an extraordinary loss。b。Net effect of th
22、e two transactions as an extraordinary gain。c.Effect of its own bond transaction as an extraordinary gain, and report the Iron bond transaction loss in income before extraordinary items.d。Net effect of the two transactions in income before extraordinary items。18. During the current year, both Raim C
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