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advanced financial accounting

Questions and Answers of Advanced Financial Accounting

Which of the following would normally be included as revenue of a not-for-profit hospital?a. Unrestricted interest income from an endowment fund.b. An unrestricted gift.c. Tuition received from an
An unrestricted gift pledge from an annual contributor to a not-for-profit hospital made in December 20X1 and paid in March 20X2 would generally be credited toa. Contribution revenue in 20X1.b.
An organization of high school seniors assists patients at Lake Hospital. These student volunteers perform services that the hospital would not otherwise provide, such as wheeling patients in the
Which of the following would be included in the unrestricted funds of a not-for-profit hospital?a. Permanent endowments.b. Term endowments.c. Board-designated funds originating from previously
During the year ended December 31, 20X1, Greenacre Hospital received the following donations stated at their respective fair values:How much total revenue from donations should Greenacre report in
Johnson Hospital’s property, plant, and equipment (net of depreciation) consists of the following:What amount should it report as assets with donor restrictions?a. $0b. $2,000,000c. $10,500,000d.
Depreciation should be recognized in the financial statements ofa. Proprietary (for-profit) hospitals only.b. Both proprietary and not-for-profit hospitals.c. Both proprietary and not-for-profit
Which basis of accounting should a voluntary health and welfare organization use?a. Cash basis for all funds.b. Modified accrual basis for all funds.c. Accrual basis for all funds.d. Accrual basis
How much should Town report as unrestricted contribution revenue for 20X6 with respect to the pledges?a. $0b. $360,000c. $720,000d. $800,000 Town Service Center is a voluntary health and welfare
How much should Town record in 20X6 for contributed service expenses?a. $0b. $1,200c. $10,000d. $12,000 Town Service Center is a voluntary health and welfare organization funded by contributions
A voluntary health and welfare organization received a pledge in 20X1 from a donor specifying that the amount pledged be used in 20X3. The donor paid the pledge in cash in 20X2. For what amount
Turner Fund, a voluntary health and welfare organization funded by contributions from the general public, received unrestricted pledges of $300,000 during 20X4. It was estimated that 10 percent of
What should the fund with donor restrictions report in the 20X2 statement of activities?a. Legacies and bequests of $200,000.b. Investment income of $9,000.c. Transfers to the fund without donor
What amounts should the 20X2 statement of activities for the fund without donor restrictions report?a. Legacies and bequests of $200,000.b. Investment income of $9,000.c. Transfers from the fund with
What should be reported for the fund without donor restrictions in the 20X6 statement of activities?a. Transfers from the fund with donor restrictions of $209,000.b. Board-designated funds of
On January 2, 20X2, a not-for-profit botanical society received a gift of an exhaustible fixed asset with an estimated useful life of 10 years and no salvage value.The donor’s cost of this asset
Roberts Foundation received a nonexpendable endowment of $500,000 in 20X3 from Multi Enterprise and invested it in publicly traded securities. Multi did not specify how gains and losses from
In July 20X2, Ross donated $200,000 cash to a church with the stipulation that the revenue generated from this gift be paid to him during his lifetime. The conditions of this donation are that after
The following expenditures were among those a not-for-profit botanical society incurred during 20X4:What amount should be classified as fund-raising costs in the society’s activity statement?a.
Trees Forever, a community foundation, incurred $5,000 in expenses during 20X3 putting on its annual fund-raising talent show. In its statement of activities, Trees Forever should report the $5,000
In 20X3, Burr Foundation’s board of trustees designated $100,000 from its current funds for college scholarships. Also in 20X3, the foundation received a bequest of $200,000 from the estate of a
In United Together’s statement of activities for the year ended December 31, 20X2, what amount should it report under the classification of revenue from funds without donor restrictions?a.
In United Together’s statement of activities for the year ended December 31, 20X2, what amount should it report under the classification of program services?a. $500,000b. $550,000c. $600,000d.
In United Together’s statement of activities for the year ended December 31, 20X2, what amounts should it report under the classifications of net assets with donor restrictions?a. $0 and
Alpha Hospital, a large not-for-profit organization, has adopted an accounting policy that does not imply a time restriction on gifts of long-lived assets.Required For items 1 through 6, indicate
Smallville Community Hospital, a not-for-profit hospital, needs to evaluate a number of items to determine their proper placement on its statement of operations(either above or below the performance
A client has joined other creditors of Jet Company in a composition agreement seeking to avoid a bankruptcy proceeding against Jet. Which statement describes the composition agreement?a. It provides
Hardluck Inc. is insolvent. Its liabilities exceed its assets by $13 million. Blank, its president, and other family members own Hardluck. Blank, whose assets are estimated at less than $1 million,
Among other provisions, a Chapter 11 plan of reorganization musta. Rank claims according to their liquidation priorities.b. Not impair claims of secured creditors.c. Provide adequate means for the
A condition that must exist for filing an involuntary bankruptcy petition isa. The debtor must have debts of at least $10,000.b. If the debtor has 12 or more creditors, a majority of them must sign
The plan of reorganization must be approved bya. At least one-third of all creditors who hold at least half of the total debt.b. At least half of all creditors who hold at least half of the total
Lear Company ceased doing business and is in bankruptcy. Among the claimants are employees seeking unpaid wages. The following statements describe the possible status of such claims in a bankruptcy
The highest priority for payment of unsecured claims in a bankruptcy proceeding isa. Administrative expenses of the bankruptcy.b. Unpaid federal income taxes.c. Wages of each employee up to $10,000
The order of payments for unsecured priority claims in a Chapter 7 bankruptcy case is such thata. Tax claims of governmental units are paid before claims for administrative expenses incurred by the
Narco is in serious financial difficulty and is unable to meet current unsecured obligations of $30,000 to some 14 creditors who are demanding immediate payment. Narco owes Johnson $5,000, and
Your client is insolvent under the federal bankruptcy law. Under the circumstancesa. So long as the client can meet current debts or claims by its most aggressive creditors, a bankruptcy proceeding
If 1 Canadian dollar can be exchanged for 90 cents of U.S. currency, what fraction should be used to compute the indirect quotation of the exchange rate expressed in Canadian dollars?a. 1.10/1b.
An entity denominated a sale of goods in a currency other than its functional currency. The sale resulted in a receivable fixed in terms of the amount of foreign currency to be received. The exchange
An entity denominated a December 15, 20X6, purchase of goods in a currency other than its functional currency. The transaction resulted in a payable fixed in terms of the amount of foreign currency
On November 15, 20X3, Chow Inc., a U.S. company, ordered merchandise FOB shipping point from a German company for €200,000. The merchandise was shipped and invoiced on December 10, 20X3. Chow paid
On September 1, 20X1, Cott Corporation received an order for equipment from a foreign customer for 300,000 LCUs when the U.S. dollar equivalent was $96,000.Cott shipped the equipment on October 15,
On April 8, 20X3, Trul Corporation purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company’s local currency. Trul paid the bill in full on March 1, 20X4,
On October 1, 20X5, Stevens Company, a U.S. company, contracted to purchase foreign goods requiring payment in pesos one month after their receipt in Stevens’s factory. Title to the goods passed on
Cobb Co. purchased merchandise for 300,000 pounds from a vendor in London on November 30, 20X5. Payment in British pounds (£) was due on January 30, 20X6. The exchange rates to purchase 1 pound were
On September 1, 20X5, Johnson Inc. entered into a foreign exchange contract for speculative purposes by purchasing €50,000 for delivery in 60 days. The rates to exchange U.S. dollars for euros
Dahl entered into the first forward contract to manage the foreign currency risk from a purchase of inventory in November 20X5, payable in March 20X6. The forward contract is not designated as a
Dahl entered into the second forward contract to hedge a commitment to purchase equipment being manufactured to Dahl’s specifications. At December 31, 20X5, what amount of foreign currency
Dahl entered into the third forward contract for speculation. At December 31, 20X5, what amount of foreign currency transaction gain should Dahl include in income from this forward contract?a. $0b.
The entry on November 1, 20X8, to record the forward contract includes aa. Debit to Foreign Currency Receivable from Exchange Broker, 100,000 renminbi.b. Debit to Foreign Currency Receivable from
The entries on December 31, 20X8, include aa. Debit to Financial Expense, $300.b. Credit to Foreign Currency Payable to Exchange Broker, $300.c. Debit to Foreign Currency Receivable from Exchange
The entries on January 30, 20X9, include aa. Debit to Dollars Payable to Exchange Broker, $12,000.b. Credit to Cash, $12,600.c. Credit to Premium on Forward Contract, $600.d. Credit to Foreign
The entries on January 30, 20X9, include aa. Debit to Financial Expense, $400.b. Debit to Dollars Payable to Exchange Broker, $12,600.c. Credit to Foreign Currency Units (renminbi), $12,600.d. Debit
The entries on January 30, 20X9, include aa. Debit to Foreign Currency Units (renminbi), $12,700.b. Debit to Dollars Payable to Exchange Broker, $12,700.c. Credit to Foreign Currency Transaction
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items Descriptions/Explanations 1. Direct exchange rate 2. Indirect exchange rate A. Exchange rate
According to ASC 815, which of the following is not an underlying?a. A security price.b. A monthly average temperature.c. The price of a barrel of oil.d. The number of foreign currency units.
A decrease in the intrinsic value of a fair value hedge is accounted for asa. A decrease of current earnings.b. Not recorded because the exchange transaction has not yet occurred.c. A decrease of
Changes in the fair value of the effective portion of a hedging financial instrument are recognized as a part of current earnings of the period for which of the following? Cash Flow Hedge Fair Value
According to ASC 815, for which of the following is hedge accounting not allowed?a. A forecasted purchase or sale.b. Available-for-sale securities.c. Trading securities.d. An unrecognized firm
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items 1. Put option 2. Notional amount 8. Intrinsic value 4. Underlying Descriptions/Explanations
Certain balance sheet accounts in a foreign subsidiary of Shaw Company on December 31, 20X1, have been restated in U.S. dollars as follows:What total should be included in Shaw’s balance sheet for
A wholly owned foreign subsidiary of Nick Inc. has certain expense accounts for the year ended December 31, 20X4, stated in local currency units (LCU) as follows:The exchange rates at various dates
A credit-balancing item resulting from the process of restating a foreign entity’s financial statement from the local currency unit to U.S. dollars should be included as a(an)a. Separate component
A foreign subsidiary of the Bart Corporation has certain balance sheet accounts on December 31, 20X2. Information relating to these accounts in U.S. dollars is as follows:What total should be
Gate Inc. had a $30,000 credit adjustment for the year ended December 31, 20X2, from restating its foreign subsidiary’s accounts from their local currency units into U.S. dollars. Additionally,
Bar Corporation had a realized foreign exchange loss of $13,000 for the year ended December 31, 20X2, and must also determine whether the following items will require year-end adjustment:(1) Bar had
The balance in Simpson Corp.’s foreign exchange loss account was $15,000 on December 31, 20X2, before any necessary year-end adjustment relating to the following:(1) Simpson had a $20,000 debit
When remeasuring foreign currency financial statements into the functional currency, which of the following items would be remeasured using a historical exchange rate?a. Inventories carried at
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. 1. Remeasurement gain or loss 2. Translation adjustment 3. Current rate method 1. Remeasurement
Refer to the preceding information. On January 1, 20X5, how much goodwill was acquired by Bartell?a. $17,200b. $31,480c. $11,400d. $25,360 Bartell Inc., a U.S. company, acquired 90 percent of the
Refer to the preceding exchange rate information. Assume that Bartell acquired $10,500 of goodwill on January 1, 20X5, and the goodwill suffered a 10 percent impairment loss in 20X5. If the
Refer to the preceding information but now assume that the U.S. dollar is the functional currency. How much goodwill impairment loss should be reported on Bartell’s consolidated income statement in
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items Descriptions/Explanations 1. Current exchange rate 2. Foreign entity goodwill under
How are discontinued operations reported on an interim basis?
Dutko Company has three lines of business, each of which is a significant industry segment. Company sales aggregated $1,800,000 in 20X6, of which Segment 3 contributed 60 percent. Traceable costs
Stein Company is a diversified company that discloses supplemental financial information on its industry segments. The following information is available for 20X2:Allocable costs are assigned based
Selected data for a segment of a business enterprise are to be reported separately in accordance with ASC 280 when the revenue of the segment exceeds 10 percent of thea. Combined net income of all
Kimber Company operates in four different industries, each of which is appropriately regarded as a reportable segment. Total sales for 20X2 for all segments combined were $1,000,000. Sales for
The following information pertains to Reding Corporation for the year ended December 31, 20X6.All of Reding’s segments are engaged solely in manufacturing operations. Reding has a reportable
Snow Corporation’s revenue for the year ended December 31, 20X2, was as follows:Snow has a reportable operating segment if that segment’s revenue exceedsa. $6,000.b. $24,000.c. $120,000.d.
Boecker is a multidivisional corporation that has both intersegment sales and sales to unaffiliated customers. Boecker should report segment financial information for each segment meeting which of
In its 20X5 financial statements, Ward should disclose major customer data if sales to any single customer amount to at leasta. $300,000.b. $1,500,000.c. $4,000,000.d. $5,000,000.Ward Corporation, a
In its 20X5 financial statements, Ward should disclose foreign revenues in a specific country if revenues from foreign operations in that country are at leasta. $5,000,000.b. $4,700,000.c.
Which of the following is an inherent difficulty in determining the results of operations on an interim basis?a. Cost of sales reflects only the amount of product expense allocable to revenue
Which of the following reporting practices is permissible for interim financial reporting?a. Use of the gross profit method for interim inventory pricing.b. Use of the direct costing method for
On January 1, 20X2, Harris Inc. paid $40,000 in property taxes on its plant for the calendar year 20X2. In March 20X2, Harris made $120,000 in annual major repairs to its machinery. These repairs
Wenger Company experienced a $420,000 inventory loss from market decline in April 20X2. The company recorded this loss in April 20X2 after its March 31, 20X2, quarterly report was issued. None of
A company that uses the last-in, first-out (LIFO) method of inventory costing finds at an interim reporting date that there has been a partial liquidation of the base-period inventory level. The
During the second quarter of 20X5, Camerton Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Camerton report in its income statement for the second quarter of
On March 15, 20X1, Burge Company paid property taxes of $180,000 on its factory building for calendar year 20X1. On April 1, 20X1, Burge made $300,000 in unanticipated repairs to its plant equipment.
SRB Company had an inventory loss from a market price decline that occurred in the first quarter. The loss was not expected to be restored in the fiscal year.However, in the third quarter, the
For external reporting purposes, it is appropriate to use estimated gross profit rates to determine the cost of goods sold for b. Interia Financial Reporting Year-End Financial Reporting Yes Yes No
On June 30, 20X5, Park Corporation incurred a $100,000 net loss from disposal of a business component. Also, on June 30, 20X5, Park paid $40,000 for property taxes assessed for calendar year 20X5.
Neil Company, which has a fiscal year ending January 31, had the following pretax accounting income and estimated effective annual income tax rates for the first three quarters of the year ended
Beckett Corporation expects to sustain an operating loss of $100,000 for the full year ending December 31, 20X3. Beckett operates entirely in one jurisdiction where the tax rate is 40 percent.
The computation of a company’s third-quarter provision for income taxes should be based on earningsa. For the quarter at an expected effective annual income tax rate.b. For the quarter at the
During the first quarter of 20X5, Stahl Company had income before taxes of $200,000, and its effective income tax rate was 15 percent. Stahl’s 20X4 effective annual income tax rate was 30 percent,
Which of the following items will result in the recognition of a deferred tax asset or liability in the second quarter of 20X7 for Nelson Company?a. The portion of dividends received this quarter on
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items 3. 1. Reportable operating segment 2. 10 percent significance rules. Revenue test for
Two interesting and important topics concerning the SEC are the role it plays in the development of accounting principles and the impact it has had and will continue to have on the accounting
The Securities and Exchange Commission was established in 1934 to help regulate the U.S. securities market. Which of the following statements is true about the SEC?a. The SEC prohibits the sale of

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