Acc305 Intermediate Accounting Chapter 10 Operational Assets Acquisition and Disposition (10 MCQs)

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Acc305 Intermediate Accounting

Chapter 10 Operational Assets Acquisition and Disposition

1.  On Exercise 10-1, what is the capitalized cost of land? (Points: 5)
       $60000 
       $66000 
       $58000 
       $64000 

2.  On Exercise 10-1, what would be the capitalized cost of the old building reported as a part of the cost of land? (Points: 5)
       $1500 
       $6000 
       $2000 

       $4000 

3.  On Exercise 10-1, what is the capitalized cost of the building? (Points: 5)
       $517000 

       $512000 
       $505000 
       $520000 

4.  From Exercise 10-1, what cost incurred is not part of the initial price of an operational asset? (Points: 5)
       Any cost of bringing the asset to its condition and location for use 
       Transportation cost paid by the seller to transfer the asset to the location it will be used 
       Expenditures for Installation 
       Testing of the equipment to establish working condition 
       Legal fees to establish title 

5. From Exercise 10-1, which statement would be correct concerning property taxes due to the land purchase during the year? (Points: 5)
       Property taxes will always be part of the purchase price from the beginning of the period to date of purchase 
       Property taxes will part of a land acquisition from the date the building is recorded on the seller’s books 
       Property taxes on the land for the period after acquisition are not part of the acquisition cost and are expensed in the period incurred. 
       Property taxes on the land for the period after acquisition are part of the acquisition cost and are capitalized in the period incurred. 

6. On Exercise 10-8 which of the following represents the percentage of total fair value allocated to the land? (Points: 5)
       25% 
       30% 

       45% 
       100% 

7. On Exercise 10-8 which of the following represents the initial cost of building A? (Points: 5)
       $405,000 

       $450,000 
       $225,000 
       $270,000 

8. On Exercise 10-8 which of the following represents the initial dollar value allocation to the land? (Points: 5)
       $300,000 
       $270,000  

       $250,000 
       $225,000 

9. For Exercise 10-18 (Requirement 1) the fair value of new land including cash given is which of the following amounts? (Points: 5)
       $86,000  

       $72,000 
       $30,000 
       $14,000 

10. For Exercise 10-18 (Requirement 3) the book value of the old land is which of the following amounts? (Points: 5)
       $14,000 
       $30,000 
       $42,000 
       $86,000 

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Acc305 Intermediate Accounting Week 5 Chapter 13 Current Liabilities and Contingencies (10 MCQs)

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Acc305 Intermediate Accounting 
Week 5 
Chapter 13 Current Liabilities and Contingencies 

1.  In exercise 13-11, requirement 1, which are statements below is false about the loss contingency? (Points: 5)
       This is a loss contingency. There may be a future sacrifice of economic benefits (cost of satisfying the warranty) due to an existing circumstance (the warranted awnings have been sold) that depends on an uncertain future event (customer claims). 
       The liability is probable because product warranties inevitably entail costs. 
       A reasonably accurate estimate of the total liability for a period is possible based on prior experience. 
       The estimated warranty liability is debited and warranty expense is credited in 2009, the period in which the products under warranty are sold. 

2.  In exercise 13-11, requirement 2, the amount to record as the accrued warranty expense is? (Points: 5)
       $145000 
       $155000 
       $150,000 

       $147000 

3. In exercise 13-11, ending warranty liability to be reported at the end of 2009 will be? 
(Points: 5)
       $187500 
       $112500 

       $150000 
       $37500 

4.  In problem 13-12, requirement 1, what is true about the calculation of the frequent flyer liability? (Points: 5)
       Transit’s frequent flyer program is offered in order to enhance revenues. Under the revenue recognition principle, the cost is properly recognized as an operating expense in the year sales are made (travel miles are earned) 
       Transit’s frequent flyer program is offered in order to enhance revenues. Under the matching principle, the cost is properly recognized as an capital expenditure in the year sales are made (travel miles are earned) 
       Transit’s frequent flyer program is offered in order to enhance revenues. Under the matching principle, the cost is properly recognized as an operating expense in the year sales are made (travel miles are earned) 
       Transit’s frequent flyer program is offered in order to enhance revenues. Under the matching principle, the Sales Price is properly recognized as an operating expense in the year sales are made (travel miles are earned)
  
5.  In exercise P13-12, requirement 1, what is the amount of 2009 travel expense liability ? (Points: 5)
       $27 million, 

       $32 million 
       $54 million 
       $40 million 

6. In problem 13-12, requirement 1, what is the amount of the year end liability that is the long term portion? 
(Points: 5)
       $40,000 
       $60,000 
       $75,000 
       $48,000 

7.  On Problem 13-13, what is the amount that you would debit to salaries and payroll expense? (Points: 5)
       Salaries and wages expense (total amount earned) 1,600,000 
       Salaries and wages expense (total amount earned) 1,800,000 
       Salaries and wages expense (total amount earned) 1,926,000 
       Salaries and wages expense (total amount earned) 2,000,000

8.  On Problem 13-13, what is the amount of social security taxes payable that will be reported as part of salaries and wage expense? (Points: 5)
       $189,000 
       $101,000 
       $124,000 
       $0 

9.  On Problem 13-13, the amount of payroll tax expense that will be debited is? (Points: 5)
       $234000 
       $277,000 
       $$28000 
       $176000 

10. On Problem 13-13, what is the amount of the salary and wage expense that will be debited related to fringe benefits? 
(Points: 5)
       $84,800 
       $120,000 
       $40,800 
       $124,800 

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Acc305 Intermediate Accounting Chapter 9 Inventory Additional Issues (10 MCQ)

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Acc305 Intermediate Accounting

Chapter 9 Inventory:  Additional Issues

10 MCQs

1. On exercise 9-1, what is the per unit inventory value for product #1? (Points: 5)
       $29 
       $34 
       $18 
       $20 

2. On exercise 9-1, what is the per unit inventory value for product #3? (Points: 5)
       $50 
       $48 
       $60 
       $12 

3. On exercise 9-5, what is the amount of cost of goods available for sale? (Points: 5)
       $370,000 
       $120,000 
       $510,000 

       $500,000 

4. On exercise 9-5, what is the amount of estimated cost of goods sold? (Points: 5)
       $500,000 
       $100,000 
       $412,500 

       $490,000 

5. On exercise 9-12, what is the cost-to-retail percentage? (Points: 5)
       60% 
       50% 
       71% 

       35% 

6. On exercise 9-12, what is the estimated cost of goods sold? (Points: 5)
       $568,000  

       $440,000 
       $316,000 
       $599,200 

7. On exercise 9-23, #1, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
       U, O, O 
       U, U, O 
       O, O, O 
       U, U, U 

8. On exercise 9-23, #4, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
       U, O, O 
       U, U, O 
       O, O, O 
       U, U, U 

9. On exercise 9-23, #6, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
       U, O, U 
       O, O, U 
       U, O, O 
       U, U, O 

10. On exercise 9-23, #7, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
       U, O, U 
       O, O, U 
       U, U, O 
       O, U, U

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Acc305 Intermediate Accounting Chapter 8 Inventories - Measurement (17 MCQs)

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Acc305 Intermediate Accounting

Chapter 8 Inventories - Measurement

17 MCQs

1.  On exercise 8-1, #1, what account do we debit for both the purchase of inventory and payment of freight? (Points: 3)
       Purchases 
       Inventory 
       Cost of Goods Sold 
       Shipping Expense 

2. On exercise 8-1, #2, what account do we credit for the purchase return? (Points: 3)
       Inventory 
       Accounts Payable 
       Purchases 
       Purchase Returns 

3. On exercise 8-1, #3, what 4 accounts are involved in the 2 journal entries? (Points: 3)
       Cash, Sales revenue, Cost of goods sold, Inventory 
       Accounts receivable, Sales revenue, Cost of goods sold, Inventory 
       Cash, Sales revenue, Inventory, Purchases 
       Accounts Receivable, Inventory, Purchases, Sales revenue 

4. On exercise 8-5, what is the amount of ending inventory for 2009? (Points: 3)
       275 
       250 
       249  
       627 

5. On exercise 8-5, what is the amount of beginning inventory for 2010? (Points: 3)
       249 

       275 
       225 
       627 

6. On exercise 8-5, what is the amount of cost of goods available for sale for 2010? (Points: 3)
       225 
       621 
       610 
       846 

7. On exercise 8-5, what is the amount of purchases (gross) for 2010? (Points: 4)
       846 
       225 
       621 
       610 

8. On exercise 8-5, what is the amount of cost of goods sold for 2011? (Points: 1)
       225 
       584 
       800 
       216 

9. On exercise 8-6, requirement 1, what is the amount of the credit to cash in the July 23, 2009 entry? (Points: 3)
       $50,000 
       $49,000 
       $51,000 
       $0 

10. On exercise 8-6, requirement 1, what is the amount of the debit to purchases in the July 15, 2009 entry? (Points: 3)
       $50,000 
       $45,000 
       $49,000 
       $51,000 

11. On exercise 8-6, requirement 2, what is the account that we debit for $50,000 on August 15, 2009? (Points: 3)
       Cash 
       Purchases 
       Accounts Payable 
       Purchase discounts 

12. On exercise 8-12, what is the cost of goods sold under the FIFO method? (Points: 3)
       $79,500 
       $15,000 
       $17,700 
       $82,200 

13. On exercise 8-12, what is the cost of ending inventory under the FIFO method? (Points: 3)
       $14,000 
       $15,000  

       $17,700 
       $16,200 

14. On exercise 8-12, what is the cost of goods sold under the LIFO method? (Points: 3)
       $79,500 
       $17,700 
       $82,200 
       $15,000 

15. On exercise 8-12, what is the cost of ending inventory under the LIFO method? (Points: 3)
       $15,000 
       $16,200 
       $17,700  

       $19,000 

16. On exercise 8-12, what is the cost of goods sold under the average method? (Points: 3)
       $82,200 
       $79,500 
       $81,000  

       $18,000 

17. On exercise 8-12, what is the ending inventory under the average method? (Points: 3)
       $81,000 
       $16,200 
       $18,000 
       $82,200

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Acc305 Intermediate Accounting: Chapter 7 Cash and Receivables (10 MCQs)

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Acc305 Intermediate Accounting 

Chapter 7 Cash and Receivables

10 MCQ Quiz

1. In exercise 7-1, requirement 1, letter (a) is included in the cash and cash equivalent calculation?        

True        

False

2. In exercise 7-1, requirement 1, letter (b) is included in the cash and cash equivalent calculation?        

True        

False

3. In exercise 7-1, requirement 1, letter (c) is included in the cash and cash equivalent calculation?        

True        

False

4. In exercise 7-1, requirement 1, letter (d) is included in the cash and cash equivalent calculation?        

True        

False

5. In exercise 7-1, requirement 1, letter (e) is included in the cash and cash equivalent calculation?        

True        

False

6. In exercise 7-1, requirement 1, letter (f) for $15,000 is included in the cash and cash equivalent calculation?        

True        

False

7. In exercise 7-7, requirement 2, what is the amount of accounts receivable written off?        

$69,500        

$32,000        

$54,000        

$40,000

8. On exercise 7-24, what is the amount of deposits outstanding that you add to the balance per the bank statement in the reconciliation?        

$1,890        

$1,101        

$2,340        

$0

9. On exercise 7-24, what is the amount of checks outstanding that you deduct from the balance per the bank statement in the reconciliation?        

$2,340        

$1,890        

$0        

$38

10. On exercise 7-24, what is the amount of the corrected cash balance in the reconciliation?        

$23,338        

$23,332        

$23,820        

$23,782

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