FAR ⑨

Question 1

K corp.’s $95 USGAAP net income for the quarter ended Sep 30, Y1, included the following after-tax items:
1. a $60 gain on the sale of the equipment, realized on April 30,Y1 was allocated equally to the second, third, and fourth quarters fourth quarters of Y1
2. a $16 cumulative-effect loss resulting from a change in inventory valuation method was recognized on Aug 2, Y1.
in addition, L paid $48 on Fec 1, Y1 for Y1 calendar-year property taxes. of this amount, $12 was allocated to the third quarter of Y1.
for the quarter ended Sep 30, Y1, K should report net income of

Answer 1

[91]
稅金不需計所以加12
賣equipment收入應該在一開始計算而不是平分到各季度

Question 2

a bond issued $10,000 is due in nine months. the market interest rate is 8%, and the interest factor of $1 due in nine months at 8% is 0.944.
at what amount should the note payable be reported in Dec 31 balance sheet?

Answer 2

[10,000]
不超過1年的bond不需要計算現值

Question 3

an entity, upon initial recognition of an asset retirement obligation, should not take which of the following actions?
1. allocate asset retirement cost to expense over the useful life of the related asset.
2. capitalize the asset retirement cost at its undiscounted cash flow value
3. measure the asset retirement cost at fair value
4. capitalize the asset retirement cost by increasing the carrying amount of the related asset.

Answer 3

[2]
儅存在產報廢義務時，實體應記錄增加長期資產賬面價值的資產報廢成本asset retirement cost(arc)以及資產報廢義務asset retirement obligation(ARO)，兩者作爲報廢時的債務。計入資產和債務的金額將等於（通過discounting the future cash flows確定）資產報廢義務的公允價值。
ARC將在使用壽命内這就相關資產， 而ARO將根據相關增值率“增值”

Question 4

a bond that has no stated interest rate is issued at discount. how should the note payable be presented in the statement of financial position?
1. at the face amount minus a discount calculated at the imputed interest rate
2. at the face amount with a separate deferred asset for the discount calculated at the imputed interest rate

Answer 4

[1]
注意是在BS上面表示，所以應該減去discount的金額合并顯示。

Question 5

which leads to the use of fund accounting by a governmental organization?　自由選択
1. financial control
2. legal restrictions

Answer 5

both
基金會計 令 服務和任務的組織能夠輕鬆監控支出目的spending purpose(legal restrictions),支出限制spending limits(budget and financial control),以及其他財政會計對象的遵守情況。

Question 6

a donation received that was designed as a quasi-endowment

with donor restrictions or not?

Answer 6

without donor restriction.
the endowment is with donor restriction.

Question 7

carrying amount =
1. purchase price - accumulated depreciation
2. purchase price - salvage value- accumulated depreciation

Answer 7

[1]

Question 8

in fund financial statements for governmental units, depreciation expense on assets acquired with capital grants externally restricted for capital acquisitions should be reported in which type of fund?自由選擇
1. governmental fund
2. proprietary fund

Answer 8

[2]
depreciation expense is not recorded in the governmental funds

Question 9

how should a nongovernmental not-for-profit organization report depreciation expense in its statement of activities?
1. it should be included as a decrease in net assets without donor restrictions
2. it should be included as an increase in net asset with donor restrictions
3. it should be reclassified from net assets without donor restrictions to net assets with donor restrictions, depending on donor-imposed restrictions on the assets

Answer 9

[1]
3 is incorrect, assets rarely move to the right to more restricted classifications.

Question 10

the city had 50,000 of deferred inflows recorded in fund financial statements because of measurable but unavailable property tax revenue recorded at the outset of the fiscal year. to derive its government-wide financial statements, the city would prepare which workpaper entries?

Answer 10

dr: deferred inflows 50,000
cr: tax revenue 50,000

爲什麽DR不用tax receivable？
assets(receivables) have already been recognized for imposed non-exchange transactions such as property tax revenue. no additional receivable accrual is necessary.

Question 11

a contribution for the construction of a new building
which cash flow?

Answer 11

financing activities: limited use to long-term purpose

Question 12

which uSGAAP inventory costing method approximates most closely the current cost for each of the following?
1. COGS: FIFO/LIFO
2. ending inventory: FIFO/LIFO

Answer 12

LIFO-FIFO
思考方式，如何將最近購入的貨品用於目標計算。例如用LIFO法最近購入的貨物將用於COGS，用FIFO法年尾的貨物將會是最近購入的

Question 13

a qualified derivative may be used to hedge exposure to variability in cash flow associated with 【?】 【?】 【?】(but not a firm commitment, which would be a fair value hedge)
合格的衍生工具可用於對沖與?, ?, ?相關的現金流量變動風險（但不是確定的承諾，這將是公允價值對沖）

Answer 13

an asset, liability, or a forecasted transaction
資產、負債或預期交易

Question 14

under what type of circumstance would an unappropriated(outstanding) encumbrance balance not be closed at the end of the accounting period for a governmental fund?
1. unpaid interest and principal obligations that are budgeted in the subsequent year
2. unpaid salary obligations not budgeted in the subsequent year.
3. encumbrances associated with the appropriation that lapse at year-end.
4. outstanding encumbrances at year-end associated with an appropriation that does not lapse.

Answer 14

[4]
in the event appropriation for the governmental fund do not lapse at year-end, any outstanding encumbrances at year-end are carried forward to the following accounting period. outstanding encumbrances are included in an appropriate category of fund balance and may be disclosed in the financial statement if material.

Question 15

which is a required part of a local government’s management’s discussion and analysis(MD&A) as part of its financial statements?
1. the MD&A should be presented with other required supplementary information
2. the MD&A should compare current year results to the prior year with emphasis on the current year
3. the MD&A should include an analysis for each fund
4. the MD&A should present condensed financial information from the fund financial statements.

Answer 15

[2]
1. should be presented independently, with other supplementary information presented separately
3. MD&A是涵蓋政府所有財務活動的敘述，對個別基金的分析將包含在財務報表的附註中。
4. the MD&A should present condensed financial information from the government-wide financial statements.

Question 16

at the beginning of the year, a lessee signs a five-year lease that contains a written purchase option, which the lessee is reasonably certain to exercise. in preparing the annual cash flow statement after year-end, the lessee’s cash flow from operations will be:
1. positively impacted by the portion of the lease payments that represents interest
2. negatively impacted by variable lease payments not included in the lease liability.

Answer 16

[2]
because this lease contains a written purchase option that the lessee is reasonably certain to exercise, it will qualify as a finance lease. variable lease payments not included in the lease liability are treated as cash flows from operations and will therefore have a negative impact on bottom-line cash flow from operations.

Question 17

which is correct regarding bond interest and amortization?
1. the closer the coupon rate is to the market at issuance, the lower the amount of amortization
2. for a zero-coupon, interest expense will be equal to interest payable every period

Answer 17

[1]
for a zero-coupon, there is no interest payment. so interest expense each period is equal to the amortization of the discount each period

Question 18

in the consolidation journal entry ender the acquisition method, each of the following will result in a lower amount booked to goodwill except:
1. updated customer listed
2. technical expertise
3. unpainted technology

Answer 18

[2]
technical expertise is included in goodwill

Question 19

which should be used in basic EPC? 自由選択
1. stock options
2. contingent shares

Answer 19

[2]
contingent shares that are dilutive are included in the calculation of basic EPS is and as of the date all conditions for issuance are met.

Question 20

what amount of bond premium should be amortized in city’s debt service fund for purposes of fund financial reporting?

Answer 20

[0]
since the measurement focus is sources and used of financial resources, bond premium/ discount is not amortized in its government funds, including debt service fund.

Question 21

budgetary year ending, which should a general fund record for estimated revenues?
1. property taxes, licenses, and fines 9000
2. proceeds of debt issuance 5000
3. interfund transfers for debt service 1000

Answer 21

[9000]
2 and 3 would be classified as estimated other financing sources in the budgetary entry

Question 22

under which scenarios would it be acceptable for a company to capitalized interest?
1. on regular manufactured inventory items
2. during the delays in obtain permits to complete building construction

Answer 22

[2]
capitalized interest cannot be recognized on regular manufactured inventory items, but only on special order goods on hand for sale to customers.

Question 23

inventory turnover

Answer 23

COGS/average inventory

Question 24

during periods of rising price, when the FIFO inventory method is used, a perpetual inventory system result in an ending inventory cost that is:
same/ higher/lower compare to a periodic inventory system

Answer 24

same

Question 25

net profit margin

Answer 25

net income÷net sales

Question 26

which will not cause a decrease in stockholder's equity? 1. the sale of treasury stock at less than cost 2. a loss on the sale of the discontinued segment

Answer 26

[1] dr: cash 600 收購價 dr: APIC-TS 200 dr: retained earning: 200 cr: treasury stock 1,000 假設發行價 cash增加會增加RE，所以 the net impact on stockholder's equity is an increase of 600.

Question 27

which should property taxes due to a governmental unit be recorded as deferred inflows of resources?自由選択 1. property taxes receivable are recognized in advance of the year for which they are levied 2. property taxes are collected in advanced in of the year in which they are levid

Answer 27

both 1. dr: property taxes receivable cr: deferred inflows of resources 2. dr: cash cr: deferred inflows of resources

Question 28

consolidated balance S's payable to P for intercompany sales?

Answer 28

account receivable

Question 29

post dated check payable include/exclude in the check balance?

Answer 29

excluded

Question 30

the college received a $900 multiyear research grant available for use on a pro-rata basis over the next three years subject to other enrollment-based eligibility requirements. at the end of year 1 of the grant, the college has achieved enrollment levels that satisfy grant eligibility requirements equal to $500. as a result of this transaction, the community college would be recognized: revenue: deferred inflows of resources: unearned revenue:

Answer 30

revenue: 300 deferred inflows of resources: 200 unearned revenue: 400 首先每年可以記賬的revenue上限是300，今年已經滿足的500裏面有200將會遞延至下一年記賬。 earned revenue是liability。本題中剩餘的400如果沒有達到要求，將得不到捐款，所以應該算作負債

Question 31

which is correct regarding callable bonds? 1. an issuer is more likely to call a bond when interest rates move lower 2. bondholders will typically require a lower rate of return for callable bonds. 3. a callable bond provides an option for the bondholder 4. the call price is often set at a discount to par

Answer 31

[1] 儅利率走低時，借款人borrower以較低的利率再融資，有吸引力。由於可贖回債券為發行人issuer提供了提前贖回的選擇權，因此其更有可能在利率走低時贖回，希望以現在較低的利率重新發行。 2不對。因爲發行人可以選擇贖回債券，債務持有人holder需要更高的回報作爲補償被發行人選擇贖回后不得不將現金再投資的風險。 4不對。看漲期權價格一般高於面值。

Question 32

which is incorrect? 1. a defined contribution pension plan cannot be overfunded or underfund 2. defined benefit plans will always have separate financial statements while defined contribution plans will never have separate financial statements.

Answer 32

[2] both defined benefit and defined contribution plans may have plan level financial statements.

Question 33

which is incorrect? 1. cash flows from a derivative instrument with a no hedging designation should be classified as an investing activity cash flow 2. cash flows from a derivative instrument containing other than an insignificant financing element at transaction inception should be classified as a financing activity cash flow. 3. cash flows from a derivative instrument used to hedge the cash flows associated with a long-term investment should be classified as an operating activity cash flow 4. cash flows from a derivate instrument with a no hedging designation but held for trading purposes should be classified as an operating activity cash flows.

Answer 33

[3] 3 is incorrect because the cash flow hedge is being used to hedge the cash flows associated with a long-term security instrument that does not have a held-for-trading purpose designation, the cash flows should be classified as an investing activity rather than an operating activity.

Question 34

which types of agreement repress a split-interest arrangement? 1. a perpetual trust naming ABC as sole beneficiary 2. a charitable remainder trust

Answer 34

[2] 1 is represent a beneficial interest. a charitable remainder trust is an example of a split-interest agreement represent donor contributions of trusts or other arrangements under which the not-for-profit organization receive benefits that are shared with other beneficiaries

Question 35

which is correct? 1. credit risk is a bigger concern for the party that stands to gain from its position 2. credit risk is higher for futures contracts than for comparable forward contracts

Answer 35

[1] credit risk 考慮處於失敗的一方可能無法履行合約，所以對於獲益方有更大考量 market risk stands to lose on its position.　零和遊戲，一方贏一方輸

Question 36

assuming no outstanding encumbrances at year end, [appropriations exceed actual expenditures] will cause?

Answer 36

increase the unassigned fund balance in the general fund at year end

Question 37

W co. took advantage of market conditions to refund debt. this was the fifth redounding operation carried out by W within the last four years. the excess of the carrying amount of the old debt over the amount paid to extinguish it should be reported as a: 1. part of continuing operations 2. deferred credit to be amortized over life of new debt

Answer 37

[1] many companies and agencies extinguish long-term prior to maturity as a method of managing financial risk. the gain will be included as part pf continuing operations. 2 is incorrect because gains or losses on early retirement of debt must be recognized at the time of the transaction.因為提前清償債務的利得或損失必須在交易時確認。

Question 38

compensatory stock is expire. #JE

Answer 38

dr: APIC-stock options cr: APIC-expired stock

Question 39

an entity, upon recognition of an asset retirement obligation, should not take which of the following actions? 1. capitalize the asset retirement cost at its undiscounted cash flow value 2. capitalize the asset retirement cost by increasing the carrying amount of the related asset.

Answer 39

[1]

Question 40

a distinguishing feature of a non compensatory stock option or stock purchase plan is which of the following? 1. no journal entry is recorded by the entity until the stock is purchased by the employee 2. the tock option is value at fair value by the entity when issued.

Answer 40

[1] 首先要留意究竟是補償性還是非補償性期權。 an entity would only record a journal energy for a non compensatory stock option/purchase plan when the stock is purchased by the employee 2 is incorrect because the stock option/purchase plan is non compensatory, the fair value of the option is irrelevant. in contrast, the compensatory stock option and purchase plans are called at the fair value of the option issued.

Question 41

on Nov 2, Y1, P entered into a 90-day futures contract to purchase 50,000 Swiss francs when the contract quote was $0.7. the purchase was for speculation in price movement. Nov 2,Y1, 30day futures: $0.62 Spot rate: $0.63 Dec31, Y1, 0.65,0.64 Jan30,Y2, 0.65, 0.68 what amount should P report as foreign currency exchange loss in its income statement for the year ended Dec 31,Y1?

Answer 41

[2500] 11月2 的90天後實在1月，在12月尾到1月還有30天，所以應該用30-day future的匯率計算。同時因為期貨合約簽訂的價格是0.7 0.7-0.65=0.05 0.05×50,000=2500

Question 42

F reported a total asset retirement obligation of 257 in last year end. this year F required asset subject to unconditional retirement obligations measured at undercounted cash flow estimates of 110 and discounted cash flow estimated of 68. paid 87 toward the settlement of preciously recorded asset retirement obligations and recorded an accretion expense of 26. what amount should report for the asset retirement obligation in this year'S balance sheet?

Answer 42

ending ARO= beg. ARO + PV of new ARO + accretion expense - ARO settled during the period undercounted cash flow estimates為貼現現金流估值 discounted cash flow estimated of 68貼現現金流估值（PV） ending ARO=257+68+26-87=264

Question 43

10% size test

Answer 43

revenue, profit, asset

Question 44

the estimated revenue control account balance of a governmental fund type is eliminated when: 1. appropriations are closed 2. the budgetary accounts are closed

Answer 44

[2] 1 is incorrect because it is a separate control account from the estimated revenues control account.

Question 45

discount available on purchase recored from Oct 1, Y1 to Sep 30, Y2, totaled 2,000. of this amount, $200 is still available in the accounts payable balance. for the year ended Sep 30, Y2: purchases 100,000 purchase discount taken 800 accounts payable 30,000 what is accounts payable balances as go Sep 30, Y2 after the conversion?

Answer 45

[29,800] 200 is purchase discounts in AP balance available but not yet taken

Question 46

for which methods of determining fair value would an entity's discount rate be most important? 1. market approach 2. income approach 3. cost approach

Answer 46

[2] the income approach determine fair value by converting future amounts, including cash flows to earnings, to a single discounted amount. the market approach determined fair value by using prices and other relevant information from market transaction involving identical or comparable assets or liabilities to determine fair value. a discount rate is not used in this approach.

Question 47

M pledged some of accounts receivable to G in return for a loan. 1. M will retain control of the receivables 2. G will take title to the receivables, and will return title to M after the loan is paid

Answer 47

[1] when a company pledges(assigns) receivables in return for a loan, the assigning company( M in this example) will retain title to the receivable and will use the proceeds collected from the receivables to repay the loan.

Question 48

day sales in account receivable

Answer 48

ending AR(net)/ sale(net)/365

Question 49

T owns 100% D. T COGS=600 D COGS=400 T sold inventory costing 60 to D for 100. D sold all transferred inventory to third parties. what amount shout be reported as COGS in the consolidated statement of income ?

Answer 49

[900] 未抵銷之前 dr: AR 100 cr: intercompany sale 100 dr: intercomapny COGS-T 60 cr: inventry 60 dr: inventory-D 100 cr: AP. 100 抵銷後 dr: intracompany sales 100 cr: COGS 60 cr: COGS 40

Question 50

due to decline in market prove in the second quarter, P incurred an inventory loss. the market price is expected to return to previous levels by the end of the year. at the end of the year the decline had not reversed. when should the loss be reported in interim income statements? 1. in the second quarter only 2. in the fourth quarter only 3. ratably over the third and fourth quarters. 4. ratably over the second, third, and fourth quarters

Answer 50

[2] when the loss is probable and estimable, the expected loss must be recorded in full. this loss becomes such at the end of the fourth quarter. therefore, the inventory must be valued on the year-end at the lower of cost or market recognizing the loss at that time. 因為在第二季時沒有到達probable的水平，所以不記賬

Question 51

inventory is current asset ? prepaid expense is current asset ?

Answer 51

yes-yes

Question 52

checks amounting to 30 were written to vendors and recorded on June 29, resulting in a cash overdraft of 10. the check were mailed on July 9. in June 30 balance sheet, cash adjusted should be?

Answer 52

30-10=20

Question 53

total assets 1,000 total liabilities 600 budgetary control 100 appropriations do not lapse at year-end. at Dec 31, Y1, what amount should report as unassigned fund balance in its general fund balance sheet?

Answer 53

[300] 基金餘額應該是400.但是因為撥款在勉為不會失效，所以100的預算控制（未結採購訂單）必須作為資金餘額的承諾或分配的一部分進行報告。所以是300

Question 54

B buys 30% interest in R, Y1. B received a 10% stock dividend from R, Y2. B has ?% of R

Answer 54

30% Barnes should record the 10% stock dividend received from Rhodes with a memorandum entry that reduces the per share cost of the Rhodes stock owned. Barnes will still own 30% of Rhodes after the stock dividend.Barnes 應該記錄從 Rhodes 收到的 10% 的股票股息，並附上一份備忘錄條目，以降低所擁有的 Rhodes 股票的每股成本。 股票分紅後，巴恩斯仍將擁有羅茲 30% 的股份。

Question 55

Wright Co. reissued treasury stock it had acquired for $10 per share in a variety of different circumstances. The shares have a par value of $5 and were originally sold for $15 per share. Retire 1,000 shares on November 5, Year 3. #JE

Answer 55

dr:cs 5,000 dr: APIC 10,000 cr: ps 10,000 cr: APIC-ps 5,000

Question 56

On August 1, Year 1, XYZ entered into a forward contract in which it agreed to sell £100,000 on February 28, Year 2, for $1.44/£. On February 28, Year 2, the spot exchange rate is $1.52/£. Enter the appropriate amounts into the associated cells. 1. The underlying is 2. The notional amount is 3.what is the initial net investment? 4. what is the settlement amount?

Answer 56

1. The underlying is $1.44/£. 底層指最開始的交換率 2. The notional amount is £100,000. 名義金額是衡量貨物本身的金額，也就是未兌換成外幣前 的金額。 3. The initial net investment is $0. There is no initial net investment on forward contracts. 起初淨投資是0，遠期合約沒有起初淨投資 4. The settlement amount is $144,000 ($1.44/£ x £100,000). 結算金額

Question 57

shares revenues received by an enterprise fund of a local government for operating purposes should be recorded in fund financial statements as: 1. other financing sources 2. interfund transfers 3. operating revenues 4. non-operating revenues

Answer 57

[4] shared revenues are revenues levied by one government but shared on a predetermined basis with another government. 共享收入是由一個政府基金徵收但是在預定基礎上與另外一個政府共享的收入，如果專有基金收到的共享收入用於運營，或者如果收到政府單位自行決定將其用於運營成本支出，則應該將其記爲營業外收入。

Question 58

which should include in the financing activities section of the statement of cash flows? 1. cash effect of transactions obtaining resources from owners and providing them with a return on their investment 2. cash effects of transactions involving making and collecting loans

Answer 58

[1] 融資活動包括從所有者処獲得資源，并為他們提供投資匯報的交易的現金影響。 2 is investing activities

Question 59

gains from remeasuring a foerign subsidiary's financial statements from the local currency, which is not the functional currency, into the parent company's currency should be reported: 1. as part of continuing operations 2. as a component of other comprehensive income

Answer 59

[1] 一個實體如果不是以功能貨幣記賬，則需要進行remeasurement。remeasuring是持續經營業務的一部分。

Question 60

A retired from the partnership of A, B, and C. A's cash settlement from the partnership was based on new goodwill determined at the date of retirement plus the carrying amount of the other assets. as a consequence of the settlement, the capital account of B and C were decreased. which method could have been used? 自由選択 1. bonus method 2. goodwill method

Answer 60

[1] bonus method increase/decrease the individual partners' accounts without changing the total assets of the partnership.因爲B和C的資本賬戶減少，所以可以判斷goodwill沒有記錄為資產，直接從合夥人資本賬戶中支付了A的退出費用。 goodwill method increases the individual partners' account and also changes the total net assets of the partnership.

Question 61

net income $95 for the quarter Sep 30 Y1 1. a $60 gain on the sale of equipment on April 30, was allocated to the second, third, and fourth quarters of Y1. 2. a 16 cumulative-effect loss resulting from a change in inventory valuation method was recognized on Aug 2, Y1 in addition, L paid $48 on Feb 1, Y1 calendar-year property taxes. of this amount, $12 was allocated to the third quarter. for the quarter ended Sep 30, Y1 should report a net income of

Answer 61

[91] the entire amount of gain on the sale of equipment should be reported during the period incurred. 因爲更改庫存點算方式導致的纍計影響不應該記錄在net income，應該是retained earning。 expenses that benefit more than one interim period, such as property taxes, are allocated among the periods benefited. 95-20+16=91

Question 62

debt service fund resources that are subject to the terms and conditions of a bond indenture would be classified within the fund balance as: 1. restricted 2. committed 3. assigned

Answer 62

[1] 【subject to the terms and conditions】 restricted fund balances represent resources whose use has been limited by such external sources as creditors(e.g., debt covenants), contributors, other governments, laws, constitutional provisions, or enabling legislation. subject to 受制於 【 specific purposes,政府最高決策層】 committed fund balances represent resources that can only be used for specific purposes pursuant to constraints imposed by formal action of the government's highest level of decision-making authority 【specific purposes but are neither restricted nor committed】 assigned fund balances are constrained by the government's intent to be used for specific purposes but are neither restricted nor committed.

Question 63

for an HTM debt security, based on the current expected credit losses model, a loss is recorded when?

Answer 63

amortized cost > present value of the principal and interest expected to be collected.

Question 64

under the modified approach to capitalizing infrastructure, governments apply the following principles to recording current-year additions: 1. roads and streets are recorded as capital additions only when they are both measurable and available 2. infrastructure expenditures are reported as expenses except for outlays that result in additions or improvements, which would be capitalized.

Answer 64

[2] 題目問的是基礎蛇蛇的資本化，選項1是關於記錄收益revenue的方法，偷換概念。 1. 道路和街道只有在可測量和可用時才記為資本增加 2. 基礎設施支出作為支出報告，但導致增加或改進的支出除外，這些支出將被資本化。

Question 65

percentage-of-completion annual gross profit=

Answer 65

[total cost incurred/total expected cost] × [total expected gross profit] - total gross profit previously recognized

Question 66

the company required a building by giving 50,000 shares of CS along with 750,000 cash to the former owners. FV of stock 19 par value of stock 10 in the supplementary information to the company's cash flows, this transaction would be reported as an investing and financing activity in the amount of:

Answer 66

[950,000] 這些類型的非現金投資和融資活動作為補充信息在現金流量表中報告。 報告的金額將是交易的非現金部分，股票的公允價值為 950,000

Question 67

note payable current or noncurrent?

Answer 67

current

Question 68

the fund most likely used by a school board securing debt to finance the construction of an expanded network of K-12 schools and the renovation of existing facilities. fund type

Answer 68

capital project

Question 69

the fund most likely used by a municipality undertaking the construction of a utility plant financed by revenue bonds fund type

Answer 69

enterprise

Question 70

the fund most likely used by the Clerk of the Court to account for alimony payments in accordance with court orders related to divorce decrees. Alimony deposits are remitted to benefiting parties net of a fee fund type

Answer 70

custodial

Question 71

which event is supportive of inter period equity as a financial reporting objective of a governmental unit?自由選択 1. a balanced budget is adopted 2. residual equity transfers out equals residual equity transfers in

Answer 71

[1] a balanced budget demonstrates inter-period equity. interpreted equity is a significant part of accountability on behalf of a governmental entity. it helps users assess whether current year revenues are sufficient to pay for the services provided that year and whether future taxpayers will be required to pay for the services provided that year and whether future taxpayers will be required to assume burdens for services previously provided. residual equity transfers is an obsolete term included as a distracter.

Question 72

a derivative financial instrument is best described as: 1. a contract that conveys to a second entity a right to future collections on accounts receivable from a first entity 2. a contract that has its settlement value tied to an underlying notional amount

Answer 72

[2] 衍生金融工具最好描述為： 1. 向第二個實體轉讓未來從第一個實體收取應收賬款的權利的合同. a derivative is an instrument that derives its value from the value of some other instrument. 2. 其結算價值與標的名義金額掛鉤的合約

Question 73

prior service cost not recognized in net periodic pension cost 5000 how OCI report?

Answer 73

-5000 因爲是上一年確認的成本，所以應該減去。

Question 74

fund accounting is used by governmental units with resources that must be: 1. segregated for the purpose if carrying on specific activities or attaining certain objectives 2. segregated physically according to various objectives

Answer 74

[1] 1 為進行特定活動或目標而進行隔離 2是進行物理隔離

Question 75

which is true: 1. an advantage of the perpetual inventory systems is that the record-keeping required to maintain the system is relatively simple 2. a disadvantage of the periodic inventory system is that the cost of the good sold amount used for financial reporting purposes includes both the cost of inventory sold and inventory shortages.

Answer 75

[2] perpetual is not simple periodic 一年一次以上實物盤點決定庫存數量。庫存單位和相關成本在會計期末計算和股價，售出庫存成本和缺少的庫存不能輕易區分短缺

Question 76

what amount of insurance premium was paid？ ·prepaid insurance at Dec 31, Y1 $105 ·charges to insurance expense during Y2(including a year-end adjustment of $17.5) $437.5 ·prepaid insurance at Dec 31, Y2 $122.5

Answer 76

437.5+122.5-105=455

Question 77

which should be reported as a liability in the general fund statement? 1. an amount to be paid from current financial resources 2. an amount that is due within one year of the balance sheet date

Answer 77

[1] 普通基金財務報表中的負債根據當前財務資源計量重點從當前財務資源中支付的金額， 而不是資產負債表一年内到期的金額。

Question 78

gift without donor restrictions should be what revenue of a hospital? 1. other operating revenue 2. nonoperating revenue

Answer 78

[2] other operating revenue: revenue generate other than patient service, such as revenue from educational programs

Question 79

after an impairment loss is recognized, the adjusted carrying amount of the intangible asset shall be its new accounting basis. which of the following statements about the subsequent reversal of a previously recognized impairment loss is correct under USGAAP? 1. it is prohibit 2. it is required when the reversal is considered permanent 3. it must be disclosed in the notes to the financial statements 4. it is encouraged, but not required

Answer 79

[1] subsequent reversal of intangible asset impairment losses is prohibited unless the intangible asset is held for disposal.

Question 80

which basic of accounting is required for a city's government-wide financial statements? 1. accrual 2. modified accrual

Answer 80

accrual modified accrual is used as basis of reporting for the governmental funds

Question 81

where should disclose information about credit risks?

Answer 81

the notes to financial statements.

Question 82

which would result in an operating cash flow under the direct method? 1. increase in accounts payable 2. depreciation on fixed assets

Answer 82

[1] 2 will only be recored under the indirect method

Question 83

a property dividend 2,000 outstanding shares of $1 par value CS BV $1.5 per share FV $4.5 per share what amount should report in financial statement as gain on disposal of the stock?

Answer 83

6,000 difference between book value and fair market value of the property dividend should be recorded as gain/loss on disposal of asset.

Question 84

"guarantee-type" remote loss contingencies disclosure treatment ?

Answer 84

disclosure only