[FAR] quiz #1/2

According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on
A. The need for conservatism.
B. Reporting on management's stewardship.
C. Generally accepted accounting principles.
D. The needs of the users of the information.


→ D//

FASB; conceptual framework; SFAC


According to the FASB conceptual framework, which of the following statements conforms to the realization concept?
A. Equipment depreciation was assigned to a production department and then to product unit costs.
B. Depreciated equipment was sold in exchange for a note receivable.
C. Cash was collected on accounts receivable.
D. Product unit costs were assigned to cost of goods sold when the units were sold.


→ D//

cf. FASB; conceptual framework; realization concept


Which of the following should be included in general and administrative expenses?
Interest Advertising
A. Yes Yes
B. Yes No
C. No Yes
D. No No


→ B//

cf. general and administrative expenses


In analyzing a company's financial statements, which financial statement would a potential investor primarily use to assess the company's liquidity and financial flexibility?
A. Balance sheet.
B. Income statement.
C. Statement of retained earnings.
D. Statement of cash flows.


→ A//

cf. company's liquidity and financial flexibility

At January 1, 20x1, Jamin Co. had a credit balance of $260,000 in its allowance for uncollectible accounts. Based on past experience, 2% of Jamin's credit sales have been uncollectible. During 20x1, Jamin wrote off $325,000 of uncollectible accounts. Credit sales for 20x1 were $9,000,000. In its December 31, 20x1 balance sheet, what amount should Jamin report as allowance for uncollectible accounts?
A.           $115,000
B.           $180,000
C.           $245,000
D.           $440,000
1月1日、20x1でJamin Co.は、回収不能口座に対する貸倒引当金26万ドルを有していた。過去の経験から、Jaminのクレジット売上の2%は回収不能であった。 20倍の間、ジャミン氏は325,000ドルの回収不能口座を手に入れました。 20x1の信用販売額は9,000,000ドルだった。 12月31日、20x1の貸借対照表において、ジャミンが回収不能な勘定の引当金として報告すべき金額は?
→ C//
cf. allowance for uncollectible accounts (Unit 3-6+)
2001/1/1 allowance for uncollectible accounts 260K
2% on AR = uncollectible
during 2001 wrote-off 325K - uncollectible accounts
during 2001 AR 9000K
2001/12/31 x = allowance for uncollectible accounts on BS
BB 260K - 325K + x = 9000K * 2% = EB 180K
x = 245


The following information applied to Fenn, Inc. for 20x1:

Merchandise purchased for resale $400,000
Freight-in 10,000
Freight-out 5,000
Purchase returns 2,000
Fenn's 20x1 inventoriable cost was
A. $400,000
B. $403,000
C. $408,000
D. $413,000

inventoriable cost

7 - TODO ★★
Lewis Company's usual sales terms are net 60 days, FOB shipping point. Sales, net of returns and allowances, totaled $2,300,000 for the year ended December 31, 20x1, before year-end adjustments. Additional data are as follows:
・On December 27, 20x1, Lewis authorized a customer to return, for full credit, goods shipped and billed at $50,000 on December 15, 20x1. The returned goods were received by Lewis on January 4, 20x2, and a $50,000 credit memo was issued and recorded on the same date.
・Goods with an invoice amount of $80,000 were billed and recorded on January 3, 20x2. The goods were shipped on December 30, 20x1.
・Goods with an invoice amount of $100,000 were billed and recorded on December 30, 20x1. The goods were shipped on January 3, 20x2.
Lewis' adjusted net sales for 20x1 should be
A.           $2,330,000
B.           $2,280,000
C.           $2,250,000
D.           $2,230,000
・20x1 12月27日、ルイスは、20x1 12月15日に出荷され、5万ドルで請求された商品を全額返品することを顧客に許可しました。返品は1月4日、20x2でLewisに受け取り、50,000ドルのクレジットメモが発行され、同じ日付に記録されました。
・請求書金額が$ 80,000の商品は、20x2の1月3日に請求され記録されました。商品は20x1 12月30日に出荷されました。
・請求書金額が10万ドルの商品は、20x1 12月30日に請求され記録されました。商品は1月3日、20x2で出荷されました。
x = net sales for Y1
net 60
FOB shipping point
shipped out during Y1 = 2300K
 - Dr. return (received on Y2/1/4)/ Sales 50K (booked on 12/15)
- Dr. AP 50 / Cr. Cash
- Dr. NP 50 / Cr. AP 50
- Dr. AR 80K / Cr. Sales 80K
- Dr. Cash 80K / Cr. AR 80K
- Dr. goods shippable 100K ?? / Cr. unearned revenue 100K
- Dr. goods shippable 100K ?? / Cr. Inventory 100K
- Dr. unearned revenue 100K / Cr. Sales 100K
unearned revenue [前受収益] - 代金の受け取りがサービスの提供より前に行われた場合で、提供していないサービスを負債計上する科目
accrued revenue [未収収益] - 代金受領よりサービスの提供が前になった場合で、その金額を資産計上する科目

8 - TODO ★★
On September 1, 20x1, Brak Co. borrowed on a $1,350,000 note payable from Federal Bank. The note bears interest at 12% and is payable in 3 equal annual principal payments of $450,000. On this date, the bank's prime rate was 11%. The first annual payment for interest and principal was made on September 1, 20x2. At December 31, 20x2, what amount should Brak report as accrued interest payable?
A.           $54,000
B.           $49,500
C.           $36,000
D.           $33,000
Brax社は、20x1年9月1日、連邦銀行から支払われる1,350,000ドルの手形を借りた。この利息は12%の利息を有しており、3件の元本支払額が450,000ドルで支払われる。この日、銀行のプライム・レートは11%でした。利子および元本の第1回年次支払いは、20x2の9月1日に行われました。 12月31日、20x2で、Brakは未払利息としてどの金額を報告すべきですか?
x = accrued interest payable at Y2/12/31
Y1/9/1 Dr. Cash / Cr. NP 1350K - int 12%, 3 equal annual principal = 458K
prime rate 11%...
cf. prime rate, interest

Merry Co. purchased a machine costing $125,000 for its manufacturing operations and paid shipping costs of $20,000. Merry spent an additional $10,000 testing and preparing the machine for use. What amount should Merry record as the cost of the machine?
A.           $155,000
B.           $145,000
C.           $135,000
D.           $125,000
Merry Co.は、製造作業で$ 125,000の原価計算機を購入し、$ 20,000の配送料を支払った。メリーはさらに10,000ドルのテストとマシンの使用準備をしました。メリーはマシンのコストとしてどのくらいの金額を記録する必要がありますか?
→ A//
PPE 125K / Cash 125K
125 + freight-in 20K + implementation 10K = 155K

10 - TODO ★★

On July 1, 20x1, in an exchange with commercial substance, Balt Co. exchanged a truck for 25 shares of Ace Corp.'s common stock. On that date, the truck's carrying amount was $2,500, and its fair value was $3,000. Also, the book value of Ace's stock was $60 per share. On December 31, 20x1, Ace had 250 shares of common stock outstanding and its book value per share was $50. What amount should Balt report in its December 31, 20x1 balance sheet as investment in Ace?
A.           $3,000
B.           $2,500
C.           $1,500
D.           $1,250
商業用物質との交換で、20x1の7月1日に、Balt Co.は、Ace Corp.の普通株式25株のトラックを交換した。その日、トラックの帳簿価額は2,500ドルであり、公正価値は3,000ドルでした。また、エースの株式の簿価は1株当たり60ドルでした。 12月31日、20x1で、エースは発行済みの普通株式250株を有し、1株当たりの簿価は50ドルでした。バルトは、12月31日、20x1のバランスシートをエースへの投資としてどのような金額で報告すべきですか?
x = investment in Ace on Y1/12/31 BS
Y1/7/1 Inventory/truck 25
AD 2500
BV on Ace 60 * 25 = 1500
cf. carrying amount, investment (Unit 2-5)


In 20x1, Super Comics Corp. sold a comic strip to Fantasy, Inc. and will receive royalties of 20% of future revenues associated with the comic strip. At December 31, 20x2, Super reported royalties receivable of $75,000 from Fantasy. During 20x3, Super received royalty payments of $200,000. Fantasy reported revenues of $1,500,000 in 20x3 from the comic strip. In its 20x3 income statement, what amount should Super report as royalty revenue?
A. $125,000
B. $175,000
C. $200,000
D. $300,000

Super Comics Corp.は20x1でFantasy、Inc.に漫画を販売し、漫画に関連した将来の収益の20%のロイヤルティを受け取る予定です。 12月31日、20x2で、Superはファンタジーから75,000ドルのロイヤルティ債権を報告した。 20x3の間、Superは200,000ドルのロイヤルティを受け取った。ファンタジーは、漫画から20x3で$ 1,500,000の収入を報告した。その20x3の損益計算書で、Superは、ロイヤルティ収入としてどのくらいの金額を報告すべきですか?


Frame Co. has an 8% note receivable dated June 30, 20x1 in the original amount of $150,000. Payments of $50,000 in principal plus accrued interest are due annually on July 1, 20x2, 20x3, and 20x4. In its June 30, 20x3 balance sheet, what amount should Frame report as a current asset for interest on the note receivable?

A. $0
B. $4,000
C. $8,000
D. $12,000

フレーム・カンパニーは、6月30日20x1の元受取額が15万ドルの8%の受取手形を有しています。原則として50,000ドルと未払利息​​の支払いは、毎年7月1日、20x2,20x3、および20x4で行われます。 6月30日、20x3の貸借対照表において、未収利息の金利のために現在の資産として報告額をどの額にするべきか?


The calculation of the income recognized in the third year of a five-year construction contract accounted for using the percentage-of-completion method includes the ratio of
A. Total costs incurred to date to total estimated costs.
B. Total costs incurred to date to total billings to date.
C. Costs incurred in year 3 to total estimated costs.
D. Costs incurred in year 3 to total billings to date.



On April 1, 20x1, Hyde Corp., a newly formed company, had the following stock issued and outstanding:

・ Common stock, no par, $1 stated value, 20,000 shares originally issued for $30 per share.
・ Preferred stock, $10 par value, 6,000 shares originally issued for $50 per share.

Hyde's April 1, 20x1 statement of stockholders' equity should report
Common stock/ Preferred stock/ Additional paid-in capital
A. $20,000 $60,000 $820,000
B. $20,000 $300,000 $580,000
C. $600,000 $300,000 $0
D. $600,000 $60,000 $240,000


・普通株式は、何の額面は$ 1記載された値は20,000株はもともと株あたり$ 30発行されません。



Wall Co. leased office premises to Fox, Inc. for a 5-year term beginning January 2, 20x1. Under the terms of the operating lease, rent for the first year is $8,000 and rent for years 2 through 5 is $12,500 per annum. However, as an inducement to enter the lease, Wall granted Fox the first 6 months of the lease rent-free. In its December 31, 20x1 income statement, what amount should Wall report as rental income?
A. $12,000
B. $11,600
C. $10,800
D. $8,000

Wall Co.は、20x1月1日から5年間、Fox社にオフィスビルを賃貸しました。オペレーティング・リースの条件に基づき、最初の年の賃料は8,000ドル、2年から5年の賃料は年間12,500ドルです。しかし、リース契約の誘因として、ウォールはリースフリーの最初の6ヶ月間フォックスに貸与を認めていません。 12月31日、20x1の損益計算書で、Wallレポートは賃貸収入としてどのくらいの金額を報告する必要がありますか?


On January 2, 20x1, Nori Mining Co. (lessee) entered into a 5-year lease for drilling equipment. Nori accounted for the acquisition as a capital lease for $240,000, which includes a $10,000 bargain purchase option. At the end of the lease, Nori expects to exercise the bargain purchase option. Nori estimates that the equipment's fair value will be $20,000 at the end of its 8-year life. Nori regularly uses straight-line depreciation on similar equipment. For the year ended December 31, 20x1, what amount should Nori recognize as depreciation expense on the leased asset?
A. $48,000
B. $46,000
C. $30,000
D. $27,500

Nori Mining Co.(借手)は、20x1年1月2日に5年間の掘削機器のリース契約を締結しました。 Noriは買収を$ 240,000のキャピタルリースとして会計処理しました。これには10,000ドルのバーゲン購入オプションが含まれています。リース終了時に、ノーリはバーゲン購入オプションを行使する予定です。 Nori氏は、機器の公正価値は8年の終わりに2万ドルになると見積もっています。ノリは、同様の設備について定額減価償却費を定期的に使用しています。ノリがリース資産の減価償却費として認識すべき金額は、20x1の12月31日に終了した年度の金額です。


On December 31, 20x1, Jet Co. received two $10,000 notes receivable from customers in exchange for services rendered. On both notes, interest is calculated on the outstanding principal balance at the annual rate of 3% and payable at maturity. The note from Hart Corp., made under customary trade terms, is due in 9 months and the note from Maxx, Inc. is due in 5 years. The market interest rate for similar notes on December 31, 20x1, was 8%. The compound interest factors to convert future values into present values at 8% follow:

-Present value of $1 due in 9 months: .944
-Present value of $1 due in 5 years: .680

At what amounts should these two notes receivable be reported in Jet's December 31, 20x1 balance sheet?
Hart Maxx
A. $9,440 $6,800
B. $9,652 $7,820
C. $10,000 $6,800
D. $10,000 $7,820

ジェット・カンパニーは、20x1 12月31日に、提供されたサービスと引き換えに顧客から2百万米ドルの受取債権を受領しました。両利息については、未払元本残高を年間利率3%で計算し、満期時に支払利息を計上しています。ハート・コーポレーションの慣習的な取引条件に基づく注釈書は9ヶ月で返済予定であり、マックス・インクの注釈書は5年後のものである。 20x1 12月31日の同様の債券の市場金利は8%であった。将来価値を現在価値に換算するための複合的利子率は、以下のとおりです。

9ヶ月で$ 1の現在価値:.944
5年間で$ 1の現在価値:.680



According to the cost recovery method of accounting, gross profit on an installment sale is recognized in income
A. After cash collections equal to the cost of sales have been received.
B. In proportion to the cash collections.
C. On the date the final cash collection is received.
D. On the date of sale.



Beck Corp. issued 200,000 shares of common stock when it began operations in 20x1 and issued an additional 100,000 shares in 20x2. Beck also issued preferred stock convertible to 100,000 shares of common stock. In 20x3, Beck purchased 75,000 shares of its common stock and held it in Treasury. At December 31,20x3, how many shares of Beck's common stock were outstanding?
A. 400,000
B. 325,000
C. 300,000
D. 225,000

ベック・コーポレーションは、20x1で稼動を開始した20万株の普通株式を発行し、20x2で10万株を発行した。ベックはまた普通株式10万株に転換可能な優先株式を発行した。 Beckは20x3で普通株式75,000株を購入し、財務省で保有した。 12月31日時点で、ベックの普通株式はどれくらいの数の株式が残っていましたか?


At December 31, 20x2 and 20x1, Gow Corp. had 100,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 20x2 or 20x1. Net income for 20x2 was $1,000,000. For 20x2, basic earnings per share amounted to
A. $10.00
B. $9.50
C. $9.00
D. $5.00

12月31日、20x2および20x1で、Gow Corp.は100,000株の普通株式と5%、100ドル額面の累積優先株式残高10,000株を保有していました。 20x2または20x1の優先株または普通株式のいずれについても配当は宣言されていません。 20x2の純利益は1,000,000ドルでした。 20x2の場合、基本的な1株当たり利益は


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