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During year 4, the management of West Inc. decided to dispose of some of its older equipment and machinery. By year-end, December 31, year 4, these assets had not been sold, although the company was ne...
2016-04-14The following information pertains to Dahl Corp.: Accumulated earnings and profits at January 1, Year 1 $ 120,000 Earnings and profits for the year ended December 31, Year 1 160,000 Cash distributions ...
2016-04-14A horizontal merger is a merger between a. Two or more firms from different and unrelated markets. b. Two or more firms at different stages of the production process. c. A producer and its supplier. d....
2016-04-14At December 31, year 3, Golden Finance Co. had the following deferred income tax items: A deferred income tax liability of $15,000 related to a noncurrent asset. A deferred income tax asset of $3,000 r...
2016-04-14A transaction was reported as a nonmonetary exchange of assets. Under which of the following circumstances should the exchange be measured based on the reported amount of the nonmonetary asset surrende...
2016-04-13Accrual-basis taxpayers should report gross income A. When income is either actually or constructively received, whether in cash or in property. B. When all events have occurred that fix the taxpayers ...
2016-04-13A company has income after tax of $5.4 million, interest expense of $1 million for the year, depreciation expense of $1 million, and a 40% tax rate. What is the companys times-interest- earned ratio? a...
2016-04-13Which of the following assets of a nongovernmental not-for-profit charitable organization must be depreciated? A. A freezer costing $150,000 for storing food for the soup kitchen. B. Building costs of ...
2016-04-13During the current year, Jase Co. incurred research and development costs of $136,000 in its laboratories relating to a patent that was granted on July 1. Costs of registering the patent equaled $34,00...
2016-04-12Which of the following will be legally binding on all parties despite lack of consideration? A. An irrevocable oral promise by a merchant to keep an offer open for 60 days. B. A promise to donate money...
2016-04-12Which of the following assets of a nongovernmental not-for-profit charitable organization must be depreciated? 【選項】 A. A freezer costing $150,000 for storing food for the soup kitchen. B. Building costs of $500,000 for construction in progress for senior citizen housing. C. Land valued at $1 million being used as the site of the new senior citizen home. D. A bulk purchase of $20,000 of line.........
2020-02-14John Wolf, who is 45 years old and unmarried, contributed $2,000 monthly in 2015 to the support of his parents household, which paid for more than 50% of the costs of maintaining that household. . The parents lived alone and their income for 2015 consisted of $2,400 from dividends and interest, and $9,600 from Social Security. Based on the above information, what is Wolfs filing status for 2015, a.........
2020-02-14Under IFRS, convertible bonds issued are 【選項】 A.Recorded at face valuewithout consideration ofapremiumordiscount. B.Separated intodebtandequity componentswiththeliability component recordedat fairvalueandtheresidualassigned totheequity component. C.Always recorded using the fair value option. D.Recorded at face value for the liability along with the associated premium or discount. 【答案】.........
2020-02-14Business Information System (BIS) allow a business to perform the following functions on data: 【選項】 A.Distribute, collect, report and transform. B.Process, report, and store. C.Initiate, process, distribute, transform, and store. D.Collect, process, store, transform and distribute. 【答案】 A 【解析】 Choice a is correct. Business information Systems allow a business to perform the .........
2020-02-14During year 4, the management of West Inc. decided to dispose of some of its older equipment and machinery. By year-end, December 31, year 4, these assets had not been sold, although the company was negotiating their sale to another company. On the December 31, year 4 balance sheet of West Inc., this equipment and machinery should be reported at a. Fair value. b. Carrying amount. c. The lower of c.........
2016-04-14One of the elements of a financial statement is comprehensive income. Comprehensive income excludes changes in equity resulting from which of the following? a. Prior period error correction. b. Dividends paid to stockholders. c. Loss from discontinued operations. d. Unrealized loss on investments in noncurrent marketable equity securities. Answer:B Choice b is correct. Comprehensive income include.........
2016-04-07One of the criteria for a valid assignment of a sales contract to a third party is that the assignment must a. Be supported by adequate consideration from the assignee. b. Be in writing and signed by the assignor. c. Not materially increase the other partys risk or duty. d. Not be revocable by the assignor Answer:C Assignment is the transfer of a right under a contract by one person to another. An.........
2016-04-07Limitations of an activity-based costing system include which of the following? a. Control of overhead costs is enhanced. b. Activity-based costing systems are less reliable. c. The expense of obtaining cost data is relatively high. d. It eliminates arbitrary assignment of overhead costs. Answer:C Choice c is correct. Activity based costs anticipates increased cost pools and increased allocation b.........
2016-04-07Which of the following represents the procedure managers use to identify whether the company has information that unauthorized individuals want,how these individuals could obtain the information ,the value of the information ,and the probability of unauthorized access occurring? a. Systems assessment. b. Risk assessment. c. Test of controls. d. Disaster recovery plan assessment. Answer:B Choice b .........
2016-04-07In the exchange of nonmonetary assets that lacks commercial substance: a. If no boot is paid there will be no loss recognized. b. If boot is paid, all realized gains are partially recognized. c. If boot is paid, all realized losses are fully recognized. d. If boot is received, all realized gains are fully recognized. Answer:C Choice c is correct. In any exchange, all realized losses are fully rec.........
2016-04-06Which of the following correctly lists the order, from earliest to latest, that U.S. legislative bodies consider new tax legislation? a. House of Representatives, Joint Conference Committee, U.S. Senate. b. U.S. Senate, Joint Conference Committee, House of Representatives. c. Joint Conference Committee, House of Representatives, Senate Finance Committee. d. House of Representatives, U.S. Senate, J.........
2016-04-06A manufacturer that wants to improve its staging process compares its procedures against the check in process for a major airline. Which of the following tools is the manufacturer using? a. Total quality management. b. Statistical process control. c. Economic value-added. d. Benchmarking. Answer:D Choiced is correct. The requirement is to identify the item that describes the strategy being employ.........
2016-04-06Under the ethical standards of the profession in the United States, which of the following circumstances would impair independence in the audit of an issuer but would not impair independence in the audit of a nonissuer? a.The lead partner has worked on the audit engagement of a client for ten years. b.The firm performing the financial statement audit also designed and implemented the clients finan.........
2016-04-06Which of the following conditions must exist in order for an impairment loss to be recognized under U.S. GAAP? I. The carrying amount of the long-lived asset is less than its fair value. II. The carrying amount of the long-lived asset is not recoverable. a. Neither I nor II. b. Both I and II. c. I only. d. II only. Answer:D Choice d is correct. A long-lived asset is impaired if the carrying amount.........
2016-04-05During the year, Barlow moved from Chicago to Miami to start a new job, incurring costs of $1,200 to move household goods and $2,500 in temporary living expenses. Barlow was not reimbursed for any of these expenses. What amount should Barlow deduct as itemized deduction for moving expense? a. $3,000 b. $3,700 c. $2,700 d. $0 Answer:D Choice d is correct. There is no itemized deduction for temporar.........
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