单项选择题
1. Which of the following is least likely to be a condition necessary for revenue recognition?科技创新与应用
A. Cash has been collected.
B. The goods have been delivered.
C. The price has been determined.
2. A company has a contract to build a house for $80000 with an estimated time to completion of three years. A reliable cost estimate of the project is $50000. In the first year of the project, **pany incurred cost totaling $20000. How much profit should **pany report at the end of the first year under the percentage-of-completion method and **pleted-contract method?
percentage-of-completion **pleted-contract method
② $12000 $30000
③ $30000 $0
A. ①
B. ②
C. ③
3. Which principle requires that cost of goods sold be recognized in the same period in which the sale of the related inventory is recorded?
B. Matching.
C. Going concern.
4. When accounting for inventory, are the first-in, first-out (FIFO) and the last-in, first-out (LIFO) permitted under U.S. GAAP?
FIFO LIFO
dtfd ① yes yes
② yes no
③ no yes
A. ①
B. ②
C. ③
5. Which of the following statements best describes the impact of depreciating equipment
with a useful life of 5 years using the declining balance method as compared to the straight-line method?
A. Depreciation expense will he higher in the first year.
B. Scrapping the equipment after four years will result in a larger loss.
C. Total depreciation expense will be higher over the life of the equipment.
6. At the beginning of the year, Weller Corporation purchased a new piece of equipment to be used in its manufacturing operation. The cost of the equipment was $12000. The equipment is expected to be used for 5 years and then sold for $3000. Depreciation expense to be reported for the second year using the double declining balance method is closest to:
A. $1800
B. $2880
C. $3600
7. Addison Corporation reported the following inventory transactions (in chronological order) for the year: purchase
40 units at $30
20 units at $40
90 units at $50 sales
13 units at $35
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35 units at $45
60 units at $60
Assuming inventory at the beginning of the year was zero, calculate the year-end inventory using FIFO and LIFO.
FIFO LIFO
① $5220 $1040 wap服务
② $2100 $1280
③ $2100 $1040
A. ①
B. ②
C. ③
8. For the most recent year a **pany reports the following items on their income statemen
t: interest expense
loss on disposal of fixed assets
realized gain on sale of available-for-sale securities $150000
$86000
$550000
Which of the items is classified as an operating item in **pany"s income statement?
A. interest expense.
B. loss on disposal of fixed assets.
C. realized gain on sale of available-for-sale securities.
9. Which of the following statements is least likely considered to be a nonoperating transaction expense from the perspective of a manufacturing firm?
A. Interests expense on subordinated debentures.
B. Accruing bad debt expense for goods sold on credit.
C. Dividends received from available-for-sale securities.
10. Which of the following statements about nonrecurring item is least accurate?
A. Unusual or infrequent items are reported before taxes above net income from continuing operations.
B. Gains from extraordinary items are reported net of taxes at the bottom of the income statement before net income.
C. A change in accounting principle is reported in the income statement net of taxes after extraordinary items and before net income.
11. An analyst gathers the following information about a company: average market price per share of common stock during the year
exercise price per share for options on 50000 common shares
exercise price per share for warrants on 50000 common shares $40
$50
$30
Using the treasury stock method, the number of incremental shares used to compute diluted earnings per share is closest to:
A. 5000
B. 15000
C. 20000
12. The D&G Corporation had 100000 shares of common stock outstanding at the beginning of the year. D&G issued 30000 shares of common stock on May 1. On July 1, **pany issued a 10% stock dividend. On September 1, D&G issued 1000, 10% bonds, each convertible into 21 shares of common stock. What is the weighted average number of shares to be used in computing basic and diluted EPS, assuming the convertible bonds are dilutive?
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