Question : 71. A company paid $47,500 plus a broker’s fee of $400 : 1256265

 

 

71. A company paid $47,500 plus a broker’s fee of $400 to acquire 8% bonds with a $60,000 maturity value. The company intends to hold the bonds to maturity. The cash proceeds the company will receive upon maturity of the bonds is: 

A. $60,000

B. $60,400

C. $47,900

D. $64,800

E. $52,300

 

 

 

72. Accounting for long-term investments in equity securities with controlling influence uses the: 

A. Controlling method.

B. Equity method with consolidation.

C. Investor method.

D. Investment method.

E. Consolidated method.

 

 

 

73. The controlling investor is referred to as the: 

A. Owner

B. Subsidiary

C. Parent

D. Investee

E. Senior entity

 

 

 

 

74. In accounting for noninfluential securities: 

A. The GAAP concept of “trading securities” is commonly referred to as “financial

assets at fair value through profit and loss” under IFRS.

B. The IFRS concept of “trading securities” is commonly referred to as “financial

assets at fair value through profit and loss” under GAAP.

C. The GAAP concept of “available-for-sale securities” is commonly referred to as “available-for-sale financial assets” under IFRS.

D. The IRFS concept of “available-for-sale securities” translates as “available-for-sale financial assets” under GAAP.

E. Both A and C above are true statements.

 

 

 

 

75. Consolidated financial statements: 

A. Show the results of operations, cash flows, and the financial position of all entities under a parent’s control.

B. Show the results of operations, cash flows, and the financial position of the parent only.

C. Show the results of operations, cash flows, and the financial position of the subsidiary only.

D. Include the investments account on the balance sheet.

E. Do not include a balance sheet.

 

 

 

76. A controlling influence over the investee is based on the investor owning voting stock exceeding: 

A. 10%

B. 20%

C. 30%

D. 40%

E. 50%

 

 

 

 

 

 

 

 

77. Short-term investments in held-to-maturity debt securities are accounted for using the: 

A. Market value method with market adjustment to income.

B. Market value method with market adjustment to equity.

C. Cost method with amortization.

D. Cost method without amortization.

E. Equity method.

 

 

 

78. Long-term investments in held-to-maturity debt securities are accounted for using the: 

A. Market value method with market adjustment to income.

B. Market value method with market adjustment to equity.

C. Cost method with amortization.

D. Cost method without amortization.

E. Equity method.

 

 

 

79. The price of one currency stated in terms of another currency is called a(n): 

A. Foreign exchange rate

B. Currency transaction

C. Historical exchange rate

D. International conversion rate

E. Currency rate

 

 

 

80. The currency in which a company presents its financial statements is known as the: 

A. Multinational currency

B. Price-level-adjusted currency

C. Specific currency

D. Reporting currency

E. Historical cost currency

 

 

 

 

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