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Question : 161. The FASB and IASB have increasingly required or permitted firms : 1230397

Accounting

 

 

161. The FASB and IASB have increasingly required or permitted firms to report certain assets and liabilities at their fair values (or the lower of fair value or carrying value) at the end of each period instead of their historical (or acquisition) costs. Examples include which of the following?  
A. Measurement of all inventories at lower of cost or market.
B. Measurement of fixed assets and intangibles at fair value.
C. Measurement of marketable equity securities at the lower of fair value or carrying value.
D. Measurement of derivatives, and financial instruments in certain designated hedges, at the lower of fair value or carrying value.
E. all of the above

 

162. The FASB and IASB have increasingly required or permitted firms to report certain assets and liabilities at their fair values (or the lower of fair value or carrying value) at the end of each period instead of their historical (or acquisition) costs. Examples include which of the following?  
A. Measurement of all inventories at lower of cost or market.
B. Measurement of fixed assets and intangibles at fair value.
C. Measurement of marketable equity securities at the lower of fair value or carrying value.
D. Measurement of derivatives, and financial instruments in certain designated hedges, at the lower of fair value or carrying value.
E. all of the above

 

163. In some cases U.S. GAAP and IFRS require firms to recognize the gains and losses in measuring net income in the period of the revaluation, even though the firm has not yet realized the gain or loss in a cash transaction. For example, firms include losses from decreases in the carrying values of inventories, fixed assets, and intangibles in computing _____  in the period of the remeasurement.  
A. net income
B. gross income
C. other comprehensive income
D. accumulated other comprehensive income
E. cash flows from operations

 

164. In some cases U.S. GAAP and IFRS require firms to recognize the gains and losses in measuring net income in the period of the revaluation, even though the firm has not yet realized the gain or loss in a cash transaction. For example, As the fair value of the hedged financial instrument and its derivative change, firms include gains and losses from the remeasurement of financial instruments classified as fair value hedges in _____. 
A. net income
B. gross income
C. other comprehensive income
D. accumulated other comprehensive income
E. cash flows from operations

 

165. U.S. GAAP and IFRS require firms to disclose unrealized gains and losses that historically have bypassed the income statement in a category called _____. 
A. net income
B. gross income
C. other comprehensive income
D. accumulated other comprehensive income
E. cash flows from operations

 

166. Why does U.S. GAAP and IFRS not require firms to include in net income all unrealized gains and losses from the remeasurement of assets and liabilities?  
A. Doing so would probably increase the volatility of reported income.
B. Including all unrealized gains and losses on marketable equity securities in net income each period would cause reported net income to fluctuate in response to fluctuations in market prices.
C. Many managers prefer to report stable or steadily growing net income in contrast to fluctuating net income, perhaps because they believe that lower income volatility will lead to a higher market price of the firm’s shares.
D. Users of financial statements might overlook fair value changes in certain items if they appear on the comparative balance sheet only and not in the income statement
E. all of the above

 

167. Other comprehensive income for a reporting period includes 
A. changes in the fair value of marketable equity securities available for sale.
B. changes in the fair value of derivatives used as cash flow hedges.
C. gains and losses related to retirement plans not yet recognized in measuring retirement benefits expense.
D. all of the above
E. none of the above

 

168. Accumulated Other Comprehensive Income 
A.  is a shareholders’ equity account on the balance sheet.
B. reports the cumulative amounts of other comprehensive income as of the date of the balance sheet.
C. equals net income on the traditional income statement plus other comprehensive income for the period.
D. choices a and b
E. choices a, b, and c

 

169. Firms have considerable flexibility as to how they report other comprehensive income each period. Under U.S. GAAP, they can  
A. include it with net income in a single statement of comprehensive income.
B. include it in a separate statement of other comprehensive income that is one of the notes to the financial statements.
C. include it in a statement of changes in shareholders’ equity.
D. all of the above
E. none of the above

 

170. Firms have considerable flexibility as to how they report other comprehensive income each period. Under IFRS, they can  
A. include it with net income in a single statement of comprehensive income.
B. include it in a separate statement of other comprehensive income that is one of the notes to the financial statements.
C. include it in a statement of changes in shareholders’ equity.
D. all of the above
E. choices a and b, only.

 

 

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July 1, 2023
    

 

91. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: 

A. Weighted average inventory method.

B. First-in, first-out method.

C. Last-in, first-out method.

D. Specific identification method.

E. Retail inventory method.

92. A company had the following purchases during the current year:

  

On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? 

A. $3,500.

B. $3,800.

C. $3,960.

D. $3,280.

E. $3,640.

93. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 

A. $304

B. $296

C. $288

D. $280

E. $276

94. Axme Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale? 

A. $148.00.

B. $150.50.

C. $158.40.

D. $210.00.

E. $330.00.

95. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? 

A. $120.

B. $124.

C. $128.

D. $130.

E. $140.

96. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? 

A. $140.

B. $160.

C. $210.

D. $380.

E. $590.

97. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold? 

A. $395.

B. $410.

C. $450.

D. $510.

E. $520.

98. A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:

  

If the ending inventory is reported at $276, what inventory method was used? 

A. LIFO method.

B. FIFO method.

C. Weighted average method.

D. Specific identification method.

E. Retail inventory method.

99. Axme uses a weighted average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $15 per unit.

August 29, 20 units were sold.

August 31, 14 units were purchased at $16 per unit.

What is the per-unit value of ending inventory on August 31? 

A. $12.00.

B. $13.80.

C. $15.42.

D. $16.00.

E. $17.74.

F. * $345/25 units = $13.80/unit

100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

  

The cost of the ending inventory is 

A. $200.

B. $220.

C. $380.

D. $275.

E. $300.

 

default image
July 1, 2023
    

 

91. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: 

A. Weighted average inventory method.

B. First-in, first-out method.

C. Last-in, first-out method.

D. Specific identification method.

E. Retail inventory method.

92. A company had the following purchases during the current year:

  

On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? 

A. $3,500.

B. $3,800.

C. $3,960.

D. $3,280.

E. $3,640.

93. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 

A. $304

B. $296

C. $288

D. $280

E. $276

94. Axme Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale? 

A. $148.00.

B. $150.50.

C. $158.40.

D. $210.00.

E. $330.00.

95. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? 

A. $120.

B. $124.

C. $128.

D. $130.

E. $140.

96. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? 

A. $140.

B. $160.

C. $210.

D. $380.

E. $590.

97. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold? 

A. $395.

B. $410.

C. $450.

D. $510.

E. $520.

98. A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:

  

If the ending inventory is reported at $276, what inventory method was used? 

A. LIFO method.

B. FIFO method.

C. Weighted average method.

D. Specific identification method.

E. Retail inventory method.

99. Axme uses a weighted average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $15 per unit.

August 29, 20 units were sold.

August 31, 14 units were purchased at $16 per unit.

What is the per-unit value of ending inventory on August 31? 

A. $12.00.

B. $13.80.

C. $15.42.

D. $16.00.

E. $17.74.

F. * $345/25 units = $13.80/unit

100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

  

The cost of the ending inventory is 

A. $200.

B. $220.

C. $380.

D. $275.

E. $300.

 

default image
July 1, 2023
    

 

91. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: 

A. Weighted average inventory method.

B. First-in, first-out method.

C. Last-in, first-out method.

D. Specific identification method.

E. Retail inventory method.

92. A company had the following purchases during the current year:

  

On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? 

A. $3,500.

B. $3,800.

C. $3,960.

D. $3,280.

E. $3,640.

93. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 

A. $304

B. $296

C. $288

D. $280

E. $276

94. Axme Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale? 

A. $148.00.

B. $150.50.

C. $158.40.

D. $210.00.

E. $330.00.

95. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? 

A. $120.

B. $124.

C. $128.

D. $130.

E. $140.

96. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? 

A. $140.

B. $160.

C. $210.

D. $380.

E. $590.

97. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold? 

A. $395.

B. $410.

C. $450.

D. $510.

E. $520.

98. A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:

  

If the ending inventory is reported at $276, what inventory method was used? 

A. LIFO method.

B. FIFO method.

C. Weighted average method.

D. Specific identification method.

E. Retail inventory method.

99. Axme uses a weighted average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $15 per unit.

August 29, 20 units were sold.

August 31, 14 units were purchased at $16 per unit.

What is the per-unit value of ending inventory on August 31? 

A. $12.00.

B. $13.80.

C. $15.42.

D. $16.00.

E. $17.74.

F. * $345/25 units = $13.80/unit

100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

  

The cost of the ending inventory is 

A. $200.

B. $220.

C. $380.

D. $275.

E. $300.

 

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