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課 題 社課 題 社名師資訊英文P1 // 課/英文P1SectionUnit1ExternalFinancialStatementsandRevenue1（單選題）AprimaryobjectiveofexternalfinancialreportingA、DirectmeasurementofthevalueofabusinessB、Provisionofinformationthatisusefultopresentandpotentialinvestorscreditorsandothersinmakingrationalfinancialdecisionsregardingtheenterprise.C、EstablishmentofrulesforaccruingD、Directmeasurementoftheenterprise’sstock展開答疑我要糾 收藏試題|收起解正確答案是：B您的答案是解 Answer(A)isFinancialreportingisnotdesignedtomeasuredirectlythevalueofabusiness.Answer(B)iscorrect.AccordingtotheFASB’sConceptualFramework,theobjectivesofexternalfinancialreportingaretoprovideinformationthat(1)isusefultopresentandpotentialinvestors,creditors,andothersinmakingrationalfinancialdecisionsregardingtheenterprise;(2)helpsthosepartiesinassessingtheamounts,timing,anduncertaintyofprospectivecashreceiptsfromdividendsorinterestandtheproceedsfromsale,redemption,ormaturityofsecuritiesorloans;and(3)concernstheeconomicresourcesofanenterprise,theclaimsthereto,andtheeffectsoftransactions,events,andcircumstancesthatchangeitsresourcesandclaimsthereto.Answer(C)isWhilerulesforaccruingliabilitiesareapracticalconcern,theestablishmentofsuchrulesisnotaprimaryobjectiveofexternalreporting.Answer(D)isTheobjectivesoffinancialaccountingareunrelatedtothemeasurementofstockprices;stockpricesareaproductofstockmarketforces.考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆只看錯(cuò)2（單選題）NotestofinancialstatementsarebeneficialinmeetingthedisclosurerequirementsoffinancialreportingThenotesshouldnotbeusedtoA、DescribesignificantaccountingB、DescribedepreciationmethodsemployedbytheC、Describeprinciplesandmethodspeculiartotheindustryinwhichthecompanyoperateswhentheseprinciplesandmethodsarepredominantlyfollowedinthatindustry.D、Correctanimproperpresentationinthefinancial展開答疑我要糾 收藏試題|收起解正確答案是：D您的答案是解 Answer(A)isItdescribesanappropriateandrequireddisclosurethatshouldappearinthenotestothefinancialstatements.Answer(B)isItdescribesanappropriateandrequireddisclosurethatshouldappearinthenotestothefinancialstatements.Answer(C)isItdescribesanappropriateandrequireddisclosurethatshouldappearinthenotestothefinancialstatements.Answer(D)isFinancialstatementnotesshouldnotbeusedtocorrectimproperpresentations.Thefinancialstatementsshouldbepresentedcorrectlyontheirown.Notesshouldbeusedtoexplainthemethodsusedtopreparethefinancialstatementsandtheamountsshown.Thefirstfootnotetypicallydescrbessignificantaccountingpolicies.考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆3（單選題）AnobjectiveoffinancialreportingA、Providinginformationusefultoinvestorscreditors,donorsandotherusersfordecisionmaking.B、Assessingtheadequacyofinternalcontrol.C、EvaluatingmanagementresultscomparedwithD、Providinginformationoncompliancewithestablished正確答案是

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展開答疑我要糾 收藏試題|收起解解 Answer(A)isTheobjectiveistoreportfinancialinformationthatisusefulinmakingdecisionsaboutprovidingresourcestothereportingentity.Primaryusersoffinancialinformationarecurrentorprospectiveinvestorsandcreditorswhocannotobtainitdirectly.Theirdecisionsdependonexpectedreturns.Answer(B)isAssessingtheadequacyofinternalcontrolisafunctionofinternalauditing,notfinancialAnswer(C)isEvaluatingmanagementresultscomparedwithstandardsisafunctionofinternalauditing,notfinancialreporting.Answer(D)isProvidinginformationoncompliancewithestablishedproceduresisafunctionofinternalauditing,notfinancialreporting.Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆44（單選題）Anentitythatsprayschemicalsinresidencestoeliminateorpreventinfestationofinsectsrequiresthatcustomersprepayfor3months’serviceatthebeginningofeachnewquarter.Selectthetermthatappropriaydescribesthissituationfromtheviewpointoftheentity.A、 B、 D、Prepaid展開答疑我要糾 收藏試題|收起解正確答案是：A您的答案是解 Answer(A)isThefutureinflowofeconomicbenefitsisnotsufficientlycertaingiventhattheentityhasnotdonewhatisrequiredtobeentitledtothosebenefits.Thus,thereceiptofcashinanticipationofgoodstobedeliveredorservicestobeperformedmustberecognizedasaliability,usuallycalleddeferred(orunearned)revenueordeferred(orunearned) Answer(B)isincorrect. eisnotearned.TheexterminatorhasnotperformedtherelatedservicesfortheAnswer(C)is ehasmettherecognitioncriteriabuthasnotbeenreceived.Answer(D)isincorrect.Thecustomerhasaprepaidexpense(expensepaidbutnot考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆5（單選題）heprimarypurposeofthestatementoffinancialpositionistoA、Thefairvalueofthefirm’sassetsatsomemomentinB、Thestatusofthefirm’sassetsincaseofforcedliquidationofthefirm.C、Thesuccessofacompany’soperationsforagivenamountoftime.D、Itemsofvaluedebtandnet展開答疑我要糾 收藏試題|收起解正確答案是：D您的答案是解 Answer(A)isThemeasurementattrbutesofassetsincludebutarenotlimitedtofairvalue.Answer(B)isincorrect.Financialstatementsreflectthegoingconcernassumption.Hence,theyusuallydonotreportforcedliquidationvalues.Answer(C)is estatementprovidesthistypeofinformation.Answer(D)iscorrect.Thebalancesheetpresentsthreemajorfinancialaccountingelements:assets(itemsofvalue),liabilities(debts),andequity(networth).AccordingtotheFASB’sConceptualFramework,assetsareprobablefutureeconomicbenefitsresultingfrompasttransactionsorevents.Liabilitiesareprobablefuturesacrificesofeconomicbenefitsarisingfrompresentobligationsasaresultofpasttransactionsorevents.Equityistheresidualinterestintheassetsafterdeductionofliabilities.考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆6（單選題）PrepaidexpensesarevaluedonthestatementoffinancialpositionatA、CosttoacquiretheB、FaceamountcollectibleatC、Costtoacquireminusaccumulatedamortization.D、Costlessexpiredorusedportion.展開答疑我要糾 收藏試題|收起解正確答案是：D您的答案是解 Answer(A)isThecostmustbereducedbytheexpiredorusedportionoftheprepaidasset.Answer(B)isincorrect.Prepaidexpenseswillnotbecollectedatmaturity.Answer(C)isincorrect.Prepaidexpensesarenotdepreciated;theyexpire.Answer(D)iscorrect.Prepaidexpenses,suchas s,prepaidrent,andprepaidinsurance,arereportedonthebalancesheetatcostminustheexpiredorusedportion.ThesearetypicallycurrentUnit1ExternalFinancialStatementsandRevenue筆 編輯筆77（單選題）Theaccountingequation(assets–liabilitiesequity)reflectsB、Fundtheory.D、Enterprisetheory.展開答疑我要糾 收藏試題|收起解正確答案是：C您的答案是解 Answer(A)isTheentityconceptlimitsaccountinginformationtothatrelatedtoaspecificentity(possiblynotthesameasthelegalentity).Answer(B)isFundtheorystressesthatassetsequalobligations(equityandliabilitiesaresourcesofAnswer(C)isTheequationisbasedontheproprietarytheory.Equityinanenterpriseiswhatremainsaftertheeconomicobligationsoftheenterprisearedeductedfromitseconomicresources.Answer(D)isincorrect.Theenterpriseconceptstressesownershipoftheassets;thatis,theemphasisisonthecreditsideofthebalancesheet.考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆8（單選題）WhenclassifyingassetsascurrentandnoncurrentforreportingA、TheamountsatwhichcurrentassetsarecarriedandreportedmustreflectrealizablecashB、Prepaymentsforitemssuchasinsuranceorrentareincludedinan“otherassetsgroupratherthanascurrentassetsastheywillultimaybeexpensed.C、Thetimeperiodbywhichcurrentassetsaredistinguishedfromnoncurrentassetsisdeterminedbytheseasonalnatureofthebusiness.D、Assetsareclassifiedascurrentiftheyarereasonablyexpectedtoberealizedincashorconsumedduringthenormaloperatingcycle.展開答疑我要糾 收藏試題|收起解正確答案是：D您的答案是解 Answer(A)isCurrentassetsaremeasuredusingdifferentattributes,forexample,lowerofcostormarketforinventoryandnetrealizablevalueforaccountsreceivable.Answer(B)isPrepaymentsmayqualifyascurrentassets.Theyoftenwillbeconsumedduringtheoperatingcycle.Answer(C)isTheclassificationcriterionisbasedonthenormaloperatingcycleregardlessoftheseasonalityofthebusiness.Answer(D)isForfinancialreportingpurposes,currentassetsconsistofcashandotherassetsorresourcesexpectedtoberealizedincash,sold,orconsumedduringthelongerof1yearorthenormaloperatingcycleofthebusiness.考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆9（單選題）ListerCompanyintendstorefinanceaportionofitsshort-termdebtinYear2andisnegotiatingalong-termfinancingagreementwithalocalbank.Thisagreementwouldbenoncancelableandwouldextendforaperiodof2years.Theamountofshort-termdebtthatListerCompanycanexcludefromitsstatementoffinancialpositionatDecember31,Year1,A、Mayexceedtheamountavailableforrefinancingundertheagreement.B、Dependsonthedemonstratedabilitytoconsummatetherefinancing.C、Isreducedbytheproportionatechangeintheworkingcapitalratio.D、Iszerounlesstherefinancinghasoccurredbyyear展開答疑我要糾 收藏試題|收起解正確答案是：B您的答案是解 Answer(A)isTheamountexcludedcannotexceedtheamountavailableforrefinancing.Answer(B)iscorrect.Ifanenterpriseintendstorefinanceshort-termobligationsonalong-termbasisanddemonstratesanabilitytoconsummatetherefinancing,theobligationsshouldbeexcludedfromcurrentliabilitiesandclassifiedasnoncurrent.Theabilitytoconsummatetherefinancingmaybedemonstratedbyapost-balance-sheet-dateissuanceofalong-termobligationorequitysecurities,orbyenteringintoafinancingagreementthatmeetscertaincriteria.Thesecriteriaarethattheagreementdoesnotexpirewithin1year,itisnoncancelablebythelender,noviolationoftheagreementexistsatthebalancesheetdate,andthelenderisfinanciallycapableofhonoringtheagreement.Answer(C)isThecorrectaccountingtreatmentdoesnotdependonchangesinratios.Answer(D)isincorrect.Therefinancingneednothaveoccurredifthefirmintendsanddemonstratesanabilitytoconsummatesuchrefinancing.Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆1010（單選題）AstatementoffinancialpositionisintendedtohelpinvestorsandA、Assesstheamounttiminganduncertaintyofprospectivenetcashinflowsofafirm.B、Evaluateeconomicresourcesandobligationsofafirm.C、EvaluateeconomicperformanceofaD、Evaluatechangesintheownershipequityofa展開答疑我要糾 收藏試題|收起解正確答案是：B您的答案是解析Answer(A)isProvidinginformationtohelpassesstheamount,timing,anduncertaintyofcashflowsisanobjectiveofthestatementofcashflows.Answer(B)isThestatementoffinancialposition,orbalancesheet,providesinformationaboutanentity’sresourcestructure(assets)andfinancingstructure(liabilitiesandequity)atamomentintime.AccordingtotheFASB’sConceptualFramework,thestatementoffinancialpositiondoesnotpurporttoshowthevalueofabusiness,butitenablesinvestors,creditors,andotheruserstomaketheirownestimatesofvalue.Ithelpsuserstoassessliquidity,financialflexibility,profitability,andrisk.Answer(C)isTheprimaryfocusoffinancialreportingisinformationaboutanenterprise’sperformanceprovidedbymeasuresofearningsanditscomponents.Hence,an estatementismoredirectlyusefultoinvestorsandcreditorsforevaluatingeconomicperformance.Answer(D)isDisclosuresofchangesinshareholders’equity,ineitherthebasicstatements,thenotesthereto,oraseparatestatement,helpuserstoevaluatechangesintheownershipequityofafirm.考點(diǎn)Unit1ExternalFinancialStatementsandRevenue正確率筆 編輯筆11（單選題）Amanufacturerreceivesanadvancepaymentforspecial-ordergoodsthataretobemanufacturedanddeliveredwithinthenextyear.Theadvancepaymentshouldbereportedinthemanufacturer’scurrent-yearstatementoffinancialpositionasa(n)A、CurrentB、NoncurrentC、Contraassetamount.D、Accruedrevenue.展開答疑我要糾 收藏試題|收起解正確答案是：A您的答案是解 Answer(A)isTheentityhasnotsubstantiallycompletedwhatitmustdotobeentitledtothebenefitsoftheadvancepayment,andthereceiptoffutureeconomicbenefitsisnotsufficientlycertaintojustify erecognition.Accordingly,thereceiptofcashinanticipationofgoodstobedeliveredorservicestobeperformedmustberecognizedasaliability,usuallycalleddeferred(orunearned)revenueordeferred(orunearned) e.Becausethemanufacturermustdeliverthegoodswithinthenextyear,thisliabilityiscurrent.Answer(B)isincorrect.Theobligationiscurrent.Answer(C)isincorrect.Acontraaccountreducesthevaluationoftherelatedaccount.Answer(D)isincorrect.Revenuecannotbeaccruedbecausethemanufacturerhasnotyetdeliveredthe考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆1212（單選題）AstatementoffinancialpositionprovidesabasisforallofthefollowingAA、ComputingratesofB、EvaluatingcapitalC、AssessingliquidityandfinancialD、Determiningprofitabilityandassessingpast展開答展開答疑我要糾收藏試題|收起解正確答案是：D您的答案是AnswerAnswer(A)isThestatementoffinancialpositionreportstheamountofinvestedcapitalnecessaryforcomputingratesofreturn.Answer(B)isThestatementoffinancialpositionreportsthedetailsofanentity’scapitalstructure,i.e.,thelevelsofdebtandequity.Answer(C)isThestatementofThestatementoffinancialpositionreportscurrentandnoncurrentassetsandliabilities.Thus,itisusefulforassessingliquidityandfinancialflexbility.Answer(D)isThestatementoffinancialposition,alsoknownasthebalancesheet,reportsanentity’sfinancialpositionatamomentintime.Itisthereforenotusefulforassessingpastperformanceforaperiodoftime.Abalancesheetcanbeusedtohelpusersassessliquidity,financialflexbility,andUnit1ExternalFinancialStatementsandRevenue正確 13（單選題）NoncurrentdebtshouldbeincludedinthecurrentsectionofthestatementoffinancialpositionA、ItistobeconvertedintocommonstockbeforeBtmatureswithintheyearandwillberetiredthroughtheuseofcurrentassets.C、Managementplanstorefinanceitwithintheyear.D、Abondretirementfundhasbeensetupforuseinitsscheduledretirementduringthenext展開答疑我要糾 收藏試題|收起解正確答案是：B您的答案是解 Answer(A)isAconversionfeaturedoesnotaffectthestatusofdebtascurrentorconcurrent.Answer(B)iscorrect.Currentliabilitiesincludethoseobligationsthatareexpectedtobesatisfiedbythe(1)paymentofcash,(2)useofcurrentassetsotherthancash,or(3)creationofnewcurrentliabilitieswithin1yearfromthebalancesheetdate(oroperatingcycle,iflonger).Answer(C)isNoncurrentliabilitiesincludecurrentliabilitiesthatanentityintends,andhasdemonstratedanability,torefinanceonalong-termbasis.Answer(D)isNoncurrentliabilitiesincludecurrentliabilitiesthatareexpectedtobesettledusingnoncurrentassets.考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆14（單選題）DixonCompanyhasthefollowingitemsrecordedonitsfinancialrecords:Available-for-salesecurities Prepaid Treasury ThetotalamountoftheaboveitemstobeshownasassetsonDixon’sstatementoffinancialpositionA、B、展開答疑我要糾 收藏試題|收起解正確答案是：C您的答案是解 Answer(A)isTheamountof$400,000resultsfromomittingprepaidexpenses.Answer(B)isincorrect.Theamountof$500,000resultsfromfailingtoincludeavailable-for-salesecuritiesandfromimproperlyincludingtreasurystock.Answer(C)isAvailable-for-salesecurities(aninvestment)andprepaidexpensesareassets,buttreasurystockisanequityitem.Thetotaloftheassetsreportedistherefore$600,000($200,000+$400,000).Answer(D)isTheamountof$700,000resultsfromimproperlyincludingtreasury考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆15（單選題）AreceivableclassifiedascurrentonthestatementoffinancialpositionisexpectedtobecollectedB、1year.C、Thecurrentoperatingcycleor1yearwhicheverisD、Thecurrentoperatingcycleor1yearwhicheveris展開答疑我要糾 收藏試題|收起解正確答案是：C您的答案是解 Answer(A)isOneyearmaybelongerthantheoperatingcycle.Answer(B)isincorrect.Theoperatingcyclemayexceed1year.Answer(C)iscorrect.Currentassetsarereasonablyexpectedtoberealizedincash,sold,orconsumedduringthenormaloperatingcycleofthebusinessorwithin1year,whicheverislonger.Theoperatingcycleisthetimebetweentheacquisitionofmaterialsorservicesandthefinalcashrealizationfromtheearningprocess.Answer(D)isincorrect.Areceivableclassifiedascurrentisexpectedtobecollectedwithintheoperatingcycleor1year,whicheverislonger.考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆1616（單選題）AcompanypaysmorethanthefairvaluetoacquiretreasurystockThedifferencebetweenthepricepaidtoacquirethetreasurystockandthefairvalueshouldberecordedasB、AD、Anexpense.正確答案是

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展開答疑我要糾 收藏試題|收起解Answer(A)isApartfromcashpaidorreceived,afirmcannotrecognizeassets,liabilities,gains,orlossesfromtransactionsinitsownstock.Answer(B)isApartfromcashpaidorreceived,afirmcannotrecognizeassets,liabilities,gains,orlossesfromtransactionsinitsownstock.Answer(C)isApartfromcashpaidorreceived,afirmcannotrecognizeassets,liabilities,gains,orlossesfromtransactionsinitsownstock.Treasurystockisreportedonthebalancesheetasasubtractionfromequity.Answer(D)isApartfromcashpaidorreceived,afirmcannotrecognizeassets,liabilities,gains,orlossesfromtransactionsinitsownstock.考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆17（單選題）WhenreportingextraordinaryA、Eachitem(netoftax)ispresentedonthefaceofthe estatementseparayasacomponentofnet efortheB、Eachitemispresentedexclusiveofany eC、Eachitemispresentedasanunusualitem efromcontinuingD、Allextraordinarygainsorlossesthatoccurinaperiodaresummarizedastotalgainsandtotallossesthenoffsetpresentthenetextraordinarygainor展開答疑我要糾 收藏試題|收起解正確答案是：A您的答案是解 Answer(A)isExtraordinaryitemsarereportednetoftaxafterdiscontinuedoperations.Answer(B)isincorrect.Extraordinaryitemsaretobereportednetoftherelatedtaxeffect.Answer(C)isincorrect.Extraordinaryitemsarenotreportedinthecontinuingoperationssectionofthe Answer(D)isEachextraordinaryitemistobereportedsepara考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆18（單選題）Whichoneofthefollowingitemsisincludedinthedetermination efromcontinuingB、Extraordinaryloss.C、CumulativeeffectofachangeinanaccountingD、Unusualfromawrite-downD、Unusual展開答疑我要糾 收藏試題|收起解正確答案是：D您的答案是解 Answer(A)isDiscontinuedoperationsarereportedseparayfrom efromcontinuingoperations.Answer(B)isincorrect.Extraordinarylossisreportedseparayfrom efromcontinuingoperations.Answer(C)isincorrect.Acumulativeeffectofachangeinanaccountingprincipleisnotreportedinthe Answer(D)isCertainitemsordinarilyarenottobetreatedasextraordinarygainsandlosses.Rather,theyareincludedinthedeterminationof efromcontinuingoperations.Thesegainsandlossesincludethosefromwrite-downsofreceivablesandinventories,translationofforeigncurrencyamounts,disposalofabusinesssegment,saleofproductiveassets,strikes,andaccrualsonlong-termcontracts.Awrite-downofinventoryisthereforeincludedinthecomputationof efromcontinuingoperations.考 Unit1ExternalFinancialStatementsandRevenue正確 1919（單選題）ThemajorsegmentsofthestatementofretainedearningsforaperiodB、Before-A、Dividendsdeclaredpriorperiodadjustments,andchangesduetotreasurystockB、Before-eorlossanddividendspaidorC、Prior-periodadjustments,before-tax eorloss, etax,anddividendspaid. eorloss,prior-periodadjustments,anddividendspaidordeclared.展開答疑我要糾 收藏試題|收起解正確答案是：D您的答案是解 Answer(A)isThischoiceomitsnet e,theoneitemthatalwaysappearsontheretainedearningsAnswer(B)is e(loss)isincludedinthestatement.Answer(C)isincorrect. e(loss)isincludedinthestatement.Answer(D)iscorrect.Thestatementofretainedearningsisabasicfinancialstatement.Togetherwiththeestatement,thestatementofretainedearningsismeanttobroadlyreflectresultsofoperations.Thestatementofretainedearningsconsistsofbeginningretainedearningsadjustedforanypriorperiodadjustment(netoftax),withfurtheradjustmentsfore(loss),dividends,andincertainotherrareadjustments,e.g.,quasi-reorganizations.Thefinalfigureisendingretainedearnings.考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆20（單選題）Becauseofinexactestimatesoftheservicelifeandtheresidualvalueofaplantassetafullydepreciatedassetwassoldinthecurrentyearatamaterialgain.ThisgainmostlikelyshouldbereportedA、Intheotherrevenuesandgainssectionofthecurrent estatement.B、Aspartofsalesrevenueonthecurrent estatement.C、Intheextraordinaryitemsectionofthe eD、Asanadjustmenttopriorperiods’depreciationonthestatementofchangesin展開答疑我要糾 收藏試題|收起解正確答案是：A您的答案是解 Answer(A)isRevenuesoccurinthecourseofordinaryactivities.Gainsmayormaynotoccurincourseofordinaryactivities.Forexample,gainsmayoccurfromthesaleofnoncurrentassets.Thus,thegainonthesaleofaplantassetisnotanoperatingitemandshouldbeclassifiedinan estatementwithseparateoperatingandnonoperatingsectionsintheotherrevenuesandgainssection.Answer(B)isTheassetsoldwasnotinventory.Answer(C)isincorrect.TheitemdoesnotmeetthecriteriaforreportingasextraordinaryunderU.S.GAAP(extraordinaryitemsmaybereportedunderU.S.GAAPbutnotIFRS).Answer(D)isThetransactionisnotthecorrectionofanerrorinthefinancialstatementsofaprior考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆21（單選題）Anentityhasa50%grossmargingeneralandadministrativeexpensesof$50,interestexpenseof$20,andneteof$10fortheyearjustended.Ifthecorporatetaxrateis50thelevelofsalesrevenuefortheyearjustendedwasD、展開答疑我要糾 收藏試題|收起解正確答案是：D您的答案是解 Answer(A)isTheamountof$90isthegrossmargin.Answer(B)isincorrect.Theamountof$135is150%ofthegrossmargin.Answer(C)isincorrect.Theamountof$150resultsfromtreating ebeforetax,ratherthangrossmargin,asAnswer(D)is eequalssalesminuscostofsales,G&Aexpenses,interest,andtax.Givena50%taxrate, ebeforetaxmusthavebeen$20[$10net e÷(1.0–0.5taxrate)].Accordingly, ebeforeinterestandtaxmusthavebeen$40($20 beforetax+$20interest),andthegrossmargin(sales–costofsales)musthavebeen$90($40 ebeforeinterestandtax+$50G&Aexpenses).Ifthegrossmarginis50%ofsales,salesequals$180($90grossmargin÷0.5).考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆（單選題ethatemployeesconfessedtoa$500,000inventorytheftbutarenotabletomakerestitution.Howshouldmaterialfraudbeshowninthecompany’sfinancialA、Classifiedasalossandshownasaseparatelineitemin eB、InitiallyclassifiedasanaccountsreceivablebecausetheemployeesareresponsibleforthegoodsBecausetheycannotpay,thelosswouldberecognizedasawrite-offofaccountsreceivable.C、Includedincostofgoodssoldbecausethegoodsarenotonhandlossesoninventoryshrinkageareordinaryanditwouldcausetheleastamountofattention.D、Recordeddirectlytoretainedearningsbecauseitisnot e-producing展開答疑我要糾 收藏試題|收起解正確答案是：A您的答案是解 Answer(A)isLossesmayormaynotoccurinthecourseofordinaryactivities.Forexample,theymayresultfromnonreciprocaltransactions(e.g.,theft),reciprocaltransactions(e.g.,asaleofplantassets),orfromholdingassetsorliabilities.LossesaretypicallydisplayedAnswer(B)isNorestitutionwillbemade.Thus,recordingtheitemasareceivable,thenwritingitoff,isnotconsistentwiththesubstanceoftheevent.Answer(C)isAlthoughsomeinventoryshrinkageisexpectedinthenormalcourseofprocessing,fraudisabnormal.Hence,theitemshouldberecordedasaloss.Answer(D)isLossesareincludedinthedetermination eor考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆23（單選題）Anentityhadthefollowingopeningandclosinginventorybalancesduringthecurrentyear: Finished $ Raw Work-in- Thefollowingtransactionsandeventsoccurredduringthecurrent$300,000ofrawmaterialswerepurchased,ofwhich$20,000werereturnedbecauseof$600,000ofdirectlaborcostswere$750,000ofproductionoverheadcostswereThecostofgoodssoldforthecurrentyearendedDecember31wouldAD、展開答疑我要糾 取消收藏試題|收起解正確答案是：A您的答案是解 Answer(A)isCostofgoodssoldequalscostofgoodsmanufactured(COGM)adjustedforthechangeinfinishedgoods.COGMequalsthesumofrawmaterialsused,directlaborcosts,andproductionoverhead,adjustedforthechangeinwork-in-progress.Rawmaterialsusedequals$255,000($105,000BI+$300,000purchases–$20,000returns–$130,000EI).Thus,COGMequals$1,650,000($255,000RM+$600,000DL+$750,000OH+$220,000BWIP–$175,000EWIP),andCOGSequals$1,480,000($1,650,000COGM$90,000BFG–$260,000Answer(B)isFailingtosubtractpurchasereturnswhencalculatingrawmaterialsusedresultsAnswer(C)isFailingtodeducttheendingbalanceofrawmaterialswhencalculatingrawmaterialsusedresultsin$1,610,000.Answer(D)isThecostofgoodsproducedis考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆24（單選題）TheprofitandlossstatementofMadengradMiningincludesthefollowinginformationforthecurrentfiscalyear: Gross Year-endfinishedgoodsinventory Openingfinishedgoods ThecostofgoodsmanufacturedbyMadengradforthecurrentfiscalyearAA、展開答疑我要糾 收藏試題|收起解正確答案是：CAnswer(A)isImproperlybeginningwithgrossprofitinsteadofsalesresultsin$46,110.Answer(B)isincorrect.Improperlybeginningwithgrossprofitinsteadofsales,thenimproperlysubtractingfinishedgoodsandaddingbeginningfinishedgoodsresultsinD、Answer(C)isMadengrad’scostofgoodsmanufacturedcanbecalculatedas Less:gross Costofgoods Add:endingfinished Goodsavailablefor Less:beginningfinished Costofgoods Answer(D)isImproperlysubtractingendingfinishedgoodsandaddingbeginningfinishedgoodsinUnit1ExternalFinancialStatementsandRevenue25（選題）IfthebeginningbalanceforMayofthematerialsinventoryaccountwas$27,500,theendingbalanceforMay$28,750,and$128,900ofmaterialswereusedduringthemonth,thematerialspurchasedduringthemonthA、B、展開答疑我要糾 收藏試題|收起解正確答案是：C您的答案是解 Answer(A)isTheamountof$101,400assumeszeroendinginventory.Answer(B)isincorrect.Theamountof$127,650resultsfromreversingthetreatmentofbeginningandendingAnswer(C)isPurchasesequalsusageadjustedfortheinventorychange.Hence,purchases$130,150($128,900used–$27,500BI+$28,750Answer(D)isTheamountof$157,650assumeszerobeginning考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆26（單選題）GiventhefollowingdataforScurryCompanywhatisthecostofgoodsBeginninginventoryoffinishedgoods$100,000Costofgoodsmanufactured Endinginventoryoffinishedgoods Beginningwork-in-processinventory300,000Endingwork-in-process A、B、展開答疑我要糾 收藏試題|收起解正確答案是：B您的答案是解 Answer(A)isTheamountof$500,000resultsfromfailingtoincludebeginningfinishedgoodsinventory.Answer(B)iscorrect.Scurry’scostofgoodssoldcanbecalculatedasBeginninginventoryoffinishedgoods $100,000Add:costofgoodsmanufactured Less:endinginventoryoffinishedgoods Costofgoodssold $600,000Answer(C)isTheamountof$800,000resultsfromfailingtosubtractendingfinishedgoodsinventory.Answer(D)isincorrect.Theamountof$950,000resultsfromimproperlyincludingwork-in-process考 Unit1ExternalFinancialStatementsandRevenue正確 筆 編輯筆27（單選題 eisbestd