案例優(yōu)才英文p1unit

英文P1英文P1SectionUnit2Measurement,Valuation,andDisclosure:1cember31,Year2,arepresentedAdditionalinformationforYearSalesrevenuewas$3,000ofaccountsreceivablewaswrittenoff.CashcollectionsfromcustomersinYear2were只看錯課題社名師資訊英文P1 （單選題）StatementsoffinancialpositiononDecDec.31,Year1ember31,Year1,andDec31,YearAccountsAllowanceuncollectibleProperty,andTotalLiabilitiesandequityaccountsInterestBondsbondTotalandA、B、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)isCashcollectionsfromcustomersequalsbeginningaccountsreceivable,plussalesrevenue,minusaccountswrittenoff,minusendingaccountsreceivable.InYear2,cashcollectionsfromcustomerswere$341,000($95,000+$338,000–$3,000–$89,000).Answer(B)isincorrect.Theamountof$338,000isthesalesrevenuefortheyear.Answer(C)isincorrect.Theamountof$344,000includesthe$3,000ofaccountswrittenAnswer(D)isTheamountof$335,000issalesrevenueminusaccountswritten考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆2（單選題）Johnsonusestheallowancemethodtoaccountforuncollectibleaccountsreceivable.Afterrecordingofacustomerwhohadfiledforbankruptcy.Whateffectdoesthiswrite-offhaveonthe’scurrent eandcurrentassets,Total eA、 B、No C、 NoD、No No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)isUndertheallowancemethod,thewrite-offofabaddebthasnoeffectoneithernet ortotalcurrentassets.Answer(B)isUndertheallowancemethod,thewrite-offofabaddebthasnoeffectontotal(net)currentAnswer(C)isUndertheallowancemethod,thewrite-offofabaddebthasnoeffectonnet Answer(D)iscorrect.Johnsonusestheallowancemethod.Thus,whenaspecificamountiswrittenoff,thejournalentryisAllowancefordoubtful Accounts Thewrite-offofabaddebthasnoeffectonexpenses,net e,andtotalcurrent考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆3（單選題）Basedontheindustryaverage,DavisCorporationestimatesthatitsbaddebtsshouldaverage3%ofcreditsales.ThebalanceintheallowanceforuncollectibleaccountsatthebeginningofYear3was$140,000DuringYear3,creditsales$10,000,000,accountsof$100,000weredeemedtobeuncollectible,andpaymentwasreceivedona$20,000accountthathadpreviouslybeenwrittenoffasuncollectible.TheentrytorecordbaddebtexpenseattheendofYear3wouldincludeacredittoAB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)isBaddebtexpenseisbasedonthe estatementapproach.Ittreatsbaddebtexpenseasafunctionofsalesonaccount.Thus,itisprojectedtobe$300,000($10,000,000×3%).TheentrytorecordbaddebtexpenseisBaddebt Allowancefordoubtfulaccounts Answer(B)isincorrect.Theamountof$260,000isthesumofthebeginningallowance,theaccountswrittenoffduringtheyear,andthereestablishedamountoftheallowanceresultingfromcollectionofthewritten-offaccount.Answer(C)isTheamountof$240,000isthesumofthebeginningallowanceandtheaccountswrittenoffduringtheyear.Answer(D)isTheamountof$160,000isthesumofthebeginningallowanceandthereestablishedamountoftheallowanceresultingfromcollectionofthewritten-offaccount.考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆4（單選題）ThefollowinginformationhasbeencompiledbyAble Sale productsfortheperiodtocustomerswithnet30-daytermsamountingtoSaleof productsfortheperiodtoacustomer,supportedbyanotefor$25,000,withspecialtermsofnet180days.Balanceoftradereceivablesattheendofthelastperiodwas$300,000.Collectionsofopentradereceivablesduringtheperiodwas efortheperiod,bothearnedandaccruedbutnotyetcollected,fromtheAbleEmployees’CreditUnionforuseoffacilitieswas$2,000.TheopentradereceivablesbalancetobeshownonthestatementoffinancialpositionfortheperiodAB正確答案是展開答 我要糾 收藏試題|收起解您的答案是Answer(A)isTheopentradereceivablesbalanceiscalculatedasPreviousendingbalance Add:salestocustomers(termsnet30) Minus:collectionsduring Opentradereceivablesreported Answer(B)isincorrect.Theamountof$252,000resultsfromtreatingrental easatradereceivable.Answer(C)isincorrect.Theamountof$275,000resultsfromincludingthenotereceivable.Answer(D)isincorrect.Theamountof$277,000resultsfromincludingthenotereceivableandthe Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term5（單選題）ThefollowinginformationrelatestoJayCo.’saccountsreceivablefortheyearjustAccountsreceivable, $Creditsalesforthe Salesreturnsforthe Accountswrittenoffduringtheyear Collectionsfromcustomersduringthe Estimatedfuturesalesreturnsat12/31 Estimateduncollectibleaccountsat WhatamountshouldJayreportforaccountsreceivable,beforeallowancesforsalesreturnsanduncollectibleaccounts,atDecember31?AB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$1,200,000doesnotsubtractwrite-offsandsalesreturnsfromaccountsAnswer(B)isTheamountof$1,125,000doesnotsubtractwrite-offsfromaccountsreceivable.Answer(C)iscorrect.Theendingbalanceinaccountsreceivableconsistsofthe$650,000beginningdebitbalance,plusdebitsfor$2,700,000ofcreditsales,minuscreditsfor$2,150,000ofcollections,$40,000ofaccountswrittenoff,and$75,000ofsalesreturns.AccountsReceivable(in$65075SalesCredit2,15040Write-The$110,000ofestimateduncollectiblereceivablesandthe$50,000ofestimatedsalesreturnsarenotrelevantbecausetheyaffecttheallowanceaccountsbutnotgrossaccountsreceivable.Answer(D)isEstimatedfuturesalesreturnsanduncollectbleaccountsaffecttheirrespectiveallowanceaccounts,notgrossaccountsreceivable.考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆（單選題）Ashoeretailerallowscustomerstoreturnshoeswithin90daysofpurchase.The estimatesthat5%ofsaleswillbereturnedwithinthe90-dayperiod.Duringthemonth, hassalesof$200,000andreturnsofmadeinpriormonthsof$5,000.Whatamountshouldthe recordasnetsalesrevenuefornewsalesmadeduringtheAB正確答案是：B您的答案是

展開答疑我要糾 收藏試題|收起解Answer(A)isThe$5,000inreturnsofsalesmadeinpriormonthswillnotaffectnetsalesrevenuefornewsalesmadeduringthemonth.Answer(B)is has$200,000ofsalesandestimatesthat5%ofsaleswillbereturned.Thus,the willrecognize$10,000($200,000×5%)forsalesreturns(contrarevenue)andforacorrespondingallowanceforsalesreturns(contraasset).Thisamountissubtractedfromtotalsalestofindnetsalesrevenueof$190,000($200,000–$10,000).Answer(C)isincorrect. mustrecognizeaprovisionfortheestimatedamountofsalesreturnsfornewsalesmadeduringthemonth.The$5,000inreturnsofsalesmadeinpriormonthswillnotaffectnetsalesrevenuefornewsales.Answer(D)is mustrecognizeaprovisionfortheestimatedamountofsalesreturnsfornewsalesmadeduringthemonth.Thisnumberwilldecreasethetotalsalesrevenue.考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆（單選題）Aninternalauditorisderivingcashflowdatabasedonan pletesetoffacts.Baddebtexpensewas$2,000.Additionaldataforthisperiodfollows:Credit Grossaccountsreceivable--Allowanceforbaddebts--beginningAccountsreceivablewrittenIncreaseinnetaccountsreceivablesubtractionofallowanceforbadHowmuchcashwascollectedthisperiodoncreditA、B、C、$68,500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)isCreditsalesminustheendinggrossaccountsreceivableequals$64,000.Answer(B)iscorrect.Thebeginningbalanceofgrossaccountsreceivable(A/R)was$5,000(debit).Thus,netbeginningA/Rwas$4,500($5,000–$500creditintheallowanceforbaddebts).Theallowancewascreditedforthe$2,000baddebtexpense.Accordingly,theendingallowance(credit)was$1,500($500–$1,000write-off+$2,000).Givena$30,000increaseinnetA/R,endingnetA/Rmusthavebeen$34,500($4,500beginningnetA/R+$30,000),withendinggrossA/Rof$36,000($34,500+$1,500).Collectionsweretherefore$68,000($5,000beginninggrossA/R–$1,000write-off+$100,000creditsales–$36,000endinggrossA/R).Gross$5,000Beg.Bal.$1,000Write-off100,000Cr.Sales68,000Collections$ End.Answer(C)isTheamountof$68,500equalscreditsales,minustheincreaseinnetaccountsreceivable,minustheendingallowance.Answer(D)isCreditsalesminustheincreaseinnetaccountsreceivableequals考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆8（單選題）WhichmethodofrecordinguncollectibleaccountsexpenseisconsistentwithaccrualDirectWrite-A、YesYesB、YesC、NoD、No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)isThedirectwrite-offmethodisnotconsistentwithaccrualaccounting.Answer(B)iscorrect.TheallowancemethodattemptsbothtomatchtheexpensewiththerelatedrevenueandtodeterminetheNRVoftheaccountsreceivable.ThismethodisacceptableunderGAAP.Thedirectwrite-offmethoddebitsexpenseandcreditsaccountsreceivableatthetimeuncollectbilityisestablished.ThismethoddoesnotmatchrevenueandexpenseorstatereceivablesatNRV.ItisnotacceptableunderGAAP.Answer(C)isThedirectwrite-offmethodisnotconsistentwithaccrualaccounting.Answer(D)isincorrect.Theallowancemethodisconsistentwithaccrual考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆9（單選題）Undertheallowancemethodofrecognizinguncollectibleaccountstheentrytowrite-offanuncollectibleA、IncreasestheallowanceforuncollectibleB、Hasnoeffectontheallowanceforuncollectibleaccounts.C、Hasnoeffectonnet D、Decreases 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)isThewrite-offdecreasestheallowance.Answer(B)isincorrect.Thewrite-offdecreasestheallowance.Answer(C)iscorrect.Theentrytorecordbaddebtexpenseundertheallowancemethodistodebitbaddebtexpenseandcredittheallowanceaccount.Whenaspecificaccountisthenwrittenoff,theallowanceisdebitedandaccountsreceivablecredited.Net eisaffectedwhenbaddebtexpenseisrecognized,notatthetimeofthewrite-off.Becauseaccountsreceivableandtheallowanceaccountaredecreasedbythesameamount,awrite-offofanaccountalsohasnoeffectonthenetamountofaccountsreceivable.Answer(D)isThewrite-offhasnoeffecton 考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆10（單選題）Thefollowingaccountswere edfromRoxyCo.’sunadjustedtrialbalanceatDecember31: Accountsreceivable Allowanceforuncollectible Netcredit Roxyestimatesthat3%ofthegrossaccountsreceivablewill euncollectible.AfteradjustmentatDecember31,theallowanceforuncollectibleaccountsshouldhaveacreditbalanceofA、B、C、$38,000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$90,000is3%ofnetcreditsales.Answer(B)isincorrect.Theamountof$82,000assumesthatbaddebtexpenseis$90,000(3%ofcreditsales).Answer(C)isincorrect.Theamountof$38,000istheamountoftheadjustmenttotheallowanceaccount(baddebtexpense).Answer(D)isTheallowanceforuncollectibleaccountsatyearendshouldhaveacreditbalance$30,000.Thisamountisequaltothe$1millionofaccountsreceivablemultipliedbythe3%thatareestimatedto euncollectible.考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆11（單選題）MillCo.’sallowanceforuncollectibleaccountswas$100,000attheendofYear2and$90,000attheendofYear1.FortheyearendedDecember31,Year2,Millreportedbaddebtexpenseof$16,000inits estatement.WhatamountdidMilldebittotheappropriateaccountinYear2towriteoffactualbaddebts?D、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)isWhenuncollectbleaccountsarewrittenoff,adebitismadetotheallowanceandacredittoaccountsreceivable.Thebeginningbalanceintheallowanceaccountis$90,000,theendingbalanceis$100,000,andthebaddebtexpenseis$16,000.Becausewrite-offsequalthebeginningbalance,plusthebaddebtexpense,minustheendingbalance,$6,000ofaccountsmusthavebeenwrittenWrite-offs$6,000$90,00012/31/Yr16,000Baddebt$100,00012/31/YrAnswer(B)isThechangeintheallowancefortheyearis$10,000.Answer(C)isincorrect.Thebaddebtexpenseis$16,000.Answer(D)isincorrect.Thesumofbaddebtexpenseandthechangeintheallowancefortheyearis考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆12（單選題）DEFistheconsigneefor1,000unitsofproductXforABC .ABCshouldrecognizetherevenuefromthese1,000unitswhenA、TheagreementbetweenDEFandABCissigned.B、ABCshipsthegoodstoDEF.C、DEFreceivesthegoodsfromD、DEFsellsthegoodsandinformsABCofthe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)isTherevenuerecognitioncriteriaforsalesofgoodsarenotmetinaconsignmentuntiltheconsigneesellsthegoodstoathirdparty.Answer(B)isTherevenuerecognitioncriteriaforsalesofgoodsarenotmetinaconsignmentuntiltheconsigneesellsthegoodstoathirdparty.Answer(C)isTherevenuerecognitioncriteriaforsalesofgoodsarenotmetinaconsignmentuntiltheconsigneesellsthegoodstoathirdparty.Answer(D)isUnderaconsignmentarrangement,theconsignorshipsgoodstotheconsignee,whoassalesagentfortheconsignor.Thegoodsareinthephysicalpossessionoftheconsigneebutremainthepropertyoftheconsignorandareincludedintheconsignor’sinventory.Revenueandtherelatedcostofgoodssoldfromconsignedgoodsarerecognizedbytheconsignoronlywhenthemerchandiseissoldanddeliveredtothefinalcustomer.Accordingly,recognitionoccurswhennotificationisreceivedthattheconsigneehassoldthegoods.考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 （單選題AnentitywithaDecember31yearendpurchased$2,000ofinventoryonaccount.Thesellerwasresponsiblefordeliverytotheshippoint,withfreightof$50paidatdestinationbythebuyer.The datewasDecember27,Year1,andthegoodsarrivedonJanuary3,Year2.Nowassumethetermsrequiredthesellertodelivertothedestinationinsteadoftheshippoint.Whatisthecorrectamountofinventoryandfreight-inrelatingtothispurchaseontheYear1financialstatements?InventoryFreight-A、B、C、D、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)isTitleandriskoflosspassedtothebuyeratthedestination,andthesellerincurredtheexpenseofdeliverytothatpoint.Thegoodsdidnotarriveuntilafteryearend,sotheyshouldnotbeincludedinYear1inventory.Freight-inshouldalsonotberecordeduntilYear2.Answer(B)isNoinventoryshouldbeincludedintheYear1financialstatements.Answer(C)isincorrect.Freight-inshouldberecordedinYear2.Answer(D)isincorrect.NoinventoryshouldbeincludedintheYear1financialstatements,andfreight-inshouldberecordedinYear2.考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term筆 編輯筆（單選題）Aretailentitymaintainsamarkupof25%basedoncost.TheentityhasthefollowinginformationforthecurrentPurchasesofFreight-inonEndinginventoryBeginninginventorywasD、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$40,000isbasedona25%markuponsales.Answer(B)iscorrect.Costofgoodssoldforaperiodequalsbeginninginventory,pluspurchases,plusfreight-in,minusendinginventory.Giventhatsalesreflect125%ofcost,costofgoodssoldmustequal$720,000($900,000sales÷1.25).Consequently,thebeginninginventorymusthavebeen$85,000($720,000COGS+$80,000EI–$690,000purchases–$25,000Answer(C)isTheamountof$110,000resultsfromomittingfreight-infromthecomputationofcostofgoodsavailableforsale.Answer(D)isTheamountof$265,000resultsfromusingthesalesfigureforcostofgoods考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆15（單選題）WhatisthecostofendinginventorygiventhefollowingBeginninginventory$5,000Totalproductioncosts60,000Costofgoods Direct D、正確答案是展開答疑我要糾 收藏試題|收起解您的答案是Answer(A)isTheamountof$5,000doesnotconsiderthebeginninginventorycosts.Answer(B)iscorrect.Beginninginventory,pluspurchases(orotherinventoryadditions),minuscostofgoodssold,equalsendinginventory.Thus,endinginventoryequals$10,000($5,000+$60,000–$55,000).Directlaborisincludedintotalproductioncosts.Answer(C)isincorrect.Theamountof$45,000doesnotconsiderbeginninginventorycostsandincorrectlydouble-countsdirectlabor.Answer(D)isTheamountof$50,000resultsfromincorrectlydouble-countingdirectUnit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term16（選題）Thecostofmaterialshasrisensteadilyovertheyear.Whichofthefollowingmethodsofestimatingthebalanceofthematerialsinventoryaccountwillresultinthehighestprofit,assumingallothervariablesremainA、Last-infirst-outLIFO).B、First-infirst-outFIFO).C、Weightedaverage.D、Specific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)isLIFOyieldsthelowestprofit.Answer(B)iscorrect.Profitwillbehigherwhencostofgoodssoldislower,otherfactorsheldconstant.Costofgoodssoldequalsbeginninginventory,pluspurchases,minusendinginventory.Accordingly,costofgoodssoldwillbelowestwhentheendinginventoryishighest.Inaninflationaryenvironment,endinginventoryishighestunderFIFObecausetheolder,lessexpensiveitemsaredeemedtohavebeensold,leavingthemoreexpensiveitemsintheendinginventory.Answer(C)isInaninflationaryenvironment,weightedaverageresultsinalowerprofitthanFIFO.Answer(D)isincorrect.Underspecificidentification,thenewest(mostexpensive)itemsarenotnecessarilyintheendinginventory.Theresultisahighercostofgoodssoldandlowerprofitthanunder考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆17（單選題）WhenarightofreturnexistsanentitymayrecognizerevenuefromasaleofgoodsatthetimeofsaleonlyA、Theamountoffuturereturnscanbereliablyestimated.B、Thesellerretainstherisksandrewardsofownership.C、Thebuyerresellsthegoods.D、Thesellerbelievesreturnswillnotbe正確答案是：A您的答案是

展開答疑我要糾 收藏試題|收起解解 Answer(A)isOneconditionforrecognitionofrevenuefromthesaleofgoodsisthetransferofthesignificantrisksandrewardsofownership.Retentionofsignificantriskmayoccurwhen,forexample,thebuyermayrescindthepurchaseforareasonstipulatedinthecontract,andthebuyerisuncertainabouttheprobabilityofreturn.However,iftheentitycanreliablyestimatefuturereturnsandrecognizesaliabilityforreturnsbasedonexperienceandotherpertinentinformation,revenuemayberecognizedatthetimeofsaleiftheotherconditionsforrevenuerecognitionalsoaremet.Answer(B)isTherisksandrewardsofownershipmustbetransferred.Answer(C)isincorrect.Thiscontingencyisanexampleofretentionofsignificantrisk.Answer(D)isincorrect.Returnsmaybematerialiftheycanbereliably考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆18（單選題）FactPattern:IllustratedbelowisaperpetualinventorycardforthecurrentUnitsJanuary0January1,000@MarchMay500@JulyNovember1,000@TheentityhadnoopeningTheitemssoldonMarch15werepurchasedonJanuary12.TheitemssoldonJuly8werepurchasedonMay5.A、B、C、$3,230正確答案是：B您的答案是

展開答疑我要糾 收藏試題|收起解解 Answer(A)isTheamountof$3,050istheendinginventoryunderthespecificidentificationmethod.Answer(B)iscorrect.UndertheFIFOmethod,the1,700unitsofendinginventoryarevaluedatthemostrecentprices.Endinginventoryisassumedtoinclude1,000unitspurchasedNovember24,500unitspurchasedMay5,and200unitspurchasedJanuary12.Hence,theendinginventoryis$3,150[(1,000×$1.65)+(500×$2.20)+(200×$2.00)].Answer(C)isTheamountof$3,230istheendinginventoryundertheweighted-averagemethod.Answer(D)isincorrect.Theamountof$3,430istheendinginventoryundertheLIFOmethod(LIFOispermittedunderU.S.GAAPbutnotIFRS).考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆19（單選題）ThecostofgoodssoldunderthespecificidentificationmethodofinventoryvaluationA、B、C、$1,600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$1,320isthecostofgoodssoldundertheLIFOmethod(LIFOispermittedunderU.S.GAAPbutnotIFRS).Answer(B)isTheamountof$1,520isthecostofgoodssoldundertheweighted-averagemethod.Answer(C)isincorrect.Theamountof$1,600isthecostofgoodssoldundertheFIFOmethod.Answer(D)iscorrect.Ofthe800unitssoldduringtheperiod,the300unitssoldonMarch15werepurchasedonJanuary12atacostof$2.00perunit.Theremaining500unitswerepurchasedonMay5atacostof$2.20perunit.Thecostofgoodssoldunderthespecificidentificationmethodistherefore$1,700[(300units×$2.00)+(500units×$2.20)].考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 （單選題）Amerchandisinghadthefollowinginventoryrelatedtransactionsinitsfirstyearof Sales in inJan. 10,000@ 6,000@ May July 8,000@ Sept. Nov. 5,000@ Dec. Iftheusesthefirst-in-first-out(FFO)methodofinventoryvaluation,itsendinginventorybalance(rounded)willA、B、C、$78,750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)isTheendinginventorybalanceunderLIFOis$62,000(LIFOispermittedunderU.S.GAAPbutnotIFRS).Answer(B)isTheendinginventorybalanceundertheweightedaveragemethodis$70,759.Answer(C)iscorrect.Thefirst-in-first-out(FIFO)methodtreatstheoldestunitsasbeingsoldfirstandthenewestunitsremainininventory.Becausethe has12,000unitsremaining,endinginventoryequals$78,750[(5,000×$7)+(7,000×$6.25)].Answer(D)isImproperlyassigningthemostrecentpurchasepriceof$7toall12,000unitsofendinginventoryresultsin$84,000.考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆21（單選題）Anentityhas8,000unitsininventoryonJanuary1valuedat10perunitDuringtheyeartheentitysold25,000unitsandpurchasedinventoryasfollows: Unit15,000 $July 10,000 October 12,500 Iftheentityusestheweighted-averagemethodofinventoryvaluation,costofgoodssoldfortheperiodwillAB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)isEndinginventoryundertheweighted-averagemethodisAnswer(B)isEndinginventoryundertheFIFOmethodisAnswer(C)isUndertheweighted-averagemethod,theweighted-averagecostperunitismultipliedthenumberofunitssoldtodeterminethecostofgoodssoldfortheperiod.Thetotalavailableforsaleequaled45,500(8,000+15,000+10,000+12,500).Thetotalcostofunitsavailableforsalewas$415,000[(8,000×$10)+(15,000×$8)+(10,000×$9)(12,500×$10)].Thus,theweighted-averagecostperunitofinventorywas($415,000÷45,500),andcostofgoodssoldwas$228,023(25,000×Answer(D)isCostofgoodssoldundertheLIFOmethodis$235,000(LIFOispermittedU.S.GAAPbutnot考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆（單選題）OnJanuary1,ahasnoopeninginventorybalance.Thefollowingpurchasesaremadeduringthe PurchasedJanuary April July October Thereare10,000unitsininventoryonDecemberIftheusesthefirst-in,first-out(FFO)methodofinventoryvaluation,theendinginventorybalancewillAA、C、D、展開答疑我要糾 收藏試題|收起解正確答案是：AAnswer(A)isUnderfirst-in,first-out(FIFO)inventoryvaluation,the10,000unitsinendinginventoryareassumedtohavebeenthemostrecentitemspurchased.Thecostofthemostrecent10,000unitspurchasedis:(5,000units×$7.50)+(5,000units×$8)=$77,500.Answer(B)isThisamountistheendinginventorybalanceunderthespecificidentificationmethodiftheunitsremainingininventoryatyearendwereidentifiedashavingbeenpurchasedon1andJuly1:(5,000units×$9)+(5,000units×$8)=B、Answer(C)Answer(C)isThisamountistheendinginventorybalanceundertheaveragecostmethod.Theaveragecostofallitemspurchasedisusedtocalculatetheendinginventorybalance.Theaveragecostofitemspurchasedis$8.625perunit{[$10(5,000)+$9(5,000)+$8(5,000)+$7.50(5,000)]÷20,000},so10,000unitsareassignedavalueof$86,250.Answer(D)isThisamountistheendinginventorybalanceunderthelast-in,first-out(LIFO)methodofinventoryvaluation.Themostrecentitemspurchasedareassumedtobesoldfirst,sotheitemsremainingininventoryareassignedthecostoftheearliestpurchases:(5,000×$10)+(5,000units×$9)=$95,000(LIFOispermittedunderU.S.GAAPbutnotUnit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term23（單選題）Whichinventorypricingmethodgenerallyapproximatescurrentcostforeachofthefollowing? Costof GoodsA、F B、 FC、F D、L 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)isLIFOapproximatescurrentcostofgoodssold.Answer(B)isincorrect.FIFOapproximatescurrentcostforendinginventory,andLIFOapproximatescurrentcostofgoodssold.Answer(C)isFIFOassignsthemostrecentacquisitioncoststoendinginventoryandtheearliestacquisitioncoststocostofgoodssold.LIFOassignstheearliestacquisitioncoststoendinginventory(itispermittedbyU.S.GAAPbutnotbyIFRS).Thus,FIFOapproximatescurrentcostforendinginventory,andLIFOapproximatescurrentcostofgoodssold.Answer(D)isFIFOapproximatescurrentcostforending考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆2424（單選題）Whichofthefollowingchangesinaccountingpoliciesresultingfromasignificantchangeintheexpectedpatternofeconomicbenefitwillincreaseprofit?A、AchangefromFIFOtoLFOinventoryvaluationwhencostsareB、AchangefromFFOtoweighted-averageinventoryvaluationwhencostsareC、Achangefromacceleratedtostraight-linedepreciationinthelateryearsofthedepreciablelivesoftheassets.D、Achangefromstraight-linetoaccelerateddepreciationintheearlyyearsofthedepreciablelivesofthe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)isIfcostsarerising,applyingLIFO(lastin,firstout)expensesthemorerecentlyacquiredandmorecostlyinventoryitems.ItseffectistoreduceprofitcomparedwithFIFO,whichexpensestheearlieracquiredandlesscostlyitems(achangetoLIFOisallowedunderU.S.GAAPbutnotIFRS).Answer(B)isInaperiodoffallingcosts,FIFOresultsinhighercostofgoodssoldthantheweighted-averagemethod.FIFOincludesthehigher,earliercostsincostofgoodssold,andtheweighted-averagemethodaveragesthelater,lowercostswiththehigher,earliercosts.Thus,achangefromFIFOtoweighted-averagecostingreducescostofgoodssoldandincreasesreportedprofit.Answer(C)isInthelateryearsofthedepreciablelifeofanasset,accelerateddepreciationresultsinlowerdepreciationexpensethandoesthestraight-linemethod.Achangetostraightlineincreasesdepreciationexpenseandreducesreportedprofit.Answer(D)isIntheearlyyearsofthedepreciablelifeofanasset,straight-linedepreciationresultsinlowerdepreciationexpensethanaccelerateddepreciation.Achangetoaccelerateddepreciationincreasesdepreciationexpenseandreducesreportedprofit.考 Unit2Measurement,Valuation,andDisclosure:InvestmentsandShort-Term正確 筆 編輯筆（單選題）OnJanuary1,ahasnoopeninginventorybalance.Thefollowingpurchasesaremadeduringthe January1 $10April 00July 00October1 50Thereare10,000unitsininventoryonDecemberIftheusesthelast-in,first-out(LFO)methodofinventoryvaluation,costofgoodssoldfortheyearwillA、B、C、$87,500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)isAtotalof20,000unitswasavailableforsale(0beginninginventory+20,000purchasedduringyear).Since10,000remaininendinginventory,10,000weresold(20,000available–10,000remaining).UndertheLIFOmethod