Advance Accounting Multiple Choice Questions Homework Help
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1.Which of the following should be reported as a change in accounting estimate?
a) Change in the reported beginning inventory amount due to a discovery of a bookkeeping error
b) Change from the completed-contract method to the percentage-of- completion method for revenue recognition on long-term construction contracts
c) Increase in the rate applied to net credit sales from 1 percent to 1-1/2 percent in determining losses from uncollectible receivables
d) Change made to comply with a new FASB pronouncement
2.Which of the following is NOT a change in reporting entity?
a) A company acquires a subsidiary that is to be accounted for as a purchase.
b) A company presents consolidated or combined statements in place of statements of individual companies.
c) A company changes the companies included in combined financial statements.
d) A company changes the subsidiaries for which consolidated statements are presented.
3.Badger Corporation purchased a machine for $132,000 on January 1, 2011, and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2014, Badger determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $12,000. A change in estimate was made in 2014 to reflect these additional data. What amount should Badger record as the balance of the accumulated depreciation account for this machine at December 31, 2014?
4.On December 31, 2014, Artistown Company appropriately changed to the FIFO cost method from the weighted-average cost method for financial statement and income tax purposes. The change will result in a $700,000 increase in the beginning inventory at January 1, 2014. Assuming a 40 percent income tax rate and that no comparative financial statements for prior years are reported, the cumulative effect of this accounting change reported for the year ended December 31, 2014, is
5.On January 1, 2011, Caravanos Company purchased for $320,000 a machine with a useful life of ten years and no salvage value. The machine was depreciated by the double-declining-balance method, and the carrying amount of the machine was $204,800 on December 31, 2012. Caravanos changed to the straight-line method on January 1, 2013. Caravanos can justify the change. What should be the depreciation expense on this machine for the year ended December 31, 2014?
6.On January 1, 2011, Mardi Gras Shipping bought a machine for $1,500,000. At that time, this machine had an estimated useful life of six years, with no salvage value. As a result of additional information, Mardi Gras determined on January 1, 2014, that the machine had an estimated useful life of eight years from the date it was acquired, with no salvage value. Accordingly, the appropriate accounting change was made in 2014. How much depreciation expense for this machine should Mardi Gras record for the year ended December 31, 2014, assuming Mardi Gras uses the straight-line method of depreciation?
7.When a firm changed its method of accounting for inventory from LIFO to FIFO in 2014, it decided that the 2014 financial statements should be shown comparatively with the 2013 results.
Which of the following statements concerning reporting the change in the retained earnings statement is correct?
a) Both the January 1, 2013, and January 1, 2014, retained earnings balances are reported at different amounts to reflect the effects of the change in earnings before those respective dates.
b) Only the January 1, 2013, retained earnings balance is reported at a different amount to reflect the effects of the change in earnings.
c) Only the January 1, 2014, retained earnings balance is reported at a different amount to reflect the effects of the change in earnings.
d) No direct change to retained earnings is needed since earnings for both years have been adjusted to reflect the change.
8.Which of the following, if discovered by Somber Company in the accounting period subsequent to the period of occurrence, requires the company to report the correction of an error?
a) The estimate of the useful life of a depreciable asset should have been revised.
b) Capitalization of an expense
c) A change from declining-balance depreciation method to straight-line method
d) Change in percentage of sales used for determining bad debt expense
9.Asuncion Company purchased some equipment on January 2, 2011, for $24,000. The company used straight-line depreciation based on a ten-year estimated life with no residual value. During 2014, management decided that this equipment could be used only three more years and then would be replaced with a technologically superior model. What entry should the company make as of January 1, 2014, to reflect this change?
a) No entry
b) Debit a Prior Period Adjustment account for $4,800 and credit accumulated depreciation for $4,800.
c) Debit Retained Earnings for $4,800 and credit accumulated depreciation for $4,800.
d) Debit Depreciation Expense for $4,800 and credit Accumulated Depreciation for $4,800.
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10.Which of the following is not a justification for a change in depreciation methods?
a) A change in the estimated useful life of an asset as a result of unexpected obsolescence
b) A change in the pattern of receiving the estimated future benefits from an asset
c) To conform to the depreciation method prevalent in a particular industry
d) A change in the estimated future benefits from the asset
11.Which of the following independent transactions would cause net income to be more than cash from operating activities?
a) A decrease in the accounts receivable account
b) An increase in the merchandise inventory account
c) An increase in the accounts payable account
d) An increase in the accrued wages payable account
12.Which of the following investments should be classified as cash equivalents for Lastima Company in preparing the statement of cash flows?
1 Shares of stock in Lastima Company.
2 A one-month Treasury note purchased by Lastima Company when only 3 months remained in the note’s term.
3 Share in a money market fund purchased by Lastima Company; the fund purchases only investment grade corporate debt instruments with maturities of 2 months or less.
4 A one-year treasury note purchased by Lastima Company when the treasury note was issued, which now has only 2 months remaining in its term.
a) 2, 3
b) 2, 4
c) 2, 3, 4
d) 1, 2, 3, 4
13.Under the direct method, which one of the following would represent cash paid?
a) Losses on sales of plant assets
b) Gains on sales of plant assets
c) Interest expense, adjusted for changes in interest payable and amortization of bond premium or discount
d) Depreciation expense, adjusted for changes in depreciation methods
14.At the beginning of the year, a firm leased equipment on a capital lease, capitalizing $60,000 in both its lease liability and leased assets accounts. The contract calls for December 31 payments of $15,000. The lessee’s annual reporting period ends December 31 and the contract reflects 10% interest. The lessee made the first payment as required. The direct method statement of cash flows for the lessee should reflect which of the following in the first year of the lease contract (ignore noncash disclosures)?
a) $15,000 financing cash outflow
b) $15,000 operating cash outflow
c) $6,000 operating cash outflow; $9,000 financing cash outflow
d) $9,000 financing cash outflow
15.Melville Company reported sales of $700,000, bad debt expense of $60,000, and an increase in net accounts receivable of $150,000 during the current year. What is the amount of cash collected from customers for the current year if the company did not record any write-offs during the current year?
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