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Course 171040- Balance Sheet: Reporting Assets
  Final Exam
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171040v - Balance Sheet: Reporting Assets

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6 CPE Credit Hours

Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. In which account are post-dated checks received classified?
2. Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account
3. Which of the following methods of determining annual bad debt expense best achieves the matching concept?
4. Which of the following methods of determining bad debt expense does not properly match expense and revenue?
5. Which of the following is a method to generate cash from accounts receivable?
6. Which of the following is true when accounts receivable are factored without recourse?
7. Which one of the following is NOT true as to footnote disclosure for accounts receivable?
8. Footnote disclosure for notes receivable does NOT include
9. How should the following costs affect a retailer's inventory valuation?
10. Morgan Manufacturing Company has the following account balances at year end: Office supplies = $4,000, Raw materials = $27,000, Work-in-process = $59,000, Finished goods = $72,000, Prepaid insurance = $6,000. What amount should Morgan report as inventories in its balance sheet?
11. Goods on consignment are
12. Which of the following is true about lower-of-cost-or-market?
13. When valuing raw materials inventory at lower-of-cost-or-market, what is the meaning of the term "market"?
14. In no case can "market" in the lower-of-cost-or-market rule be more than
15. Lower-of-cost-or-market
16. The retail inventory method is based on the assumption that the
17. Muckenthaler Company sells product UCB for $20 per unit. The cost of one unit of UCB is $18, and the replacement cost is $17. The estimated cost to dispose of a unit is $4, and the normal profit is 40%. At what amount per unit should product UCB be reported, applying lower-of-cost-or-market?
18. How might a company obtain a price index in order to apply dollar-value LIFO?
19. Web World began using dollar-value LIFO for costing its inventory last year. The base year layer consists of $250,000. Assuming the current inventory at end of year prices equals $345,000 and the index for the current year is 1.10, what is the ending inventory using dollar-value LIFO?
20. Opera Corp. uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Dec 31, 2X10, Inventory at end-of-year prices = $65,000 (price index = 1.00); Dec 31, 2X11, Inventory at end-of-year prices = $126,000 (price index = 1.05); Dec 31, 2X12, Inventory at end-of-year prices = $135,000 (price index = 1.10). What is the 2X10 inventory balance using dollar-value LIFO?
21. Which of the following is not a common disclosure for inventories?
22. For the composite method, the composite
23. Assets that qualify for interest cost capitalization include
24. When computing the amount of interest cost to be capitalized, the concept of "avoidable interest" refers to
25. The cost of a nonmonetary asset acquired in exchange for another nonmonetary asset and the exchange has commercial substance is usually recorded at
26. Which of the following statements about involuntary conversions is false?
27. Which of the following disclosures is not required in the financial statements regarding fixed assets?
28. The most common method of recording depletion for accounting purposes is the
29. Which of the following statements is NOT true about intangibles?
30. Disclosure regarding recognized intangibles should be made of the following EXCEPT:
31. Companies should test goodwill at least annually for:
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