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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Which of the following is not a criterion for a lease to be recorded as a finance lease?(a) There is transfer of ownership.(b) The lease is cancelable.(c) The lease term is for the major part of the
Towson Company has experienced tough competition for its talented workforce, leading it to enhance the pension benefits provided to employees. As a result, Towson amended its pension plan on January
At January 1, 2017, Wembley Company had plan assets of$250,000 and a defined benefit obligation of the same amount.During 2017, service cost was $27,500, the discount rate was 10%, actual return on
For 2017, Carson Majors Inc. had pension expense of $77 million and contributed $55 million to the pension fund.Which of the following is the journal entry that Carson Majors would make to record
At the end of the current year, Kennedy Co. has a defined benefit obligation of $335,000 and pension plan assets with a fair value of $245,000. The amount of the vested benefits for the plan is
At the end of the current period, Oxford Ltd. has a defined benefit obligation of $195,000 and pension plan assets with a fair value of $110,000. The amount of the vested benefits for the plan is
Lincoln Company has the following four deferred tax items at December 31, 2017. The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same tax authority.On
Stephens Company has a deductible temporary difference of $2,000,000 at the end of its first year of operations. Its tax rate is 40 percent. Stephens has $1,800,000 of income taxes payable. After a
Under IFRS:(a) “probable” is defi ned as a level of likelihood of at least slightly more than 60%.(b) a company should reduce a deferred tax asset when it is likely that some or all of it will
Which of the following statements is correct with regard to IFRS and GAAP?(a) Under GAAP, all potential liabilities related to uncertain tax positions must be recognized.(b) The tax effects related
Which of the following is false?(a) Under GAAP, deferred taxes are reported based on the classifi cation of the asset or liability to which it relates.(b) Under IFRS, all potential liabilities must
Under IFRS, a company:(a) should evaluate only equity investments for impairment.(b) accounts for an impairment as an unrealized loss, and includes it as a part of other comprehensive income and as a
Select the investment accounting approach with the correct valuation approach:Not Held-for-Collection Held-for-Collection(a) Amortized cost Amortized cost(b) Fair value Fair value(c) Fair value
IFRS requires companies to measure their financial assets at fair value except when based on:(a) whether the equity method of accounting is used.(b) whether the fi nancial asset is a debt
Which of the following statements is correct?(a) IFRS permits the fair value option for the equity method of accounting.(b) GAAP permits recovery of impairment losses.(c) Under IFRS, non-trading
All of the following are key similarities between GAAP and IFRS with respect to accounting for investments except:(a) IFRS and GAAP require the same accounting for equity securities.(b) IFRS and GAAP
Anazazi Co. offers all its 10,000 employees the opportunity to participate in an employee share-purchase plan. Under the terms of the plan, the employees are entitled to purchase 100 ordinary shares
Mae Jong Corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. The market rate of interest on similar bonds is 12%. Interest is
Under IFRS, convertible bonds:(a) are separated into the bond component and the expense component.(b) are separated into debt and equity components.(c) are separated into their components based on
Which of the following statements is correct?(a) IFRS separates the proceeds of a convertible bond between debt and equity by determining the fair value of the debt component before the equity
All of the following are key similarities between GAAP and IFRS with respect to accounting for dilutive securities and EPS except:(a) the model for recognizing stock-based compensation.(b) the
Under IFRS, a purchase by a company of its own shares results in:(a) an increase in treasury shares.(b) a decrease in assets.(c) a decrease in equity.(d) All of the above.
Which of the following is false?(a) Under GAAP, companies cannot record gains on transactions involving their own shares.(b) Under IFRS, companies cannot record gains on transactions involving their
The term reserves is used under IFRS with reference to all of the following except:(a) gains and losses on revaluation of property, plant, and equipment.(b) capital received in excess of the par
Under IFRS, the amount of capital received in excess of par value would be credited to:(a) Retained Earnings.(b) Contributed Capital.(c) Share Premium.(d) Par value is not used under IFRS.
Which of the following does not represent a pair of GAAP/IFRS-comparable terms?(a) Additional paid-in capital/Share premium.(b) Treasury stock/Repurchase reserve.(c) Common stock/Share
Martinez uses the effective-interest method of amortizing bond premium.At the end of the first year, Martinez should report bonds payable of:(a) $3,185,130. (c) $3,173,550.(b) $3,184,500. (d)
On January 1, Martinez Inc. issued $3,000,000, 11% bonds for $3,195,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December
Patterson uses the effective-interest method of amortizing bond discount.At the end of the first year, Patterson should report bonds payable of:(a) $4,725,500. (c) $258,050.(b) $4,714,500. (d)
On January 1, Patterson Inc. issued $5,000,000, 9% bonds for $4,695,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December
All of the following are differences between IFRS and GAAP in accounting for liabilities except:(a) When a bond is issued at a discount, GAAP records the discount in a separate contra liability
Which of the following is stated correctly?(a) Current liabilities follow non-current liabilities on the statement of fi nancial position under GAAP but non-current liabilities follow current
Under IFRS, bond issuance costs, including the printing costs and legal fees associated with the issuance, should be:(a) expensed in the period when the debt is issued.(b) recorded as a reduction in
In determining the amount of a provision, a company using IFRS should generally measure:(a) using the midpoint of the range between the lowest possible loss and the highest possible loss.(b) using
A typical provision is:(a) bonds payable. (c) a warranty liability.(b) cash. (d) accounts payable.
Under IFRS, a provision is the same as:(a) a contingent liability. (c) a contingent gain.(b) an estimated liability. (d) None of the above.
In accounting for short-term debt expected to be refinanced to long-term debt:(a) GAAP uses the authorization date to determine classification of short-term debt to be refinanced.(b) IFRS uses the
The presentation of current and non-current liabilities in the statement of financial position (balance sheet):(a) is shown only on GAAP financial statements.(b) is shown on both a GAAP and an IFRS
Recovery of impairment is recognized under IFRS for all the following except:(a) patent held for sale. (c) trademark.(b) patent held for use. (d) goodwill.
A loss on impairment of an intangible asset under IFRS is the asset’s:(a) carrying amount less the expected future net cash flows.(b) carrying amount less its recoverable amount.(c) recoverable
Which of the following statements is correct?(a) Both IFRS and GAAP permit revaluation of property, plant, and equipment and intangible assets(except for goodwill).(b) GAAP permits capitalization of
Research and development costs are:(a) expensed under GAAP.(b) expensed under IFRS.(c) expensed under both GAAP and IFRS.(d) None of the above.
All of the following are key similarities between GAAP and IFRS with respect to accounting for intangible assets except:(a) for accounting purposes, costs associated with research and development
Under IFRS, value-in-use is defined as:(a) net realizable value.(b) fair value.(c) future cash fl ows discounted to present value.(d) total future undiscounted cash fl ows.
Hilo Company has land that cost $350,000 but now has a fair value of $500,000. Hilo Company decides to use the revaluation method specified in IFRS to account for the land.Which of the following
Which of the following statements is correct?(a) Both IFRS and GAAP permit revaluation of property, plant, and equipment.(b) IFRS permits revaluation of property, plant, and equipment but not
Francisco Corporation is constructing a new building at a total initial cost of $10,000,000. The building is expected to have a useful life of 50 years with no residual value. The building’s
Mandall Company constructed a warehouse for $280,000 on January 2, 2017. Mandall estimates that the warehouse has a useful life of 20 years and no residual value. Construction records indicate that
Under IFRS, agricultural activity results in which of the following types of assets?I. Agricultural produce II. Biological assets(a) I only.(b) II only.(c) I and II.(d) Neither I nor II.
Assume that Darcy Industries had the following inventory values.Inventory cost (on December 31, 2017) $1,500 Inventory market (on December 31, 2017) $1,350 Inventory net realizable value(on December
Starfish Company (a company using GAAP and the LIFO inventory method) is considering changing to IFRS and the FIFO inventory method. How would a comparison of these methods affect Starfish’s
All of the following are key differences between GAAP and IFRS with respect to accounting for inventories except the:(a) definition of the lower-of-cost-or-market test for inventory valuation differs
All of the following are key similarities between GAAP and IFRS with respect to accounting for inventories except:(a) costs to include in inventories are similar.(b) LIFO cost flow assumption where
Which of the following statements is true?(a) The fair value option requires that some types of financial instruments be recorded at fair value.(b) The fair value option requires that all noncurrent
Under IFRS:(a) the entry to record estimated uncollected accounts is the same as GAAP.(b) loans and receivables should only be tested for impairment as a group.(c) it is always acceptable to use the
Which of the following statements is false?(a) Receivables include equity securities purchased by the company.(b) Receivables include credit card receivables.(c) Receivables include amounts owed by
Under IFRS, receivables are to be reported on the balance sheet at:(a) amortized cost.(b) amortized cost adjusted for estimated loss provisions.(c) historical cost.(d) replacement cost.
Under IFRS, cash and cash equivalents are reported:(a) the same as GAAP.(b) as separate items.(c) similar to GAAP, except for the reporting of bank overdrafts.(d) always as the first items in the
A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years.During the 5 years before construction, the land will be idle.Under IFRS, the land
Franco Company uses IFRS and owns property, plant, and equipment with a historical cost of $5,000,000. At December 31, 2016, the company reported a valuation reserve of $690,000.At December 31, 2017,
Companies that use IFRS:(a) may report all their assets on the statement of fi nancial position at fair value.(b) are not allowed to net assets (assets − liabilities) on their statement of fi
Current assets under IFRS are listed generally:(a) by importance.(b) in the reverse order of their expected conversion to cash.(c) by longevity.(d) alphabetically.
Which of the following statements about IFRS and GAAP accounting and reporting requirements for the balance sheet is not correct?(a) Both IFRS and GAAP distinguish between current and non-current
Which of the following is not an acceptable way of displaying the components of other comprehensive income under IFRS?(a) Within the statement of retained earnings.(b) Second income statement.(c)
The non-controlling interest section of the income statement is:(a) required under GAAP but not under IFRS.(b) required under IFRS but not under GAAP.(c) required under IFRS and GAAP.(d) not reported
Which statement is correct regarding IFRS?(a) An advantage of the nature-of-expense method is that it is simple to apply because allocations of expense to different functions are not necessary.(b)
Which of the following statements is correct regarding income reporting under IFRS?(a) IFRS does not permit revaluation of property, plant, and equipment, and intangible assets.(b) IFRS provides the
Which of the following is not reported in an income statement under IFRS?(a) Discontinued operations.(b) Extraordinary items.(c) Cost of goods sold.(d) Income tax.
The purpose of presenting comparative information in the transition to IFRS is:(a) to ensure that the information is a faithful representation.(b) to be in accordance with the Sarbanes-Oxley Act.(c)
When converting to IFRS, a company must:(a) recast previously issued financial statements in accordance with IFRS.(b) use GAAP in the reporting period but subsequently use IFRS.(c) prepare at least
The transition date is the date:(a) when a company no longer reports under its national standards.(b) when the company issues its most recent financial statement under IFRS.(c) three years prior to
Information in a company’s first IFRS statements must:(a) have a cost that does not exceed the benefits.(b) be transparent.(c) provide a suitable starting point.(d) All the above.
Which statement is correct regarding IFRS?(a) IFRS reverses the rules of debits and credits, that is, debits are on the right and credits are on the left.(b) IFRS uses the same process for recording
With respect to the IASB conceptual framework project:(a) work is being conducted to produce separate discussion papers.(b) work is being conducted with the FASB.(c) work is being conducted to result
The issues that the FASB and IASB must address in developing a conceptual framework include all of the following except:(a) should the characteristic of relevance be traded-off in favor of
Companies that use IFRS:(a) must report all their assets on the statement of financial position (balance sheet) at fair value.(b) may report property, plant, and equipment and natural resources at
Which of the following statements is false?(a) The monetary unit assumption is used under IFRS.(b) Under IFRS, companies may use fair value for property, plant, and equipment.(c) The FASB and IASB
Which of the following statements about the IASB and FASB conceptual frameworks is not correct?(a) The IASB conceptual framework does not identify the element comprehensive income.(b) The existing
Which of the following statements is true?(a) The IASB has the same number of members as the FASB.(b) The IASB structure has both advisory and interpretation functions, but no trustees.(c) The IASB
The authoritative status of The Conceptual Framework for Financial Reporting is as follows:(a) It is used when there is no standard or interpretation related to the reporting issues under
IFRS is comprised of:(a) International Financial Reporting Standards and FASB Financial Reporting Standards.(b) International Financial Reporting Standards, International Accounting Standards, and
The major key players on the international side are the:(a) IASB and FASB. (c) SEC and FASB.(b) IOSCO and the SEC. (d) IASB and IOSCO.
IFRS stands for:(a) International Federation of Reporting Services.(b) Independent Financial Reporting Standards.(c) International Financial Reporting Standards.(d) Integrated Financial Reporting
E3-2 (L02) (Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance.
E3-3 (L02) (Corrected Trial Balance) The following trial balance of Blues Traveler Corporation does not balance.An examination of the ledger shows these errors.1. Cash received from a customer on
E3-4 (L02) (Corrected Trial Balance) The following trial balance of Watteau Co. does not balance.Each of the listed accounts should have a normal balance per the general ledger. An examination of the
E3-5 (L03) EXCEL (Adjusting Entries) The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.An
E3-7 (L03) (Analyze Adjusted Data) A partial adjusted trial balance of Piper Company at January 31, 2017, shows the following.Instructions Answer the following questions, assuming the year begins
E3-9 (L02,3) (Adjusting Entries) Selected accounts of Urdu Company are shown below.Instructions From an analysis of the T-accounts, reconstruct (a) the October transaction entries, and (b) the
E3-10 (L03) (Adjusting Entries) Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.Other data:1. The balance in prepaid
E3-11 (L04) (Prepare Financial Statements) The adjusted trial balance of Anderson Cooper Co. as of December 31, 2017, contains the following.Instructions (a) Prepare an income statement.(b) Prepare a
E3-12 (L03,4) (Prepare Financial Statements) Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2017.Instructions (a) Prepare
E3-14 (L05) (Closing Entries) Presented below is information related to Gonzales Corporation for the month of January 2017.Instructions Prepare the necessary closing entries. Cost of goods sold
E3-15 (L06) (Missing Amounts) Presented below is financial information for two different companies.Instructions Compute the missing amounts. Alatorre Company Eduardo Company Sales revenue $90,000
E3-16 (L05) (Closing Entries for a Corporation) Presented below are selected account balances for Homer Winslow Co. as of December 31, 2017.Instructions Prepare closing entries for Homer Winslow Co.
*E3-19 (L07) (Cash and Accrual Basis) Wayne Rogers Corp. maintains its financial records on the cash basis of accounting.Interested in securing a long-term loan from its regular bank, Wayne Rogers
*E3-21 (L09) (Worksheet) Presented below are selected accounts for Alvarez Company as reported in the worksheet at the end of May 2017.Instructions Complete the worksheet by extending amounts
E3-22 (L09) (Worksheet and Balance Sheet Presentation) The adjusted trial balance for Ed Bradley Co. is presented in the following worksheet for the month ended April 30, 2017.Instructions Complete
E5-5 (L03) (Preparation of a Corrected Balance Sheet) Uhura Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain
E5-6 (L02,3) (Corrections of a Balance Sheet) The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2017.The following additional information is provided.1. Cash

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