I have a multiple choice quiz that needs to get done in an hour. Is a time quiz, can you please help. See attachment!

Question 1 (40 points) Match each term / item to its definition / concept. Question 1 options: The troubled corporation is liquidated Formalized FASB and IASB commitment to the convergence of U.S. GAAP and international accounting standards A foreign currency option that allows the holder to sell an underlying currency An agreement to exchange currencies at a specified price with delivery at a specified future point in time Defines operating segments by emphasizing a \"management approach\" which focuses on how management organizes information for purposes of making operating decisions and assessing performance The currency of the primary economic environment in which an entity generates and expends cash The rate of exchange between currencies at a future point in time The corporation remains in business through a restructuring of its debt and / or equity The current rate of a exchange between currencies A foreign currency option that allows the holder to buy an underlying currency 1. FASB Statement No. 131 2. Spot Rate 3. Forward Rate 4. Forward Contract 5. Call Option 6. Put Option 7. Functional Currency 8. Norwalk Agreement 9. Chapter 7 10. Chapter 11 Question 2 (4 points) Traits of a reportable operating segment include: Question 2 options: A) A component of an enterprise that earns revenues and incurs expenses B) Discrete financial information is available C) all of these choices are traits of a reportable operating segment Operating results are regularly reviewed by the enterprise's chief operating decision D) maker to make decisions about resources to be allocated to the segment and assess its performance Question 3 (4 points) Factors influencing the development of accounting practices around the globe include: Question 3 options: A) cooperative efforts between nations B) political and legal systems C) social and cultural values D) only B & C E) A, B, and C Question 4 (4 points) An unreserved designated fund balance in government accounting Question 4 options: A) is the residual fund balance after reserved and designated amounts B) shows legal restrictions on a fund's financial services C) represents potential uses of resources planned for future periods D) shows amounts committed but not available as cash Question 5 (4 points) The type of government fund used to account for nonexpendable trusts where the earning, but not the principal, are used to support government activities and programs is a Question 5 options: A) special revenue fund B) permanent fund C) proprietary fund D) enterprise fund Question 6 (4 points) On April 15th Company X bought merchandize from a German supplier for 100,000, with the transaction denominated in Euros () and to be paid for in 30 days on May 15th. Company X closes its books monthly, and relevant exchange rates are as follows: 4/15 1 = $.85, 4/30 1 = $.90, 5/15 1 = $.87. Based on this information, on April 30th Company X will need to do the following relating to this transaction: Question 6 options: A) book an unrealized currency loss of 5,000 B) revalue the inventory purchased upwards to $90,000 C) book an unrealized currency loss of $2,500 D) book an unrealized currency loss of $5,000 Question 7 (4 points) On April 15th Company X bought merchandize from a German supplier for 100,000, with the transaction denominated in Euros () and to be paid for in 30 days on May 15th. Company X closes its books monthly, and relevant exchange rates are as follows: 4/15 1 = $.85, 4/30 1 = $.90, 5/15 1 = $.87. Based on this information, the total currency gain or loss experience by Company X related to this transaction will be: Question 7 options: A) a $3,000 gain B) a $2,000 loss C) a $2,000 gain D) a $3,000 loss Question 8 (4 points) On April 15th Company X bought merchandize from a German supplier for 100,000, with the transaction denominated in Euros () and to be paid for in 30 days on May 15th. Company X closes its books monthly, and relevant exchange rates are as follows: 4/15 1 = $.85, 4/30 1 = $.90, 5/15 1 = $.87. Based on this information, when paid on May 15th the German supplier will receive: Question 8 options: A) $97,000 B) $87,000 C) 100,000 D) $100,000 Question 9 (4 points) On October 10th Company X sold merchandise to a French supplier for 200,000 that had a cost of $50,000, with the transaction denominated in Euros () and to be paid for in 60 days on December 10th. Company X closes its books monthly, and periodic spot exchange rates are as follows: 10/10 1 = $1.05, 10/31 1 = $1.10, 11/30 1 = $1.08, 12/10 1 = $1.02, 12/31 1 = $.95. Based on this information, the cost of goods sold reported in the year-end financials related to this transaction will be: Question 9 options: A) $50,000 B) 47,500 C) $47,500 D) 50,000 Question 10 (4 points) On October 10th Company X sold merchandise to a French supplier for 200,000 that had a cost of $50,000, with the transaction denominated in Euros () and to be paid for in 60 days on December 10th. Company X closes its books monthly, and periodic spot exchange rates are as follows: 10/10 1 = $1.05, 10/31 1 = $1.10, 11/30 1 = $1.08, 12/10 1 = $1.02, 12/31 1 = $.95. Based on this information, the value in accounts receivable relating to this transaction on November 30th will be: Question 10 options: A) $220,000 B) 200,000 C) $216,000 D) $210,000 Question 11 (4 points) Company X is a U.S.-based entity that owns 100% of a foreign subsidiary, Company Y. Company Y's home currency is the Euro and both companies close their books at year-end. The spot rate at the start of the year was 1 = $.85 and on 12/31 was 1 = $.75, and the average rate of exchange for the year was 1 = $.90. If Company Y reported its balance in Machinery & Equipment was 100,000 on 12/31, the translated balance would be: Question 11 options: A) $80,000 B) $90,000 C) $85,000 D) $75,000 Question 12 (4 points) Company X is a U.S.-based entity that owns 100% of a foreign subsidiary, Company Y. Company Y's home currency is the Euro and both companies close their books at year-end. The spot rate at the start of the year was 1 = $.85 and on 12/31 was 1 = $.75, and the average rate of exchange for the year was 1 = $.90. If Company Y's total net assets were 700,000, total revenue 500,000, total expenses 200,000, total equity 400,000, and translated equity accounts were $300,000, the required entry to Accumulated Translation Adjustment translation would be: Question 12 options: A) A debit of $45,000 B) A credit of $45,000 C) A debit of $145,000 D) Zero Question 13 (4 points) Tom, Dick, and Harry are partners in a partnership. Their partnership agreement calls for any profit or loss of the partnership to be allocated as follows; Tom and Harry are to receive a salary of $20,000 each. Dick is a to receive a bonus of 20% of partnership profit if there is a profit, and each partner is to receive 5% interest on their average capital balances. Tom, Dick, and Harry's average capital balances for the year were $50,000, $20,000, and $30,000 (respectively), and their agreed on split of any remaining profit or loss to be allocated is 2:1:1 (respectively). If the partnership had a profit of $200,000, how much in total was allocated to Dick? Question 13 options: A) $80,000 B) $41,000 C) $69,750 D) $66,000 Question 14 (4 points) Tom, Dick, and Harry are partners in a partnership. Their partnership agreement calls for any profit or loss of the partnership to be allocated as follows; Tom and Harry are to receive a salary of $20,000 each. Dick is a to receive a bonus of 20% of partnership profit if there is a profit, and each partner is to receive 5% interest on their average capital balances. Tom, Dick, and Harry's average capital balances for the year were $50,000, $20,000, and $30,000 (respectively), and their agreed on split of any remaining profit or loss to be allocated is 2:1:1 (respectively). If the partnership had a profit of $200,000, how much in total was allocated to Harry? Question 14 options: A) $21,500 B) $80,000 C) $50,250 D) $50,000 Question 15 (4 points) Tom, Dick, and Harry are partners in a partnership. Their partnership agreement calls for any profit or loss of the partnership to be allocated as follows; Tom and Harry are to receive a salary of $20,000 each. Dick is a to receive a bonus of 20% of partnership profit if there is a profit, and each partner is to receive 5% interest on their average capital balances. Tom, Dick, and Harry's average capital balances for the year were $50,000, $20,000, and $30,000 (respectively), and their agreed on split of any remaining profit or loss to be allocated is 2:1:1 (respectively). If the partnership had a loss of , how much in total was allocated to Tom? Question 15 options: A) B) C) $35,250 D) $50,000 Question 16 (4 points) Tom, Dick, and Harry are in a partnership together and each have capital balances of $100,000. A new partner, Sam pays Harry $125,000 directly for 100% of his interest in the new partnership, replacing him in the partnership. The journal entry on the books of the partnership to account for this transaction would be: Question 16 options: A) Debit Capital-Harry $100,000, Debit Cash $25,000; Credit Capital-Sam $125,000 B) No entry needs to be made on the partnership's books as the transaction was made directly between Harry and Sam C) Debit Cash $125,000; Credit Capital-Sam $125,000 D) Debit Capital-Harry $100,000; Credit Capital-Sam $100,000