Question 10 (4 points) Question 10 Unsaved All of the following are purposes of government financial reporting except: Question 10 options: A) Compare actual results with the budget B) Determine compliance with laws and regulations C) Evaluate efficiency and effectiveness D) Determine the overall profitability of the government entity Save Question 11 (4 points) Question 11 Unsaved Types of expenditures for a government entity include all of the following except: Question 11 options: A) Prepayments B) Purchase of fixed assets C) Borrowing funds D) Wages and salaries Save Question 12 (4 points) Question 12 Unsaved Accounting standards relevant to private not-for-profit entities include all of the following except: Question 12 options: A) FASB 101 B) FASB 116 C) FASB 93 D) FASB 117 Save Question 13 (4 points) Question 13 Unsaved FASB 116 separates transaction of private not-for-profits into ________, ________, and _______ transactions. Question 13 options: A) exchange, non-exchange, agency B) contribution, services, asset C) revenue, expenditure, agency D) services, overhead, income Save Question 14 (4 points) Question 14 Unsaved One of the nuances of a conditional donation to a private not-for-profit entity is that: Question 14 options: A) it is never tax deductible to the donor B) it is not recorded by the NFP until the condition is met C) Assets can not be accepted or used until the condition is met D) the value of the pledge is recorded at the donors basis Save Question 15 (4 points) Question 15 Unsaved All of the following are required financial statements of a private not-for-profit entity except: Question 15 options: A) Statement of cash flows B) Profit and Loss statement C) Statement of activities D) Statement of financial position Save Question 16 (4 points) Question 16 Unsaved Company D, a domestic entity, purchases 100,000 (Euros) in inventory from a French manufacturer on July 15th payable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 1 = $0.90, 7/31 1 = $0.83, and 8/15 1 = $0.85. Based on this information, what will be the U.S. $ value of the inventory purchased on 8/15? Question 16 options: A) $83,000 B) $85,000 C) $90,000 D) $100,000 Save Question 17 (4 points) Question 17 Unsaved Company D, a domestic entity, purchases 100,000 (Euros) in inventory from a French manufacturer on July 15th payable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 1 = $0.90, 7/31 1 = $0.83, and 8/15 1 = $0.85. Based on this information, what will be the U.S. $ value of the accounts payable on 7/31? Question 17 options: A) $100,000 B) $85,000 C) $90,000 D) $83,000 Save Question 18 (4 points) Question 18 Unsaved Company D, a domestic entity, sold goods to a British company on 5/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 6/10, and Company D prepares their financials monthly. Relevant exchanges rates are 5/10 1 = $1.30, 5/31 1 = $1.45, and 6/10 1 = $1.35. Based on this information, how much cash will be received by Company D on 6/10? Question 18 options: A) $362,500 B) $325,000 C) $250,000 D) $337,500 Save Question 19 (4 points) Question 19 Unsaved Company F is a foreign subsidiary of a domestic company and Company Fs functional currency is the Euro. On Company Fs financials at the end of the year 2014, they reported 40,000 in inventory. If the spot rate on 1/1/14 was 1 = $1.20, the spot rate on 12/31/14 was 1 $1.10, and the weighted average rate for the full year 2014 was 1 = $1.12, how much is the translated balance of inventory in U.S. $ at year-end? Question 19 options: A) $44,000 B) $44,800 C) $40,000 D) $48,000 Save Question 20 (4 points) Question 20 Unsaved Company F is a foreign subsidiary of a domestic company and Company Fs functional currency is the Euro. On Company Fs financials at the end of the year 2014, they reported 300,000 in cost of goods sold. If the spot rate on 1/1/14 was 1 = $1.10, the spot rate on 12/31/14 was 1 $1.20, and the weighted average rate for the full year 2014 was 1 = $1.12, how much is the translated balance of cost of goods sold in U.S. $ at year-end? Question 20 options: A) $336,000 B) $330,000 C) $360,000 D) $300,000 Save Question 21 (4 points) Question 21 Unsaved Frodo, Sam, and Merry form a partnership where each partner will have an equal share to start. Frodo contributes $100,000 in equipment, Sam contributes $20,000 cash, and Merry contributes $15,000 in cash and $15,000 in equipment. Immediately after formation, Frodos capital account would reflect a balance of: Question 21 options: A) $100,000 credit B) $20,000 debit C) $50,000 credit D) $50,000 debit Save Question 22 (4 points) Question 22 Unsaved Frodo, Sam, and Merrys partnership calls for the following allocation of income: Frodo and Merry are to receive lump sum salary payments of $10,000 each, Sam and Merry are to receive interest of 10% of their ending capital balances, if theres a profit Frodo is to receive a bonus equal to 20% of the profit, and any remaining income is to be split between Frodo, Sam, and Merry 50%, 20%, and 30% respectively. Frodo, Sam, and Merrys ending capital balances were $50,000, $300,000, and $100,000 respectively. If there was a partnership net profit of $200,000, how much was allocated to Frodo in total? Question 22 options: A) $40,000 B) $20,000 C) $50,000 D) $100,000 Save Question 23 (4 points) Question 23 Unsaved Frodo, Sam, and Merrys partnership calls for the following allocation of income: Frodo and Merry are to receive lump sum salary payments of $10,000 each, Sam and Merry are to receive interest of 10% of their ending capital balances, if theres a profit Frodo is to receive a bonus equal to 20% of the profit, and any remaining income is to be split between Frodo, Sam, and Merry 50%, 20%, and 30% respectively. Frodo, Sam, and Merrys ending capital balances were $50,000, $300,000, and $100,000 respectively. If there was a partnership net loss of <$100,000>, how much was allocated to Merry in total? Question 23 options: A) <$100,000> B) $10,000 C) <$70,000> D) <$28,000> Save Question 24 (4 points) Question 24 Unsaved Frodo, Sam, and Merrys are in a partnership together and each have capital balances of $100,000. A new partner, Pippen, pays Merry $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 24 options: A) Debit Cash $125,000; Credit Capital-Pippen $125,000 B) Debit Capital-Merry $100,000; Credit Capital-Pippen $100,000 C) No entry is made on the partnerships books as the transaction was made directly between Merry and Pippen D) Debit Capital-Merry $100,000, Debit Cash $25,000; Credit Capital-Pippen $125,000 Save Question 25 (4 points) Question 25 Unsaved Frodo, Sam, Merry, and Pippen are in a partnership together and have a combined capital balance of $700,000. A new partner, Bilbo, pays the partnership $100,000 directly for a 1/5 interest in the new partnership. The partnership chooses the bonus method to the new partner to account for this transaction and will allocate any bonus evenly from the existing partners capital accounts. The journal entry on the books of the partnership to account for this transaction would be: Question 25 options: A) Debit Cash $100,000, debit each of the existing partners capital accounts $15,000 each; Credit Capital-Bilbo $160,000 B) Debit Cash $100,000; Credit Capital-Bilbo $100,000 C) Debit Cash $100,000, debit each of the existing partners capital accounts $25,000 each; Credit Capital-Bilbo $200,000 D) Debit Cash $160,000; Credit Capital-Bilbo $160,000