江西财经大学高级财务会计国际学院题库Word文档下载推荐.docx
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LO2
Difficulty:
Easy
2)Whichofthefollowingconditionswouldnotindicatethattwobusinesssegmentsshouldbeclassifiedasasingleoperatingsegment?
A)Theyhavesimilaramountsofintersegmentrevenuesorexpenses.
B)Theyhaveasimilardistributionmethodforproducts.
C)Theyhavesimilarproductionprocesses.
D)Theyhavesimilarproductsorservices.
A
3)GAAPrequiresthatsegmentinformationbereported
A)bygeographics,withoutregardtosizeofthesegment.
B)bygeographics,withoutregardtoindustryorproduct-line.
C)howevermanagementorganizestheenterpriseintounitsforinternaldecision-makingandperformance-evaluationpurposes.
D)byindustryorproduct-line,withoutregardtogeographics.
LO1
4)GAAPrequiresdisclosuresforeachreportableoperatingsegmentforeachofthefollowing,exceptfor
A)Revenues.
B)Depreciationexpense.
C)R&
Dexpenditures.
D)Extraordinaryitems.
LO4
5)Whatisthethresholdforreportingamajorcustomer?
A)5percentofrevenues
B)5percentofprofits
C)10percentofrevenues
D)10percentofprofits
LO6
6)ColeCompanyhasthefollowing2011financialdata:
Consolidatedrevenueperincomestatement$800,000
Intersegmentsales200,000
Intersegmenttransfers100,000
Combinedrevenuesofallsegments$1,100,000
ColeCompanyshouldaddsegmentsif
A)thesumofitssegments'
externalrevenuedoesnotexceed$600,000.
B)thesumofitssegments'
externalrevenuedoesnotexceed$825,000.
C)thesumofitssegments'
revenueincludingintersegmentrevenuedoesnotexceed$600,000.
D)thesumofitssegments'
revenueincludingintersegmentrevenuedoesnotexceed$825,000.
Explanation:
A)(75%of$800,000=$600,000)
LO3
Moderate
7)Whichofthefollowingisnotaquantitativethresholdfordeterminingareportablesegment?
A)Segmentassetsare10%ormoreofthecombinedassetsofalloperatingsegments.
B)Theabsolutevalueofasegment'
sprofitorlossis10%ormoreofthegreaterof
(1)thecombinedreportedprofitofalloperatingsegmentsthatreportedaprofitor
(2)theabsolutevalueofthecombinedreportedlossofalloperatingsegmentsthatreportedaloss.
C)Segmentreportedrevenue,includingintersegmentrevenues,is10%ormoreofthecombinedrevenue(bothinternalandexternal)ofalloperatingsegments.
D)Segmentresidualprofitafterthecostofequityis10%ormoreofthecombinedresidualprofitofalloperatingsegments.
D
8)Foranoperatingsegmenttobeconsideredareportingsegmentundertherevenuethreshold,itsreportedrevenuemustbe10%ormoreof
A)thecombinedenterpriserevenues,eliminatingallrelevantintracompanytransfersandbalances.
B)thecombinedrevenues,excludingintersegmentrevenues,ofalloperatingsegments.
C)thecombinedrevenues,includingintersegmentrevenues,ofalloperatingsegments.
D)theconsolidatedrevenueofalloperatingsegments.
9)Anenterprisehaseightreportingsegments.Fivesegmentsshowanoperatingprofitandthreesegmentsshowanoperatingloss.Indeterminingwhichsegmentsareclassifiedasreportingsegmentsundertheoperatingprofitstest,whichofthefollowingstatementsiscorrect?
A)Thetestvalueforallsegmentsis10%ofconsolidatednetprofit.
B)Thetestvalueforprofitablesegmentsis10%ormoreofthosesegmentsreportingaprofit,andthetestvalueforlosssegmentsis10%ormoreofthosesegmentsreportingaloss.
C)Thetestvalueforlosssegmentsis10%ofthegreaterof(a)theabsolutevalueofthesumofthosesegmentsreportinglosses,or(b)10%ofconsolidatednetprofit.
D)Thetestvalueforallsegmentsis10%ofthegreaterof(a)theabsolutevalueofthesumofthosesegmentsreportingprofits,or(b)theabsolutevalueofthesumofthosesegmentsreportinglosses.
10)DottCorporationexperienceda$100,000extraordinarylossinthesecondquarterof2011intheirEastCoastoperatingsegment.Thelossshouldberecognized
A)onlyattheconsolidatedreportlevelattheendoftheyear.
B)entirelyinthesecondquarterof2011intheEastCoastoperatingsegment.
C)inequalamountsallocatedtotheremainingthreequartersof2011atthecorporatelevel.
D)inequalamountsallocatedtotheremainingthreequartersof2011oftheEastCoastsegment.
B
LO7
11)WhichoneofthefollowingoperatingsegmentdisclosuresisnotrequiredbyGAAP?
A)TotalAssets
B)Equity
C)Intersegmentsales
D)Extraordinaryitems
12)WhichoneofthefollowingoperatingsegmentinformationitemsisnotdirectlynamedbyGAAPtobereconciledtoconsolidatedtotals?
A)Assets
B)Liabilities
C)Revenues
D)Profitorloss
LO5
13)Whatisthepurposeofinterimreporting?
A)Provideshareholderswithmoretimelyinformation
B)Provideshareholderswithmoreaccurateinformation
C)Provideshareholderswithmoreextensivedetailaboutspecificaccountsandtransactions
D)Provideshareholderswithmorecurrentauditedinformation
14)ThefollowingtableisprovidedinthedisclosuresforinterimreportingbyBiggCompany,regardingthelocationoftheirassets.
UnitedStates
$1,860,000
Mexico
1,270,000
Canada
880,000
Brazil
440,000
Other
50,000
Basedonthetable,whichofthefollowingstatementsistrue?
A)OnlytheU.S.andMexicodivisionswouldbereportablegeographicdivisions.
B)TheU.S.,MexicoandCanadadivisionswouldbereportablegeographicdivisions.
C)Allgeographicdivisionswouldbereportable,exceptfor"
other."
D)Allgeographicdivisionswouldbereportable.
B)Totalassetsforalldivisions=$4,500,000,thereforethosedivisionswithatleast$4,500,000×
10%or$450,000wouldbeconsideredreportablegeographicdivisions.
15)JacanaCompanyusestheLIFOinventorymethod.Duringthesecondquarter,Jacanaexperienceda100-unitliquidationinitsLIFOinventoryataLIFOcostof$430perunit.Jacanaconsideredtheliquidationtemporaryandexpectstoreplacetheunitsinthethirdquarteratanestimatedreplacementcostof$460aunit.Thecostofgoodssoldcomputationintheinterimreportforthesecondquarterwill
A)includethe100liquidatedunitsatthe$460estimatedreplacementunitcost.
B)includethe100liquidatedunitsatthe$430LIFOunitcost.
C)beunderstatedby$3,000.
D)beoverstatedby$3,000.
16)HowdoesGAAPviewinterimaccountingperiods?
A)Asdiscreteunitsforwhichnetincomemaybeseparatelydetermined
B)Asintegralunitsoftheentireyearforwhicheachinterimperiodisanessentialpartofanannualperiod
C)Asintegralunitsoftheentireyearwitheachinterimperiodasanindependentaccountingperiod
D)Asdiscreteunitsoftheentireyearusingthesameprinciplesthatareappliedtotheannualperiod
17)Ingeneral,GAAPencouragestheidentificationofreportablesegmentsbasedonthefollowing:
A)Reportedsegmentsmustaccountforatleast75%ofallexternalandinter-segmentsales.
B)Reportedsegmentsmustideallyaccountforatleast75%ofallsales,unlesstherearemanysmallerdivisionsandseparatereportingwouldcreatelessclarityinreporting.
C)Iftherearemorethan10reportablesegments,thecompanyshouldconsideradditionalaggregationoftheirsegments.
D)Reportedsegmentsmustaccountfor100%oftheexternalsales,butonly75%ofexternalandinter-segmentsales.
18)SandpiperCorporationpaid$120,000forannualpropertytaxesonJanuary15,2011,and$20,000forbuildingrepaircostsonMarch10,2011.Totalrepairexpensesfortheyearwereestimatedtobe$200,000,andarenormallyaccruedduringtheyearuntilincurred.WhattotalamountofexpensefortheseitemswasreportedinSandpiper'
sfirstquarter2011interimincomestatement?
A)$50,000
B)$80,000
C)$100,000
D)$140,000
LO8
19)TheestimatedtaxableincomeforShebillCorporationonJanuary1,2011,was$80,000,$100,000,$100,000,and$120,000,respectively,foreachofthefourquartersof2011.Shebill'
sestimatedannualeffectivetaxratewas30%.Duringthesecondquarterof2011,theestimatedannualeffectivetaxratewasincreasedto34%.Givenonlythisinformation,Shebill'
ssecondquarterincometaxexpensewas
A)$30,000.
B)$34,000.
C)$37,200.
D)$61,200.
20)OnJanuary5,2011,EagleCorporationpaid$50,000inrealestatetaxesforthecalendaryear.InMarchof2011,Eaglepaid$180,000foranannualmachineryoverhauland$10,000fortheannualCPAauditfee.Whatamountwasexpensedfortheseit