中级会计习题 comprehensiveexamc.docx

中级会计习题 comprehensiveexamc.docx

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中级会计习题comprehensiveexamc

COMPREHENSIVEEXAMINATIONC

PART3

（Chapters10–14）

ProblemC-I—MultipleChoice—TangibleandIntangibleAssets.

Choosethebestanswerforeachofthefollowingquestionsandentertheidentifyingletterinthespaceprovided.

1.Whenthesum-of-the-years'-digitsmethodisused,depreciationexpenseforagivenassetwill

a.declinebyaconstantamounteachyear.

b.bethesameeachyear.

c.decreaserapidlyandthenslowlyoverthelifeoftheasset.

d.varyfromyeartoyearinrelationtochangesinoutput.

2.PerryCorporationacquiredland,buildings,andequipmentfromabankruptcompanyatalump-sumpriceof$550,000.AtthetimeofacquisitionPerrypaid$50,000tohavetheassetsappraised.Theappraisaldisclosedthefollowingvalues:

Land$320,000

Buildings256,000

Equipment64,000

Whatcostshouldbeassignedtotheland,buildings,andequipment,respectively?

a.$400,000,$320,000,and$80,000.

b.$275,000,$220,000,and$55,000.

c.$300,000,$240,000,and$60,000.

d.$200,000,$200,000,and$200,000.

3.InaccordancewithGAAP,themaximumperiodoverwhichapatentcanbeamortizedis

a.20years.

b.28years.

c.40years.

d.50years.

4.Purchasedgoodwillrepresents

a.excessofpricepaidoverfairvalueofnetassetsobtainedinacombination.

b.excessofpricepaidoverthebookvalueofthenetassetsobtainedinacombination.

c.thedifferenceintheaggregateamountofthemarketpricesofthestockofthecombiningcompanies.

d.atangibleasset.

Usethefollowingdatatoanswerquestions5through9:

DavisCompanypurchasedanewpieceofequipmentonJuly1,2012atacostof$1,080,000.Theequipmenthasanestimatedusefullifeof5yearsandanestimatedsalvagevalueof$90,000.Thecurrentyearendis12/31/13.Davisrecordsdepreciationtothenearestmonth.

5.Whatisstraight-linedepreciationfor2013?

a.$99,000.

b.$108,000.

c.$198,000.

d.$216,000.

6.Whatissum-of-the-years'-digitsdepreciationfor2013?

a.$263,999.

b.$947,000.

c.$324,000.

d.$330,000.

7.Whatisdouble-declining-balancedepreciationfor2013?

a.$2,59,200.

b.$345,600.

c.$396,000.

d.$432,000.

8.IfDavisexpensedthetotalcostoftheequipmentat7/1/12,whatwastheeffecton2012and2013incomebeforetaxes,assumingDavisusesstraight-linedepreciation?

a.$882,000understatedand$198,000overstated.

b.$972,000understatedand$108,000overstated.

c.$981,000understatedand$198,000overstated.

d.$1,080,000understatedand$108,000overstated.

9.If,attheendof2014,DavisCompanydecidestheequipmentstillhasfivemoreyearsoflifebeyond12/31/14,withasalvagevalueof$90,000,whatisstraight-linedepreciationfor2014?

（Assumestraight-lineusedinallyears.）

a.$108,000.

b.$115,500.

c.$130,500.

d.$198,000.

Usethefollowingdataforquestions10through17.Eachquestionisindependentoftheotherquestions.

SawyerCorporationhasamachine（MachineA）thatitacquiredon1/1/12for$360,000.On12/31/12suchmachineshaveasellingpriceandfairmarketvalueof$414,000.Whenusedinproduction,suchmachineshaveanestimatedusefullifeof10yearswithnosalvagevalue.Usethestraight-linemethod.

BrownCorporationhasamachine（MachineB）thatitacquiredon1/1/12for$486,000.On12/31/12suchmachineshaveasellingpriceandfairmarketvalueof$360,000.Whenusedinproduction,suchmachineshaveanestimatedusefullifeof10yearswithnosalvagevalue.Usethestraight-linemethod.

On12/31/12BrowngaveMachineBplus$54,000cashtoSawyerinreturnfor

MachineA.

10.AssumethatbothSawyerandBrownarenewmachinedealersandthatthemachinesarestillnew.Alsoassumethattheexchangelackscommercialsubstance.AtwhatamountwillMachineAberecordedonBrown’sbooks?

a.$486,000.

b.$414,000.

c.$540,000.

d.$360,000.

11.Giventheassumptionsin10above,atwhatamountwillMachineBberecordedonSawyer'sbooks?

a.$313,043.

b.$486,000.

c.$360,000.

d.$421,044.

12.Assumethatinsteadofdealers,bothSawyerandBrownaremachinemanufacturersandusethemachinesinproduction.Assumetheexchangelackscommercialsubstance.AtwhatamountwillBrownrecordMachineA?

a.$360,000.

b.$414,000.

c.$486,000.

d.$540,000.

13.Giventheassumptionin12above,atwhatamountwillSawyerrecordMachineB?

a.$371,739.

b.$270,000.

c.$335,736.

d.$281,739.

14.Giventheassumptionin12aboveexceptthatthefairvaluesofMachinesAandBare$504,000and$450,000,respectively,atwhatamountwillBrownrecordMachineA?

a.$437,400.

b.$504,000.

c.$450,000.

d.$491,400.

15.Returntotheoriginalproblem.AssumethatSawyerisadealersellingnewmachinesandthatBrownisamanufacturer.Assumethattheexchangehascommercialsubstance.Forthistransaction,atwhatamountwillSawyerrecordthetruck?

a.$360,000.

b.$491,400.

c.$414,000.

d.$437,400.

16.Giventheassumptionsin15above,atwhatamountwillBrownrecordMachineA?

a.$360,000.

b.$414,000.

c.$405,000.

d.$364,500.

17.Giventheassumptionsin15aboveexceptthatthesellingpricesandfairmarketvaluesofAandBare$504,000and$450,000,respectively,atwhatamountwillBrownrecordMachineA?

a.$437,400.

b.$405,000.

c.$504,000.

d.$450,000.

Forthefollowingtwoquestions,indicatethenatureoftheaccountoraccountstobedebitedwhenrecordingeachtransaction.

18.Areplacement,whichextendedthelifebutdidnotincreasethequalityofunitsproducedbytheasset,cost$15,000.

a.Asset（s）only.

b.Accumulatedamortization,ordepletionordepreciationonly.

c.Expenseonly.

d.Asset（s）andexpense.

19.JimDolanandMattStine,maintenancerepairmen,spentfivedaysinunloadingandsettingupanew$30,000precisionmachineintheplant.Theirwagesearnedinthisfive-dayperiodtotaled$800.

a.Asset（s）only.

b.Accumulatedamortization,depletion,ordepreciationonly.

c.Expenseonly.

d.Asset（s）andexpense.

20.Property,plant,andequipmentareconventionallypresentedinthebalancesheetat

a.replacementcostlessaccumulateddepreciation.

b.historicalcostlesssalvagevalue.

c.originalcostlessaccumulateddepreciation.

d.acquisitioncostlessnetbookvaluethereof.

21.Asgenerallyusedinaccounting,whatisdepreciation?

a.Itisaprocessofassetvaluationforbalancesheetpurposes.

b.Itappliesonlytolong-livedintangibleassets.

c.Itisusedtoindicateadeclineinmarketvalueofalong-livedasset.

d.Itisanaccountingprocesswhichallocateslong-livedassetcosttoaccountingperiods.

ProblemC-II—AssignmentofCosts.

Matchthefollowingcostitemswiththeseappropriateaccounts:

a.Landc.LandImprovements

b.Buildingsd.Other

1.Interestcostincurredduringbuildingconstruction.

2.Backtaxesonpurchasedplotoflandtobeusedforbuildingsite.

3.Assessmentbycityfordrainagesystem.

4.Buildingpermits.

5.Landscapingshrubsplantedafterbuildinghasbeenconstructed.

6.Demolitioncostsofbuildingonlandboughtforplantsite.

7.Interestcostincurredaftercompletionofbuildingconstruction.

8.Recordingfeesforland.

9.Architect'sfees.

10.Gradingandfillingbuildingsite.

11.Parkinglots.

12.Fences.

ProblemC-III—ResearchandDevelopment.

Identify（inaccordancewithFASBStatementNo.2）eachofthefollowingactivitiesas:

a.Researchanddevelopment

b.Notresearchanddevelopment

1.Testinginsearchfor,orevaluationof,productorprocessalternatives.

2.Costofmarketingresearchtopromotenewproduct.

3.Adaptationofanexistingcapabilitytoaparticularrequirementorcustomer'sneed.

4.Design,construction,andtestingofpre-productionprototypesandmodels.

5.Routine,on-goingeffortstorefine,enrich,orimprovethequalitiesofanexistingproduct.

6.Engineeringactivityrequiredtoadvancethedesignofaproducttothemanufacturingstage.

7.Searchingforapplicationsofnewresearchfindings.

8.Laboratoryresearchaimedatdiscoveryofnewknowledge.

9.Conceptualformulationanddesignofpossibleproductorprocessalternatives.

10.Trouble-shootingbreak-downsduringproduction.

11.Periodicdesignchangestoexistingproducts.

12.Qualitycontrolduringcommercialproductionincludingroutinetesting.

13.Costsoftestingprototypeanddesignmodifications.

14.Engineeringfollow-throughinanearlyphaseofproduction.

15.Design,construction,andoperationofapilotplantnotusefulforcommercialproduction.

ProblemC-IV—ExchangeofAssets.

Assumethatthefollowingcasesareindependentandrelyonthefollowingdata.Makeentriesonthebooksofbothcompanies.

JensenCo.MertonCo.

Equipment（cost）$900,000$1,650,000

Accumulateddepreciation290,000900,000

Fairvalueofequipment700,000700,000

1.JensenCo.andMertonCo.tradedtheaboveequipment.Theexchangehascommercialsubstance.

JensenCo.'sBooks:

MertonCo.'sBooks:

2.JensenCo.andMertonCo.tradedtheaboveequipment.Theexchangelackscommercialsubstance.

JensenCo.'sBooks:

MertonCo.'sBooks:

Assumethatthefollowingcasesareindependentandrelyonthefollowingdata.Makeentriesonthebooksofbothcompanies.

JensenCo.MertonCo.

Equipment（cost）$900,000$1,650,000

Accumulateddepreciation290,0001,050,000

Fairvalueofequipment560,000700,000

Cashreceived（paid）（140,000）140,000

3.JensenCo.andMertonCo.tradedtheaboveequipment.Theexchangehascommercialsubstance.

JensenCo.'sBooks:

MertonCo.'sBooks:

4.JensenCo.andMertonCo.tradedtheaboveequipment.Theexchangelackscommercialsubs