Intermediate Accounting Reporting and Analysis 1St Edition Wahlen Test Bank Full Chapter PDF
Intermediate Accounting Reporting and Analysis 1St Edition Wahlen Test Bank Full Chapter PDF
Intermediate Accounting Reporting and Analysis 1St Edition Wahlen Test Bank Full Chapter PDF
Student: ___________________________________________________________________________
1. The balance sheet reports the financial position of a company at a specific date in time whereas the other
three financial statements report changes in the financial position of the company.
True False
2. The elements of the income statement, revenues, expenses, gains and losses are measured by changes in cash
inflows and outflows.
True False
3. The elements of the financial statements are defined in FASB Statement of Financial Accounting Concepts
No. 8.
True False
4. In order for an asset to be capitalized it must meet one of these three criteria: control, acquisition, and future
benefit.
True False
5. Mark to Market is another name for fair value accounting which has becoming increasingly popular with U.S.
GAAP for the valuation of gains and losses associated with assets and liabilities.
True False
6. FASB’s definition of fair value is characterized as a measure of market-based entry value, which would be
the amount a company paid to acquire the asset.
True False
7. Trademarks or acquired brand names are not amortized but are reviewed annually for impairment.
True False
8. The cash surrender value of a life insurance policy would be considered a long-term investment.
True False
9. The SEC requires listed companies to report changes in shareholder’s equity as a separate disclosure, whereas
smaller companies can report changes in a supporting schedule or as note in the financial statements.
True False
10. A distribution to owners includes paying dividends, repurchasing common shares, transferring assets to the
company, rendering services, and incurring liabilities.
True False
11. GAAP requires disclosures relating to asset allocation and revenue recognition, any deviations from the
acceptable norm must be disclosed.
True False
12. Derivative financial instruments must be reported as either assets or liabilities on the balance sheet and be
measured at their net realizable value.
True False
13. The ordering of the financial statements are similar under U.S. GAAP and IFRS, assets are listed based
upon liquidity, current and then long term.
True False
14. Under IFRS “capital and reserves” includes capital stock, additional paid-in capital, and retained earnings.
True False
15. Intercompany comparison is used to evaluate a company’s performance against key competitors within
related industries or fields.
True False
16. Accounts Payable Turnover in Days and Inventory Turnover in Days are considered liquidity capability
ratios.
True False
19. What statement does not report the changes in financial position of the company?
A. income statement
B. balance sheet
C. statement of cash flows
D. statement of shareholders’ equity
20. What is the three step process necessary to report the elements of the balance sheet?
A. identify, measure, and record
B. record, measure, and report
C. identify, measure, and report
D. review, record, and report
21. To be recognized in the financial statements, an item must meet the definition of an element and be
A. measurable, understandable, and relevant
B. reliable, measurable, and realized
C. realized, relevant, and reliable
D. relevant, measurable, and faithfully represented
23. All of the following items would appear on the balance sheet except
A. an investment in another company's bonds
B. an investment in marketable securities
C. a realized gain on the sale of a equipment
D. the premium related to a bond liability that is still two years from maturity
24. Which of the following characteristics must an economic resource have in order to be classified as an asset?
A. acquired as a result of a past transaction
B. future economic benefit potential
C. under the control of the business entity
D. all of these choices
30. Which of the following assets is most likely reported at its historical cost on the balance sheet?
A. short-term investments
B. merchandise inventory
C. net accounts receivable
D. prepaid insurance
31. GAAP disclosures for fair value measurements now require that fair value measurements using Level 3
inputs include all of the following except
A. the valuation technique used to measure the fair value
B. a reconciliation of the Level 3 values to each of the corresponding Level 1 and Level 2 values that were not
chosen
C. a reconciliation of the changes in fair value during the period
D. a related discussion
32. Assume an asset is measured by the amount of cash (or its equivalent) into which it is expected to be
converted in an orderly transaction between market participants on the date of measurement. Which
measurement alternative is in use in this case?
A. fair value
B. historical cost
C. present value
D. reliable value
33. The valuation method primarily used in the balance sheets of business entities is
A. current exit value
B. historical cost
C. present value
D. net realizable value
35. The amount of cash (or equivalent) that currently would be required to replace the service capacity of the
asset is called the asset’s
A. historical cost
B. current replacement cost
C. current exit value
D. present value
36. The measurement of an asset's value that considers the discounted future cash inflows (and outflows)
relating to the asset is called the
A. net realizable value
B. future value
C. historical value
D. present value
37. Which of the following statements is false regarding the hierarchy of fair value measurements now provided
in GAAP?
A. The hierarchy clarified the inputs a company is to use to measure fair value.
B. The valuation method selected must be consistent with the market approach, the income approach, or the cost
approach.
C. The three levels of inputs provide defined priorities for sources of available inputs for valuation.
D. The hierarchy eliminates all subjectivity and estimation from the valuation process.
38. The balance sheet account that is usually reported at its fair market value is
A. short-term marketable securities
B. land
C. current liabilities
D. inventory
39. If the shareholders' equity at the end of the accounting period is greater than the shareholders' equity at the
beginning of the accounting period, the firm's
A. capital has increased
B. assets have increased
C. cash has increased
D. capital has been maintained
40. Current assets are cash or other assets that are reasonably expected to be converted into cash, sold, or
consumed within one year or a normal operating cycle. An operating cycle is defined as the company's ability to
spend cash
A. to pay off the company's liabilities
B. to acquire inventory, which is sold and returned to cash
C. to acquire inventory, which is sold to customers in the normal course of business
D. in the generation of services, which can result in an increase in revenue and net income from operations
46. Which of the following would typically be recorded as an intangible asset with a finite useful life?
A. franchises
B. trademarks
C. brand name
D. goodwill
47. Justification for having both intangible assets and other assets listed on a balance sheet include that
A. intangible assets have no physical existence and other assets are deferred charges
B. having more items listed on the balance sheet improves the users' understanding of the company
C. the intangible assets are more important than the tangible assets
D. the other asset classification is important because goodwill cannot be amortized, so it needs to be recorded
on the balance sheet
48. A leased asset under capital lease is disclosed on the balance sheet at its
A. present value
B. historical cost
C. current replacement cost
D. net realizable value
49. Obligations that are not expected to require the use of current assets or the creation of other current
liabilities within one year or the normal operating cycle, if longer than a year, are called
A. other liabilities
B. current liabilities
C. long-term liabilities
D. contingent liabilities
52. The FASB has suggested guidelines for developing homogenous classes of assets and liabilities. For assets,
this can be accomplished by following guidelines that include reporting
A. assets according to their outside use for the corporation
B. all assets the same, regardless of the implications on a company's financial flexibility
C. the valuation of assets at their net realizable value
D. assets at their fair value
55. State law may require that capital stock have which of the following values?
A. stated value
B. market value
C. no-par value
D. present value
59. Changes in the separate shareholders' equity accounts can be disclosed in all of the following ways, except
a
A. financial statement
B. note to the financial statements
C. parenthetical remark
D. supporting schedule
60. In preparing a statement of changes in shareholders' equity, the company includes land given to a
shareholder as a dividend. This transaction is included in the statement because it represents
A. an investment by a shareholder that increases equity
B. an investment by a shareholder that decreases equity
C. a distribution to a shareholder that increases equity
D. a distribution to a shareholder that decreases equity
61. A reader of a set of financial statements would expect to be able to find in the statement of changes in
shareholders' equity increases
A. in total assets
B. in total liabilities
C. to net income
D. from comprehensive income
62. A reader might find information about gain contingencies in an annual report by examining
A. a contingent account receivable
B. an accrued revenue
C. a deferred revenue
D. footnote disclosures
63. GAAP requires that all derivative financial instruments be reported at their
A. historical cost
B. fair value
C. present value
D. par value
65. All of the following are examples of subsequent events that would be disclosed in the footnotes to the
financial statements except
A. fire or flood loss
B. a litigation settlement
C. a bond issuance after the balance sheet date
D. the write off of an uncollectible account
66. Activities between affiliated entities such as subsidiaries must be disclosed in the financial statements of a
corporation as
A. segment analysis
B. significant events
C. related party transactions
D. contingent activities
67. The SEC requires comparative income statements and statements of cash flows for
A. two years
B. three years
C. four years
D. the SEC does not require comparative income statements and statements of cash flows
68. Under IFRS, liabilities and shareholders' equity on the balance sheet usually appear in which order?
A. capital, noncurrent liabilities, and current liabilities
B. current liabilities, noncurrent liabilities, and capital
C. capital, current liabilities, and noncurrent liabilities
D. noncurrent liabilities, current liabilities, and capital
69. Which of the following is included under the heading “Capital and reserves” for IFRS financial statements?
A. accumulated net profits or losses
B. common stock
C. additional paid-in capital
D. all of these choices
70. Certain differences exist between IFRS and U.S. GAAP financial statement reporting. Which of the
following is false?
A. IFRS presents a different ordering of the liabilities and shareholders' equity sections.
B. IFRS allows the upward revaluation of property, plant, and equipment.
C. IFRS does not require a statement of cash flows.
D. IFRS financial statements are similar to U.S. GAAP.
71. Which of the following account titles are not allowed under GAAP?
A. Revaluation reserves
B. Provisions
C. Capital
D. Revaluation reserves and provisions
72. A comparison of a company's performance with that of its own past results is known as
A. common-size analysis
B. intercompany analysis
C. ratio analysis
D. intracompany analysis
73. The ability of a company to adapt its resources to create change and react to change is called
A. financial flexibility
B. return on investment
C. operating capability
D. risk
Working capital is
A. $250
B. $230
C. $220
D. $200
78. The quantity of goods or services produced in a given period or the physical capacity of the operating assets
used to produce goods or services are measures of
A. financial flexibility
B. liquidity
C. operating capability
D. leverage
Net $5,200,000
sales
(all on
account
)
Interest 240,000
expens
e
Income 280,000
tax
expens
e
Net 420,000
income
Income 40%
tax rate
Total
assets:
January 1, 2014 $1,800,000
December 31, 2014 2,400,000
Shareh
olders'
equity:
January 1, 2014 1,500,000
December 31, 2014 1,600,000
Current 700,000
assets,
Decem
ber 31,
2014
Quick 400,000
assets,
Decem
ber 31,
2014
Current 300,000
liabiliti
es,
Decem
ber 31,
2014
Net
account
s
receiva
ble:
January 1, 2014 200,000
December 31, 2014 180,000
Refer to Exhibit 4-1. Blue Bell’s current ratio at December 31, 2014 was
A. 3.67 times
B. 2.33 times
C. 1.33 times
D. 0.43 times
Net $5,200,000
sales
(all on
account
)
Interest 240,000
expens
e
Income 280,000
tax
expens
e
Net 420,000
income
Income 40%
tax rate
Total
assets:
January 1, 2014 $1,800,000
December 31, 2014 2,400,000
Shareh
olders'
equity:
January 1, 2014 1,500,000
December 31, 2014 1,600,000
Current 700,000
assets,
Decem
ber 31,
2014
Quick 400,000
assets,
Decem
ber 31,
2014
Current 300,000
liabiliti
es,
Decem
ber 31,
2014
Net
account
s
receiva
ble:
January 1, 2014 200,000
December 31, 2014 180,000
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Kaan
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Language: Dutch
[Inhoud]
[Inhoud]
HET HOL VAN KAAN
DOOR
E. BELINFANTE
MET 25 ILLUSTRATIES DOOR W.
HESKES
EM. QUERIDO—1919—AMSTERDAM
[Inhoud]
[Inhoud]
[Inhoud]
INHOUD
Bladz.
De Bende uit het Hol van Kaan 1
„Van m’n eigen verdiende Centen” 6
„Tusschen Hemel en Aarde” 11
’n Kwartje ’n Rat! 18
Een droeve Dag 26
Het „Monster” 32
De geheimzinnige Macht 38
Nette Manieren.… en onnette Jongens 46
Wie een Kuil graaft voor een ander 58
Een „dikke” Vriend 69
De Kunstveiling 89
De mislukte Nacht-wandeling 96
Het geheimzinnige Apparaat 109
Van een Vlieger en een Meiske 117
Karel’s eerste optreden 127
Ratten, Kogelfleschjes en Ladders! 141
Ambro en Paul op Reis 160
Ambro redt een sectie Soldaten 170
Verraderlijke Rook! 182
Van een Diefstal op School en een Vuilnisbak als Koekepan 196
De Kermis 213
De Kermis 220
Besluit 244
[1]
[Inhoud]
DE BENDE UIT HET HOL VAN KAAN
Ge zijt allen wel eens in een bioscoop geweest, niet waar? Hebt ge
dan wel eens gezien, hoe de film-helden en -heldinnen vóór het begin
van de film één voor één levensgroot op het doek kwamen?
Dan zou Ambro, de held van dit verhaal met z’n ondeugende, open
gelaat U guitig toelachen.
Chris zou zeker een half norsch, half spottend gezicht getrokken
hebben.
Paul, met even schuin-gebogen hoofd, zou met lieven blik de zaal in
kijken.
Nu ik mijn helden dus aan het publiek heb voorgesteld, wil ik er nog
even bij vertellen, dat ze hun ondeugende rollen gespeeld hebben in
Rotterdam en ze den leeftijd hadden van tien tot twaalf.
Daarna dingen de jongens weer kalm verder, net [3]zoolang, tot ze bij
een stil plekje waren. Hier vormden ze een kring om den oudsten
jongen, een zekeren Ambrosius Verbrugge, die de hoofdleider van
het clubje was.
„Dat liep weer netjes af,” verklaarde deze op plechtigen toon. En dan
tot den jongen die ze was komen roepen toen het groote mensch
kwam opdagen:
„Ik,” zei een kleine, dikke snuiter en meteen haastte hij zich langs
denzelfden weg waarvan ze zooeven gekomen waren en posteerde
zich op een bank, vlak bij den ingang van den dierentuin.
Oogenschijnlijk zat hij ijverig te lezen in het boek dat hij in de handen
hield, maar in werkelijkheid hield hij den ingang in het oog en
monsterde iederen persoon die binnenkwam.
Na een half uur zou hij weer afgelost worden. Zoo luidde het
reglement van de club.
Piet Kaan, een der club-genooten had op een mooien dag het plan
geopperd om op handen en [4]voeten in het boschje te kruipen en
daar plannen te beramen voor een nieuw spel.
Terwijl een der jongens als post uitgezet werd om te kijken of er geen
tuinman of suppoost in den omtrek was, kropen de anderen op
handen en voeten het boschje in.
En dáár werd dien dag het groote plan beraamd, het plan, waardoor
ze vele maanden een reeks van prettige dagen hadden.
Dit had hij gelezen in het aardige jongensboek van Mark Twain, „Tom
Sawyer”.
Toen slopen zes jongens uit het hol, en gingen langzaam en telkens
omkijkend, naar de sociëteit, die op dit oogenblik geheel verlaten
was, en na eenige oogenblikken kwamen de zes roovers terug, ieder
een stoel met zich dragend.
Voetje voor voetje ging het terug naar ’t hol, [6]waar ze de witte vlag
(een zakdoek aan een stokje gebonden) zagen wapperen, ten
teeken, dat alles veilig was.
Die zes stoelen waren een genot voor ze, want het op den grond
zitten beviel ze toch niet op den duur, ’t lag er zoo vol takjes en … er
was thuis al eens geïnformeerd waardoor de broeken toch zoo vuil
waren aan den achterkant!
„Zeg jongens,” zei hij en z’n stem daalde tot een zacht gefluister.
„Zeg, wat zouden jullie er van zeggen, als we in ons hol eens … ’n
pijpje zouden rooken?” [7]
Ambrosius dacht eens na, ’t was wèl een moeilijk geval. ’t Zou zoo
echt zijn, een pijp te rooken in hun hol.
„Weet je wat,” zei hij. „Ik zal mijn Vader vragen of ik rooken mag, en
heeft hij er niets op tegen, dan doe ik ’t.”
Toen Ambrosius ’s avonds met vader een eindje omfietste, deed hij
z’n niets kwaads vermoedende vader plotseling de vraag of hij
rooken mocht.
Vader scheen niets gesticht over die vraag, vond hem nog véél te
jong.
„Weet je wat, baas, laten we afspreken dat je mag rooken als je zelf
geld verdient.”
Ambrosius was ’t verdere van den avond wat stil, vader dacht dat het
kwam door de teleurstelling, maar daar was nu eenmaal niets aan te
doen.
Had zijn vader kunnen zien wat er in het brein van zijn vindingrijke
spruit omging, dan zou hij zeker niet zoo gerust zijn geweest.
Toen de roovers weer bij elkaar kwamen in hun hol ging Ambrosius
plechtig in hun midden staan en verzocht de jongens zich om hem
heen te scharen.
„Jullie weet, dat mijn vader mij toestond te rooken, wanneer ik zelf
geld verdiende. Nu—ik heb een middel gevonden om centjes te
verdienen en daarvan zullen we, als de buit binnen is, pijpjes en
tabak koopen.”
Ambrosius haalde met een gewichtig gebaar iets uit zijn broekzak.
Allen verdrongen zich om hem heen om toch goed te kunnen zien
wàt daar te voorschijn kwam.
Het was een tamelijk breed wit lint, waarop met keurige, groote
letters het woord „Gids” geschreven stond. ’t Leek wel, of ’t er op
gedrukt was.
De roovers waren stil van bewondering. Die Ambro toch, hoe kòn ie
’t zoo bedenken!
„Wat zeggen jullie ervan?” vroeg de hoofdman, die wel gevleid was
door die stille bewondering, maar toch graag eens hoorde hoe ze het
plan vonden.
Maar ze vonden het niet rechtvaardig, dat Ambro alle pijpjes zou
betalen; als ze heel zuinig waren, kon er nog best een pijp van 2
centen af en dan gaven ze nog wat bij aan de tabak.
Zoo gezegd, zoo gedaan. Eenige dagen daarna liep Ambro trouw
achter de goede buitenlui aan en als geen suppoost hem kon
betrappen werd de pet opgezet en bood hij zijn diensten als gids
aan, die door de goedmoedige boertjes graag aanvaard werden.
Hij kreeg ’t dan steeds erg warm, klaagde over zoo’n warme pet op
je hoofd, en liep al gauw met de pet in de hand naast ze. Zoo
hadden de suppoosten heelemaal geen verdenking op hem.
Hij leidde de menschen werkelijk bizonder goed rond, want hij kende
overal den weg en wist leuke dingen van de verschillende beesten te
vertellen.
En toen kocht de rakker van zijn zelf-verdiende geldje een pak tabak
en voor ieder een pijp.
„Dank je,” zei Bob van Eest lusteloos. „Een is genoeg voor de eerste
keer.”