課程名稱︰會計學乙二上
課程性質︰系定必修
課程教師︰葉疏
開課學院：管理學院
開課系所︰財金系
考試日期（年月日）︰96.12.12
考試時限（分鐘）：180
是否需發放獎勵金：是 感恩
（如未明確表示，則不予發放）
試題 :
一、選擇題(30%)
1. On January 2, 2007, Yenn Corporation wishes to issue $2,000,000 (par value)
of its 8%, 10-year bonds. The bonds pay interest annually on January 1. The
current yield rate on such bonds is 10%. Using the interest factors below,
compute the amount that Yenn will realize from the sale (issuance) of the
bonds.
a. $2,000,000 b. $1,754,211 c. $2,000,012 d. $2,,212,052
2. On December 30, 2007, Cey, Inc. purchased a machine from Frank Corp. in
exchange for a noninterest-bearing note requiring eight payments of $50,000
The first payment was made on December 20,2007, and the others are due
annually on December 30. At date of issuance, the prevailing rate of
interest for this type of note was 11%. On Cey's December 31,2007 balance
sheet, the net note payable to Frank is
a. $235,600 b. $257,300 c. $261,775 d. $285,776
3. The advantage of relating a company's bad debt expense to its outstanding
accounts receivable is that this approach
a. gives a reasonaly correct statement of receivables in the balance sheet
b. best relates bad debt expense to the period of sale.
c. is the only generally accepted method for valuing accounts receivable.
d. makes estimates of uncollectible accounts unnecessary.
4. At the beginning of 2006, Finney Company received a three-year
zero-interest-bearing $1,000 trade note. The market rate for equivalent
notes was 8% at that time. Finney reported this note as a $1,000 trade note
receivable on its 2006 year-end statement of financial position and $1,000
as sales revenue for 2006. What effect did this accounting for the note have
on Finney's net earning for 2006, 2007, 2008 and its retained earnings at
the end of 2008, respectively? (Ignoring tax issue)
a. Overstate, overstate, understate, zero
b. Overstate, understate, understate, understate
c. Overstate, overstate, overstate, overstate
d. Overstate, understate, understate, zero
5. Of the following conditions, which id the only one the that is not required
if the transfer of receivables with recourse is to be accounted for as a
sale?
a. The transferor is obligated to make a genuine effort to identify those
receivables that are uncollectible.
b. The transferor surrenders control og the future economic benefitd of
the receivables.
c. The transferee cannot require the transferor to repurchase the
receivables.
d. The transferor's obligation under the recourse provisions can be
reasonably estimated.
6. If a company purchases merchandise on terms of 1/10, n/30, the cash
discount available is equivalent to what effective annual rate of interest
(assuming a 360-day tear)?
a. 1% b. 12% c. 18% d. 30%
7. May Co. prepared an aging of its accounts receivable at December 31, 2007
and determined that the net realizable value of the receivables was
$300,000. Additina; information is available as follows:
Allowance for uncollectible accounts at 1/1/07─credit balance $ 34,000
Accounts written off as uncollectible during 2007 23,000
Accounts receivable at 12/31/07 325,000
Uncollectible accounts recovered during 2007 5,000
For the year ended December 31, 2007, May's uncollectible accounts expense
would be
a. $25,000. b. $23,000. c. $16,000. d. $9,000.
8. The balance in Hill Co.'s accounts payable account at December31, 2007 was
$700,000 before any necessry year-end adjustments relating to the following
‧Goods were in transit to Hill from a vendor on December 21, 2007. The
invoice cost was $40,000. The goods were shipped f.o.b. shipping point
on December 29, 2007 and were received on January 4, 2008.
‧Goods shipped f.o.b. destination on December 21, 2007 from a vendor to
Hill were received on January 6, 2008. The invoice cost eas $25,000.
‧On December 27, 2007, Hill wrote and recorded checks to creditors
totaling $30,000 that were mailed on January 10, 2008.
In Hill's December 21, 2007 balance sheet, the accounts payable should be
a. $730,000 b. $740,000 c. $765,000 d. $770,000
9. Assuming no beginning inventory, what can said about the trend of inventory
prices if cost of goods sold computed when inventory is valued using the
FIFO method exceeds cost od goods sold when inventory is valued using the
LIFO method?
a. Prices decreased
b. Prices remained unchanged
c. Prices increased
d. Price trend cannot be determined from information given
10.Which one of the following statement is not true with regard to the gross
profit method of estimating inventories?
a. The gross profit method may be used to determine inventory for interim
financial reporting purposes without taking a physical count.
b. The percentage used for the gross profit method id determined by using
previous years' historical data.
c. The gross profit method is often used to estimate the year-end
inventory for comparison to actual on hand inventory.
d. The gross profit method may only be used with a perpetual inventory
accounting system.
11.A major advantage of the retail inventory methods is that it
a. provides reliable results in cases where the distribution of items in
the inventory is different from that of items sold during the period.
b. hides costs from competitors and customers.
c. gives a more accurate statement of inventory costs than other methods.
d. provides a method for inventory control and facilitates determination
of the periodic inventory for certain types of companies.
12.Peterson Company has the following items at year-end:
Cash in bank $30,000
Petty cash 500
Short-term paper with maturity of 2 monthes 8,200
Postdated checks 2,100
Peterson should report cash and cash equivalents of
a. $30,000. b. $30,500. c. $38,700. d. $40,800.
13.Green Corporation uses the FIFO method for internal reporting purposes and
LIFO for external reporting purposes. The balance in the LIFO Reserve
account at the end of 2007 was $80,000. The balance in the same account at
the end of 2008 is $120,000. Green's Cost of Goods Sold account has a
balance of $600,000 from sales transactions recorded during the year. What
amount should Green report as Cost of Goods Sold in the 2008 income
statement?
a. $560,000. b. $600,000. c. $640,000. d. $720,000.
14.If inventory levels are stable or increasing, an argument which is not an
advantage of the LIFO method as compared to FIFO is
a. income taxes tend to be reduced in periods of rising prices.
b. cost of goods sold tends to be stated at approximately current cost on
the income statement.
c. cost assignments typically parallel the physical flow of goods.
d. income tends to be smmothed as prices change over time.
15.Which of the following statements is not valid as it applies to inentory
costing methods?
a. If inventory quantities are to be maintained, part of the earnings must
be invested (plowed back) in inventories when FIFO is used during a
period of rising prices.
b. LIFO tends to smooth out the net income pattern by matching current
cost of goods sold with current revenue, when inventories remain at
constant quantities.
c. When a firm using the LIFO method fails to maintain its usual inventory
position (reduces stock on hand below customary levels), there may be a
matching of old costs with current revenue.
d. The use of FIFO permits some control by management over the amount of
net income for a period through controlled purchases, which is not true
with LIFO.
Answers:
b a a d a c d d a d a c c c d
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