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1、COMPREHENSIVE EXAMINATION FPART 6 (Chapters 22-24)Approximate ProblemTopic Time F-IMultiple Choice Questions.25 min. F-IIStatement of Cash Flows.25 min. F-IIIAccounting Changes, Error Corrections, and Prior Period Adjustments.30 min. F-IV*Analysis of Financial Statements.25 min. F-VSegment Reporting
2、. 15 min. 120 min.*This topic is dealt with in an Appendix to the chapter.Test Bank for Intermediate Accounting, Fourteenth EditionF - 2Problem F-I Multiple Choice Questions.1.Which of the following transactions would be considered a financing activity in preparing a statement of cash flows? a.Amort
3、izing a discount on bonds payable b.Recording net income from operations c.Selling common stock d.Purchasing inventory2.The net income for the year ended December 31, 2013, for Tax Consultants INC. was $920,000. Additional information is as follows:Capital expenditures$1,200,000 Depreciation on plan
4、t assets450,000 Cash dividends paid on common stock180,000 Increase in noncurrent deferred tax liability45,000 Amortization of patents21,000Based on the information given above, what should be the net cash provided by operating activities in the statement of cash flows for the year ended December 31
5、, 2013? a.$1,256,000. b.$1,346,000. c.$1,391,000. d.$1,436,000.3.Information concerning the debt of Cole Company is as follows: Short-term borrowings: Balance at December 31, 2012$525,000 Proceeds from borrowings in 2013325,000 Payments made in 2013 (450,000) Balance at December 31, 2013$400,000Curr
6、ent portion of long-term debt: Balance at December 31, 2012$1,625,000 Transfers from caption “Long-Term Debt“500,000 Payments made in 2013 (1,225,000) Balance at December 31, 2013$ 900,000Long-term debt: Balance at December 31, 2012$9,000,000 Proceeds from borrowings in 20132,250,000 Transfers to ca
7、ption “Current Portion of Long-Term Debt“(500,000) Payments made in 2013 (1,500,000) Balance at December 31, 2013$9,250,000In preparing a statement of cash flows for the year ended December 31, 2013, for Cole Company, cash flows from financing activities would reflectOutflow a.$2,000,000 b.$2,250,00
8、0 c.$2,575,000 d.$3,175,000Comprehensive Examination FF - 3Problem F-I (cont.)4.In considering interim financial reporting, how did the Accounting Principles Board conclude that such reporting should be viewed? a.As a “special“ type of reporting that need not follow generally accepted accounting pri
9、nciples. b.As useful only if activity is evenly spread throughout the year so that estimates are unnecessary. c.As reporting for a basic accounting period. d.As reporting for an integral part of an annual period.5.Which of the following items represents a potential use of cash? a.Patent amortization
10、 b.Sale of plant assets at a loss c.Net loss from operations d.Declaration of a stock dividend6.Worthington Company purchased a machine on January 1, 2010, for $4,800,000. At the date of acquisition, the machine had an estimated useful life of six years with no salvage. The machine is being deprecia
11、ted on a straight-line basis. On January 1, 2013, Worthington determined, as a result of additional information, that the machine had an estimated useful life of eight years from the date of acquisition with no salvage. An accounting change was made to reflect this additional information. What amoun
12、t of depreciation expense should be reported in Worthingtons income statement for the year ended December 31, 2013? a.$800,000 b.$600,000 c.$480,000 d.$300,0007.On January 7, 2011, Yoder Corporation acquired machinery at a cost of $1,500,000. Yoder adopted the sum-of-the-years-digits method of depre
13、ciation for this machine and had been recording depreciation over an estimated life of five years, with no residual value. At the beginning of 2013, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this acco
14、unting change, net of tax, is a.$0 b.$200,000 c.$210,000 d.$300,000*8.Information from Collins Companys balance sheet is as follows:Current assets: Cash$ 12,000,000 Short-term investments20,000,000 Accounts receivable50,000,000 Inventories66,000,000 Prepaid expenses 2,000,000 Total current assets$15
15、0,000,000Test Bank for Intermediate Accounting, Fourteenth EditionF - 4Problem F-I (cont.)Current liabilities: Notes payable$ 11,000,000 Accounts payable18,000,000 Accrued expenses13,000,000 Income taxes payable3,000,000 Current portion of long-term debt 5,000,000 Total current liabilities$ 50,000,0
16、00What is the acid-test (quick) ratio? a.1:24 to 1 b.1.64 to 1 c.1.68 to 1 d.3.00 to 1*9.Fargo, Inc. disclosed the following information as of and for the year ended December 31, 2013: Net cash sales600,000 Net credit sales900,000 Inventory at beginning100,000 Inventory at end150,000 Net income30,000 Accounts receivable at beginning of year110,000 Accounts receivable at end of year130,000Fargos receivables turnover is a.6.9 to 1. b.7.5 to
