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Test 1 Practice Questions
SECTION BREAK. Answer all the part questions.1) Pooley Corporation owns 75 percent of the common shares and 60 percent of the preferred shares of Stanley Company, all acquired at underlying book value on January 1, 20X8. At that date, the fair value of the noncontrolling interest in Stanley’s common stock was equal to 25 percent of the book value of its common stock. The balance sheets of Pooley and Stanley immediately after the acquisition contained these balances:
Pooley Corporation
Stanley Company
Cash and Receivables
$
80,000
$
40,000
Inventory
90,000
60,000
Buildings and Equipment (net)
250,000
200,000
Investment in Stanley Preferred Stock
60,000
Investment in Stanley Common Stock
120,000
Total Assets
$
600,000
$
300,000
Liabilities
$
150,000
$40,000
Preferred Stock
100,000
Common Stock
200,000
100,000
Retained Earnings
250,000
60,000
Total Liabilities and Equity
$
600,000
$
300,000
Stanley’s preferred stock pays a 12 percent dividend and is cumulative. For 20X8, Stanleyreports net income of $40,000 and pays no dividends. Pooley reports income from its separate operations of $75,000 and pays dividends of $30,000 during 20X8.
1.1) Based on the preceding information, what is the total noncontrolling interest reported in the consolidated balance sheet as of January 1, 20X8?
A) $80,000 B) $40,000 C) $50,000 D) $60,000
1.2) Based on the preceding information, what is the income assigned to the noncontrolling interest in the 20X8 consolidated income statement?
A) $10,000 B) $7,000 C) $11,800 D) $4,800
1.3) Based on the preceding information, what amount of income is attributable to the controlling interest in the consolidated income statement for 20X8?
A) $75,000 B) $105,000 C) $96,000 D) $103,200
1.4) Based on the preceding information, what is the total stockholders’ equity reported in the consolidated balance sheet as of January 1, 20X8?
A) $450,000 B) $530,000 C) $490,000 D) $370,000
1.5) Based on the preceding information, what amount is reported as preferred stock outstanding reported in the consolidated balance sheet as of January 1, 20X8?
A) $0 B) $40,000 C) $50,000 D) $44,000
2) On January 1, 20X7, Pisa Company acquired 80 percent of Siena Company by purchasing 40,000 shares of Siena’s common stock. There was no differential related to this transaction. The noncontrolling interest had a fair value equal to 20 percent of book value. The book value of Siena on December 31, 20X7 was as follows:
Common Stock ($10 par value)
$
500,000
Retained Earnings
350,000
Total
$
850,000
On January 1, 20X8, Siena sold an additional 12,500 shares to a nonaffiliate for $25 per share.
2.1) Based on the preceding information, what is Pisa’s new ownership interest?
A) 84 percent B) 55 percent C) 70 percent D) 64 percent
2.2) Based on the preceding information, what is the ending balance in noncontrolling interest in the net assets of Siena?
A) $186,000 B) $418,500 C) $523,125 D) $232,500
2.3) Based on the preceding information, the elimination entry to prepare the consolidated financial statements on December 31, 20X7 would include a:
A) debit to common stock for $812,500 B) credit to additional paid-in capital for $187,500 C) credit to Investment in Siena Co. for $744,000 D) credit to retained earnings for $350,000
SECTION BREAK. Answer all the part questions.3) Pure Life Corporation has just finished preparing a consolidated balance sheet, income statement, and statement of changes in retained earnings for 20X9. The following items are proposed for inclusion in the consolidated cash flow statement:
Decrease in accounts receivable
$
15,000
Increase in accounts payable
18,000
Increase in inventory
20,000
Increase in bonds payable
50,000
Equipment purchased
200,000
Common stock repurchased
40,000
Depreciation reported for current period
50,000
Gain recorded on sale of equipment
12,000
Book value of equipment sold
58,000
Goodwill impairment loss
12,000
Sales
800,000
Cost of goods sold
350,000
Dividends paid by parent
45,000
Dividends paid by subsidiary
20,000
Consolidated net income for the year
400,000
Income assigned to the noncontrolling interest
20,000
Pure Life holds 75 percent of the voting stock of Shane Pharmaceuticals, acquired at book value on June 21, 20X6. On the date of the acquisition, the fair value of the noncontrolling interest was equal to 25 percent of the book value of Shane.
3.1) Based on the preceding information, what amount will be reported in the consolidated cash flow statement as net cash provided by operating activities for 20X9?
A) $350,000 B) $463,000 C) $335,000 D) $421,000
3.2) Based on the preceding information, what amount will be reported in the consolidated cash flow statement as net cash used in investing activities for 20X9?
A) $200,000 B) $142,000 C) $155,000 D) $130,000
3.3) Based on the preceding information, what amount will be reported in the consolidated cash flow statement as net cash used in financing activities for 20X9?
A) $40,000 B) $55,000 C) $90,000 D) $10,000
3.4) Based on the preceding information, what was the change in cash balance for the consolidated entity for 20X9?
A) Decrease of $153,000 B) Increase of $450,000 C) Increase of $293,000 D) Increase of $150,000
3.5) Based on the preceding information, assuming that Pure Life uses the direct method of computing cash flows from operating activities, what amount will be reported by the company as cash received from customers during the year?
A) $815,000 B) $785,000 C) $800,000 D) $835,000
3.6) Based on the preceding information, assuming that Pure Life uses the direct method of computing cash flows from operating activities, what amount will be reported by the company as cash payments to suppliers for 20X9?
A) $350,000 B) $348,000 C) $312,000 D) $352,000
4) Pain Corporation holds 90 percent of Soothing Company’s common shares but none of its preferred shares. On the date of acquisition, the fair value of the noncontrolling interest was equal to 10 percent of the book value of Soothing Company. Summary balance sheets for the companies on December 31, 20X8, are as follows:
Pain Corporation
Soothing Company
Cash and Receivables
$
80,000
$
70,000
Inventory
40,000
30,000
Buildings and Equipment (net)
160,000
150,000
Investment in Soothing Company
135,000
0
Total Assets
$
415,000
$
250,000
Accounts Payable
50,000
$
25,000
Preferred Stock ($10 par value)
50,000
75,000
Common Stock ($5 par value)
100,000
50,000
Retained Earnings
215,000
100,000
Total Liabilities and Owners’ Equity
$
415,000
$
250,000
Pain’s preferred pays a 8 percent annual dividend, and Soothing’s preferred pays a 10 percent dividend. Soothing’s preferred shares can be converted into 20,000 shares of common stock at any time. Soothing reported net income of $35,000 and paid a total of $10,000 of dividends in 20X8. Pain reported income from its separate operations of $80,000 and paid total dividends of $25,000 in 20X8.
4.1) Based on the information provided, what is the basic earnings per share for the consolidated entity for 20X8?
A) $5.04 B) $5.24 C) $3.80 D) $5.18
4.2) Based on the information provided, what is the diluted earnings per share for the consolidated entity for 20X8?
A) $4.53 B) $4.33 C) $4.00 D) $3.80
SECTION BREAK. Answer all the part questions.5) Wakefield Company uses a perpetual inventory system. In August, it sold 2,000 units from its LIFO-base inventory, which had originally cost $35 per unit. The replacement cost is expected to be $45 per unit. The company is planning to reduce its inventory and expects to replace only 1,500 of these units by December 31, the end of its fiscal year. The company replaced 1,500 units in November at an actual cost of $50 per unit.
5.1) Based on the preceding information, in the entry in August to record the sale of the 2,000 units:
A) Cost of Goods Sold will be debited for $70,000. B) Inventory will be credited for $85,000. C) Excess of Replacement Cost over LIFO Cost of Inventory Liquidation will be credited for $15,000. D) Excess of Replacement Cost over LIFO Cost of Inventory Liquidation will be credited for $67,000.
5.2) Based on the preceding information, in the entry to record the replacement of the 1,500 units in November, Cost of Goods Sold will be debited for:
A) $52,500. B) $22,500. C) $15,000. D) $7,500.
5.3) Based on the preceding information, in the entry to record the replacement of the 1,500 units in November, Inventory will be debited for:
A) $52,500. B) $75,000. C) $67,500. D) $60,000.
5.4) Based on the preceding information, in the entry to record the replacement of the 1,500 units in November, Accounts Payable will be credited for:
A) $67,500. B) $75,000. C) $62,500. D) $60,000.
5.5) Assume that the replacement did not happen in November. In December, the company decided not to replace any of the 1,500 units. The entry required on December 31 to eliminate valuation accounts related to the inventory that will not be replaced will include:
A) a debit to Excess of Replacement Cost over LIFO Cost of Inventory Liquidation for $22,500. B) a credit to Cost of Goods Sold for $15,000. C) a debit to Inventory for $70,000. D) a debit to Inventory for $15,000.
6) Forge Company, a calendar-year entity, had 6,000 units in its beginning inventory for 20X8. On December 31, 20X7,applying the lower-of-cost-or-market (NRV) principle, the units had been adjusted down to $470 per unit from an actual cost of $510 per unit. It was the lower of cost or market (NRV). No additional units were purchased during 20X8. The following additional information is provided for 20X8:
Inventory
Unit Market
Quarter
Date
(units)
Value
First
March 31, 20X8
4,800
$
455
Second
June 30, 20X8
4,000
480
Third
September 30, 20X8
3,100
440
Fourth
December 31, 20X8
2,000
455
Forge does not have sufficient experience with the seasonal market for its inventory units and assumes that any reductions in market value during the year will be permanent.
6.1) Based on the preceding information, the cost of goods sold for the first quarter is:
A) $636,000 B) $564,000 C) $546,000 D) $624,000
6.2) Based on the preceding information, the cost of goods sold for the second quarter is:
A) $416,000 B) $364,000 C) $304,000 D) $424,000
6.3) Based on the preceding information, the cost of goods sold for the year 20X8, is:
A) $2,080,000 B) $1,880,000 C) $1,835,000 D) $1,910,000
MULTIPLE CHOICE – Choose the one alternative that best completes the statement or answers the question.1) The Securities and Exchange Commission is responsible for:
Full and Fair Disclosure of Information
Regulating Securities Markets
Assessing the Quality of Registered Securities
A)
Yes
No
Yes
B)
Yes
Yes
No
C)
No
Yes
Yes
D)
Yes
Yes
Yes
2) Which regulation created the Securities and Exchange Commission?
A) Securities Act of 1933 B) Securities Exchange Act of 1934 C) Investment Company Act of 1940 D) Securities Investor Protection Act of 1970
3) Which of the following divisions of the SEC regulates national securities exchanges, brokers, and dealers of securities?
A) Division of Investment Management B) Division of Corporation Finance C) Division of Economic and Risk Analysis D) Division of Trading and Markets
4) Which division of the SEC develops and administers the disclosure requirements for the securities acts and reviews all registration statements and other issue-oriented disclosures?
A) Division of Enforcement B) Division of Corporation Finance C) Division of Investment Management D) Division of Trading and Markets
5) Identify the regulation that created an entity which insures investors from possible losses if an investment house enters bankruptcy.
A) Federal Deposit Insurance Protection Act B) Securities Investor Protection Act C) Investment Advisers Act D) Federal Bankruptcy Act
6) Regulation S-X and Regulation S-K:
A) govern the preparation of financial statements and associated disclosures. B) govern the registration requirements for private placements. C) outline responsibilities for audit committees of publicly held companies. D) prohibit artificial pyramids of capital in public utilities.
7) Which regulation resulted in the creation of the Public Company Accounting Oversight Board?
A) Investment Advisers Act B) Securities Investor Protection Act C) Sarbanes-Oxley Act D) Trust Indenture Act
8) Regulation S-X presents the rules for preparing all of the following except:
A) financial statements. B) footnotes. C) auditor’s report. D) management’s discussion.
9) The preparation of which of the following items is covered by Regulation S-K?
A) Descriptions of business B) Pro forma disclosures C) Schedules D) Reports of accountants
10) Which of the following presents the results of actions taken against accountants, brokers, and other participants for filing false or misleading statements?
A) Financial Reporting Releases B) Financial Reporting Interpretations C) Accounting and Auditing Enforcement Releases D) Staff Accounting Bulletins
11) Which of the following covers new or revised administrative practices and interpretations used by the SEC staff in reviewing financial statements?
A) Securities Exchange Act releases B) Exchange Act industry guides C) Accounting and Auditing Enforcement Releases D) Staff Accounting Bulletins
12) Which of the following acts requires that a trustee be appointed for sales of bonds, debentures, and other debt securities of public corporations?
A) Securities Investor Protection Act B) Trust Indenture Act C) Investment Company Act D) Investment Advisors Act
13) Which of the following acts helps businesses raise funds in public capital markets by minimizing regulatory requirements?
A) Dodd-Frank Wall Street Reform and Consumer Protection Act B) Foreign Corrupt Practices Act C) Jumpstart Our Business Startups (JOBS) Act D) Sarbanes-Oxley Act
14) For an accelerated filer, how many years of audited financial statements must be presented in the issuer’s annual report?I. Three years of audited income statementsII. Two years of audited balance sheetsIII. Three years of audited statements of cash flows
A) I and II B) II and III C) I and III D) I, II, and III
15) Which of the following types of securities or securities transactions are exempt from the need to be registered under the Securities Act of 1933?I. Commercial paper with a maturity of nine months or less.II. Intrastate issues in which the securities are offered and sold only within one state.III. Municipal bonds.
A) I and II B) II C) I, II, and III D) III
16) Regulation D of the SEC presents important exemptions from full registration requirements for:
A) private placements. B) issuances of securities by savings and loan associations. C) issuances of securities by common carriers regulated by the Interstate Commerce Commission. D) foreign companies.
17) Which of the following forms is the most comprehensive registration statement?
A) Form S-1 B) Form S-2 C) Form S-3 D) Form 20-F
18) When deficiencies are found in a registration statement that must be corrected before the securities may be offered for sale, which of the following is issued by the SEC?
A) An audit opinion B) A comment letter C) A customary review D) A comfort letter
19) The purpose of a “tombstone ad” is:
A) to inform investors an upcoming offering has been canceled. B) to inform investors of an upcoming offering. C) to inform investors an upcoming offering will be delayed for 30 days. D) to inform investors securities will be offered for sale after the company has responded to the SEC’s comment letter.
20) Which of the following best describes a “red herring” prospectus?
A) A shortened version of registration Form S-1 available to those companies that already have publicly traded securities. B) A prospectus containing material irregularities and deficiencies. C) Preliminary information provided to investors about an upcoming issue, and issued between the time a registration statement is presented to the SEC and its effective date. D) Disclosure in the business press, outlined in red, informing investors of an upcoming offering.
21) Which of the following observations is true of the shelf registration rule?
A) It is an option available to all listed companies. B) Shelf registration is limited to 25 percent of the company’s currently outstanding stock. C) It allows private placements of an unlimited amount of securities. D) It allows large companies to select the optimal time to sell their stock.
22) Accountants are liable for any materially false or misleading information contained in the registration statement filed with the SEC up to:
A) the date the registration statement is filed. B) the date of the audit report. C) the effective date of the registration statement. D) the date securities are sold.
23) What does an underwriter typically require from an accountant which indicates that the company has fulfilled all the accounting requirements in the registration process?
A) A comment letter B) An audit opinion C) A “red herring” prospectus D) A comfort letter
24) Which system helps the SEC accomplish its primary purpose of increasing the efficiency and fairness of the securities markets by expediting the receipt, acceptance, dissemination, and analysis of time-sensitive data filed with it?
A) EDI B) ESEC C) EDGAR D) EMMA
25) Which of the following classes of information are included in the Form 10-K?I. Management’s discussion and analysisII. Audited financial statements and footnotesIII. Auditor’s opinion on the company’s internal control system
A) I and II B) I and III C) II and III D) I, II, and III
26) Which of the following statements concerning Form 10-Q is NOT true?
A) It is filed for all four quarters. B) It is the quarterly report to the SEC. C) It contains an update on significant matters occurring since the last quarter. D) It includes comparative financial statements for the quarter presented.
27) Information concerning the unexpected resignation of one or more of the registrant’s directors would be disclosed on which of the following forms?
A) Form 10-K B) Form 8-K C) Form S-1 D) Form 10-Q
28) Proxy statements are:
A) filed by an entity that acquires a beneficial ownership of more than 5 percent in a company. B) interim financial statements need not be audited. C) materials submitted to shareholders for votes on corporate matters. D) used to disclose unscheduled material events.
29) Schedule 13D is filed:
A) by entities that acquire a beneficial ownership of more than 5 percent of a class of registered equity securities. B) to broadly report material information that is being provided to securities analysts, selected institutional investors, or others. C) to disclose material items related to asset-backed securities such as a bond issue. D) by management to report the existence and effectiveness of the company’s internal control over financial reporting.
30) Which of the following is defined as directly or indirectly having the power to vote the shares or investment power to sell the security?
A) Proxy B) Significant influence C) Control D) Beneficial ownership
31) Which of the following is true about the Foreign Corrupt Practices Act of 1977 (FCPA)?I. Publicly held companies should maintain an adequate system of internal control.II. Individuals associated with U.S. companies are prohibited from bribing foreign officials for the purpose of securing a contract.III. Compensating or agents’ fees are disallowed under all circumstances.
A) I and II B) II and III C) I and III D) I, II, and III
32) According to the provisions of the Sarbanes-Oxley Act,
A) accounting firms can provide both audit and non-audit services to the same company. B) the auditor should report directly to, and have its work overseen by, the company’s management. C) audit committees should be composed of non-management members of a company’s board of directors. D) both the lead audit partner and the audit review partner for publicly held companies should be rotated at least every two years.
33) Which of the following statements concerning the management discussion and analysis (MD&A) of a company’s financial condition is true?I. It should cover the financial statements and other statistical data for the most recent three-year time span.II. It should make year-to-year comparisons of material changes in the line items.III. Management need not explain the cause(s) of the material changes.IV. Disclosure of material off-balance sheet transactions, arrangements, and obligations is required in each annual and each quarterly report.
A) I, II, and IV B) II and III C) I, III, and IV D) I, II, III, and IV
34) Pro forma disclosures are:
A) used to disclose unscheduled material events. B) interim financial statements need not be audited. C) materials submitted to shareholders for votes on corporate matters. D) “what-if” presentations often taking the form of summarized financial statements.
35) Which of the following statements concerning pro forma disclosures is not true?
A) They show the effects of major transactions that occur after the end of the fiscal period. B) They show the effects of major transactions that have occurred during the year but are not fully reflected in the company’s historical cost financial statements. C) The SEC requires these to be presented only when the company has made an unusual asset exchange, or a restructuring of existing indebtedness. D) They often take the form of summarized financial statements.
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