ATG157 Principles of Accounting-Financial
BRADLEY UNIVERSITY
ATG 157 Principles of Accounting-Financial
NAME: _______________________
Instructions:
1) A maximum of two hours is allowed to complete this examination. 2) This is a closed book examination.
3) Only non-programmable calculators will be allowed. 4) Present value tables are attached.
5) Mark your answer clearly, in pencil on the Scantron Form
6) Notes and other work will not be considered in determining a grade. 7) If you have questions regarding this examination please refer to the TAC
student guide for direction about whom to contact.
8) Your final grade for ATG157 will be available after 30-JUNE-2007.
9) The Scantron Form and the Examination must be returned at the end of the examination
10) This examination covers material drawn from the Third Edition of Financial Accounting by Kimmel, Weygandt, and Kieso. Chapters included in this examination are:
Chapter 1: Introduction to Financial Statements Chapter 2: A Further Look at Financial Statements Chapter 3: The Accounting Information Systems Chapter 4: Accrual Accounting Concepts
Chapter 5: Merchandising Operations and the Multiple-Step Income Statement
Chapter 6: Reporting and Analyzing Inventory Chapter 7: Internal Control and Cash
Chapter 8: Reporting and Analyzing Receivables Chapter 9: Reporting and Analyzing Long-Lived Assets Chapter 10: Reporting and Analyzing Liabilities
Chapter 11: Reporting and Analyzing Stockholder’s Equity Chapter 12: Statement of Cash Flows
1. Posting is performed by transferring information from the:
a) journal to the ledger. b) ledger to the journal.
c) source documents to the ledger. d) source documents to the journal.
2. The going concern assumption helps solve the:
a) continuity issue.
b) revenue recognition issue. c) accounting period issue. d) matching issue.
3. Cash is received in November in advance of services rendered. Assuming that the services are performed in December the adjusting entry in December would be a debit to:
a) Unearned Service Revenue and a credit to Cash.
b) Service Revenue and a credit to Prepaid services.
c) Unearned Revenue and a credit to Service Revenue.
d) Cash and a credit to Service Revenue. 4. Wages Payable were $350 at the end of October and $280 at the end of November. Wages Expense for November was $1,800. How much cash was paid for wages during November?
a) $1,870 b) $2,410 c) $1,730 d) $1,170
5. Unearned Revenue was $1,200 at the end of March and $1,500 at the end of April. Service Revenue was $8,400 for April. How much was received for services provided during the April?
a) $5,700 b) $8,100 c) $8,700 d) $11,100
6. Formal closing entries ultimately will affect: a) total liabilities.
b) Common Stock. c) Retained Earnings. d) total assets.
7. Which of the following should not be included in the count of ending merchandise inventory?
a) Goods in Warehouse.
b) Goods in transit to which the company has title.
c) Damaged goods to be sold at a reduced price.
d) Goods sold but not yet delivered.
8. The entry to record the return of goods from a customer would include a?
a) debit to Sales. b) credit to Sales.
c) debit to Sales Returns and Allowances. d) credit to Sales Returns and Allowances. 9. The entry to record a purchase return would include a credit to what account under the perpetual inventory system?
a) Accounts Payable.
b) Purchase Returns and Allowances. c) Cost of Goods Sold.
d) Merchandise Inventory.
10. The balance of the Retained Earnings account represents:
a) cash set aside for specific future uses. b) cash available for daily operations. c) an excess of revenues over expenses for the most current operating period.
d) profits of a company since the date of its beginning less any losses, dividends to stockholders, or transfers to contributed capital.
11. A restriction on retained earnings may be communicated properly to stockholders through:
a) a press release.
b) a note to the financial statements. c) the president’s letter to the stockholders. d) a direct mailing to stockholders.
12. Placing a restriction on retained earnings will:
a) assure that a company has sufficient cash for a specific purpose.
b) increase total stockholders’ equity. c) communicate to readers that dividend payments may be cut back.
ATG157 Principles of Accounting-Financial 13. On which of the following dates involving
stock dividends does a liability arise? a) date of declaration.
b) date of record. c) date of distribution. d) no date.
14. If only common stock is outstanding total stockholders’ equity divided by the number of shares of common stock outstanding is called the:
a) market value per share. b) book value per share. c) call value per share.
d) par or stated value per share.
15. The value at which one share of stock can be bought or sold is called:
a) market value. b) book value. c) call value.
d) par or stated value.
16. A declared and issued stock dividend would be classified in what section of the statement of cash flows:
a) operating activities section. b) investing activities section. c) financing activities section. d) does not represent a cash flow. 17. The most liquid of all assets is: a) inventory.
b) cash.
c) marketable securities. d) accounts receivable.
18. A short-term investment in a US treasury bill costs $48,800 and will mature six months later at $50,000. Management intends to hold the investment until it matures. The entry to record the initial investment includes a:
a) debit to Cash for $48,800.
b) debit to Short-Term Investments of $48,800.
c) credit to Interest Income for $1,200. d) debit to Short-Term Investments for $50,000.
19. Held-to-maturity securities are valued on the balance sheet at:
a) market value.
b) cost, adjusted for the effect of interest.
c) lower of cost or market. d) cost.
20. Which of the following items on a bank reconciliation would require a journal entry on the company’s books?
a) outstanding checks. b) a deposit in transit.
c) a bank error on the bank statement. d) a bank service charge.
21. For which of the following errors should the appropriate amount be added to the balance per bank on a bank reconciliation? a) check for $52 recorded as $25.
b) deposit of $700 recorded by bank as $100. c) our returned $300 check recorded by bank as $200.
d) service fee for NSF checks.
22. A new company makes the following inventory transactions during its first month of operations. May 1st purchased 20 units @ $19 each. May 7th purchased 70 units @ $20 each. May 18th sold 25 units. May 22nd purchased 10 units @ $22 each. May 29th sold 40 units. If the company uses a periodic inventory system and the average-cost method what will be the value of ending inventory?
a) $700 b) $712 c) $1,300 d) $1,322
23. A company started the month of November with 100 units of inventory with a total cost of $400. During November the company purchased 200 units @ $3.00 each. During December the company purchased a further 100 units @ $6.00 each. The year end inventory count revealed that 150 units had not been sold. If the company uses a periodic inventory system and the FIFO method what will be the value of the ending inventory? a) $750
b) $550 c) $850 d) $1,050
The following information about Cindy Toys should be used to answer questions 24, 25, and 26. Cindy Toys makes the following inventory transactions during her first month of operations. December 1st purchased 200 units @ $3.00 each. December 6th purchased 300 units @ $3.30. December 13th purchased 100 units @ $3.60 each. December 20th purchased 200 units @ $3.90 each. December 29th purchased 40 units @ $4.20 each. During the December she sold 620 units.
24. Cindy uses a periodic inventory system and the average-cost method. What will be the value of the ending inventory?
a) $2,139 b) $792 c) $759 d) $846
25. Cindy uses a specific identification system to track her inventory. She know and that 50 of the remaining units remaining at the end of December are from the December 13th purchase and the rest are from the December 20th purchase. What will be the value of her ending inventory?
a) $828 b) $843 c) $960 d) $794
26. Cindy uses a periodic inventory system and the LIFO costing method to track her merchandise inventory. What will be the value of the ending inventory?
a) $666 b) $870 c) $2,232 d) $2,038
27. A business accepts a 12 percent, $20,000 note due in three years. Assuming simple interest, how much will the business receive when the note falls due?
a) $20,000 b) $20,720 c) $27,200 d) $28,098
28. A single deposit of $800 made at the beginning of period , using a 12% interest rate
would grow to how much at the end of three years?
a) $896 b) $1,124 c) $1,254 d) $2,699
29. Woodson Corporation issued $100,000 of 6%, 20 year bonds at 98 on one of its semiannual interest dates. They use straight-line amortization. After seven years what is the carrying value of the bond?
a) $98,350. b) $98,700. c) $99,300. d) $99,650
30. Woodson Corporation issued $100,000 of 6%, 20 year bonds at 98 on one of its semiannual interest dates. They use straight-line amortization. What is the total interest cost of the bond?
a) $117,500 b) $118,000 c) $120,000 d) $122,000
31. Which of the following will appear first in the liability section of the balance sheet? a) bank overdraft
b) wages payable c) retained earnings d) bonds payable
32. Which of the following are a difference in the legal rights of a proprietorship and an incorporated business:
a) Can incur debts.
b) Can open a bank account. c) Can enter into marriage contract. d) Can engage is any business activity. 33. If a corporation cannot meet its financial obligations how much liability do the shareholders have?
a) They are liable for the capital they have invested in the company.
b) They must honor all company debts. c) They have no liability.
d) They are liable for any unpaid company taxes.
ATG157 Principles of Accounting-Financial 34. Which of the following could be described
as both an advantage and disadvantage of incorporation?
a) limited liability. b) double taxation. c) continuous existence. d) lack of mutual agency. 35. A corporation has: a) unlimited liability. b) no tax liability.
c) government regulations. d) a limited existence.
36. Which of the following most likely would be classified as a current liability?
a) mortgage payable. b) bonds payable. c) dividends payable d) five-year notes payable 37. A liability is recognized when: a) it is paid for.
b) the exact amount of the liability is known. c) the exact due date is known.
d) an obligation has arisen.
38. Current liabilities are debts that are expected to be satisfied within:
a) one year.
b) the normal operating cycle.
c) one year or the normal operating cycle, whichever is shorter.
d) one year or the normal operating cycle, whichever is longer.
39. Which of the following is a contingent liability?
a) excise tax payable.
b) disputed additional tax assessment. c) property tax liability.
d) note payable with interest included in face amount.
40. A contingent liability is best described as a(n):
a) estimated liability. b) potential liability. c) current liability. d) probable liability.
41. Which of the following would not be included in the cost of land?
a) commission to real estate agent. b) cost of clearing unneeded building from land.
c) sewer assessment from local government. d) cost of paving land for parking.
42. A building is purchased for $150,000. It has accumulated depreciation of $20,000 and a residual value of $50,000. Assuming the use of straight-line depreciation its estimated useful life is:
a) 5 years. b) 10 years. c) 14 years.
d) impossible to determine from the facts given.
43. A delivery truck was purchased for $8,000 two years ago. It has a carrying value of $6,000 and an estimated residual value of $1,000. Assuming the use of straight-line depreciation the trucks estimated useful life must have been?
a) three and one-half years. b) seven years.
c) fourteen years.
d) impossible to determine from the facts given.
44. A truck is purchased for $70,000. It has a five-year life and an estimated residual value of $10,000. What will the assets carrying value be after three years if the straight-line method of depreciation is used?
a) $34,000 b) $46,000 c) $24,000 d) $36,000
45. A truck is purchased for $70,000. It has a five-year life and an estimated residual value of $10,000. What will the assets carrying value be after two years if the double-declining method of depreciation is used?
a) $14,700 b) $42,400 c) $25,200 d) $44,800
46. The best definition of assets is the: a) collection of resources belonging to the company and the claims on these resources. b) cash owned by the company.
c) resources belonging to a company having future benefit to the company.
d) owners’ investment in the business 47. The purchase of an asset for cash: a) leaves total assets unchanged. b) increase assets and liabilities
c) decreases assets and increases liabilities. d) increases assets and stockholders’ equity. 48. The payment of a liability:
a) decreases assets and stockholders’ equity b) increases assets and decreases liabilities c) decreases assets and increases liabilities d) decreases assets and liabilities
49. A $100 debit item is accidentally posted as a credit. The trail balance column totals therefore will differ by:
a) $0 b) $100 c) $200 d) $400
50. The principal purpose of posting is to: a) help identify errors made in the journal. b) obtain updated account balances. c) enter transactions directly into the ledger. d) help determine if the financial statements are ready to be prepared.
ATG157 Principles of Accounting-Financial Future Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 1 1.010 1.020 1.030 1.040 1.050 1.060 1.070 1.080 1.090 1.100 1.120 2 1.020 1.040 1.061 1.802 1.103 1.124 1.145 1.166 1.188 1.210 1.254 3 1.030 1.061 1.093 1.125 1.158 1.191 1.225 1.260 1.295 1.331 1.405 4 1.041 1.082 1.126 1.170 1.216 1.262 1.311 1.360 1.412 1.464 1.574 5 1.051 1.104 1.159 1.217 1.276 1.338 1.403 1.469 1.539 1.611 1.762 6 1.062 1.126 1.194 1.265 1.340 1.419 1.501 1.587 1.677 1.772 1.974 7 1.072 1.149 10230 1.316 1.407 1.504 1.606 1.714 1.828 1.949 2.211 8 1.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 1.993 2.144 2.476 9 1.094 1.195 1.305 1.423 1.551 1.689 1.838 1.999 2.172 2.358 2.773 10 1.105 1.219 1.344 1.480 1.629 1.791 1.967 2.159 2.367 2.594 3.106 11 1.116 1.243 1.384 1.539 1.710 1.898 2.105 2.332 2.580 2.853 3.479 12 1.127 1.268 1.426 1.601 1.796 2.012 2.252 2.518 2.813 3.138 3.896 13 1.138 1.294 1.469 1.665 1.886 2.133 2.410 2.720 3.066 3.452 4.363 14 1.149 1.319 1.513 1.732 1.980 2.261 2.579 2.937 3.342 3.797 4.887 15 1.161 1.346 1.558 1.801 2.079 2.397 2.759 3.172 3.642 4.177 5.474 16 1.173 1.373 1.605 1.873 2.183 2.540 2.952 3.426 3.970 4.595 6.130 18 1.196 1.428 1.702 2.026 2.407 2.854 3.380 3.996 4.717 5.560 7.690 20 1.220 1.486 1.806 2.191 2.653 3.207 3.870 4.661 5.604 6.727 9.646
Future Value of an Ordinary Annuity of $1
Payments 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 2.100 2.120 3 3.030 3.060 3.091 3.122 3.153 3.184 3.215 3.246 3.278 3.310 3.374 4 4.060 4.122 4.184 4.246 4.310 4.375 4.440 4.506 4.573 4.641 4.779 5 5.101 5.204 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.105 6.353 6 6.152 6.308 6.468 6.633 6.802 6.975 7.156 7.336 7.523 7.716 8.115 7 7.214 7.434 7.662 7.898 8.142 8.394 8.654 8.923 9.200 9.487 10.089 8 8.286 8.583 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 12.300 9 9.369 9.755 10.159 10.583 11.027 11.491 11.978 12.488 13.021 13.579 14.776 10 10.462 10.950 11.464 12.006 12.578 13.181 13.816 14.487 15.193 15.937 17.549 11 11.567 12.169 12.808 13.486 14.207 14.972 15.784 16.645 17.560 18.531 20.655 12 12.683 13.412 14.192 15.026 15.917 16.870 17.888 18.977 20.141 21.384 24.133 13 13.809 14.680 15.618 16.627 17.713 18.882 20.141 21.495 22.953 24.523 28.029 14 14.947 15.974 17.086 18.292 19.599 21.015 22.550 24.215 26.019 27.975 32.393 15 16.097 17.293 18.599 20.024 21.579 23.276 25.129 27.152 29.361 31.772 37.280 16 17.258 18.639 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 42.753 18 19.615 21.412 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 55.750 20 22.019 24.297 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 72.052
Present Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0..893 2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.826 0..797 3 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751 0.712 4 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683 0.636 5 0.951 0.906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621 0.567 6 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564 0.507 7 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513 0.452 8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467 0.404 9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424 0.361 10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386 0.322 11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 0.429 0.388 0.350 0.287 12 0.887 0.788 0.701 0.625 0.557 0.497 0.444 0.397 0.356 0.319 0.257 13 0.879 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.290 0.229 14 0.870 0.758 0.661 0.577 0.505 0.442 0.388 0.340 0.299 0.263 0.205 15 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239 0.183 16 0.853 0.728 0.623 0.534 0.458 0.394 0.339 0.292 0.252 0.218 0.163 18 0.836 0.700 0.587 0.494 0.416 0.350 0.296 0.250 0.212 0.180 0.130 20 0.820 0.673 0.554 0.456 0.377 0.312 0.258 0.215 0.178 0.149 0.104
Present Value of an Ordinary Annuity of $1
Payments 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 1 .0990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.893 2 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736 1.690 3 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 2.487 2.402 4 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.037 5 4.853 4.713 4.580 4.452 4.329 4.212 4.100 3.993 3.890 3.791 3.605 6 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 4.111 7 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 4.564 8 7.652 7.325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335 4.968 9 8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759 5.328 10 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.145 5.650 11 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 5.938 12 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814 6.194 13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.487 7.103 6.424 14 13.004 12.106 11.296 10.563 9.899 9.295 8.745 8.244 7.786 7.367 6.628 15 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606 6.811 16 14.718 13.578 12.561 11.652 10.838 10.106 9.447 8.851 8.313 7.824 6.974 18 16.398 14.992 13.754 12.659 11.690 10.828 10.059 9.372 8.756 8.201 7.250 20 18.046 16.351 14.877 13.590 12.462 11.470 10.594 9.818 9.129 8.514 7.469
ATG157 Principles of Accounting-Financial
BRADLEY UNIVERSITY
ATG 157 Principles of Accounting-Financial
ANSWER KEY
QUESTION ANSWER COMMENT
1. A Posting relates to the Ledger.
Posting は 、 転記 と 呼 ば れ る 作 業 に あた る 。 取 引 や 事象 （transactions）はまず general journal に記入され、その上 で general ledger に記入（posting、転記）される。
2. A Asset valuation depends on us being able to assume assets will be used over many years. When this assumption is not true then long term assets have to be valued at liquidation value which may be much less than the costs that could have been matched to many future years of earning potential. Assessing this assumption can be one of the most stressful aspects of an auditor’s professional responsibilities.
「'Going concern'は財務会計の前提(Basic assumption)
の一つで、企業が解散や清算せずに、永続的に事業
を営むものとする前提。従って継続性(continuity)に
関わる。」
3. C The initial payment would have been recognized as a liability—unearned service revenue. There names on this type of account can vary considerably. Once the revenue was earned in December then the liability can be eliminated and the amount transferred to revenue.
前払金の入金時(11 月)の仕訳：
Cash XXX／Unearned service revenue XXX サービス提供時(12 月)の仕訳：
Unearned service revenue XXX／Service revenue XXX 4. A WP-BEG + WAGES – PAYMENTS = WP-END.
The company reduced the WP balance by $70. They must therefore have made $70 more payments than the expenses they incurred during November.
10 月末未払分＋11 月給与−11 月中の支払＝11 月末未払分 $350＋$1,800−x＝$280 ∴x＝$1,870
5. C UR-BEG + RECIEPTS – WORK DONE = UR-END
The amount of unearned revenue increased by $300. Therefore the company must have received $300 more than the work that they performed and earned.
3 月末前受金−4 月収益＋4 月の現金入金＝4 月末前受金 $1,200−$8,400＋x＝$1,500 ∴x＝$8,700
6. C The primary accounting statement is the Balance Sheet as reflected in the accounting formula A = L + OE. The income statement then is set of accounts that primarily help us understand how transactions impact on RE. The closing
process removes the details from one period so the next period can be tracked separately.
‘Formal closing entry’の締切手続で、決算整理後の各勘定を 締め切る。そして income statement 上の net income を算出 し、それを balance sheet 上の retained earnings へ含める。 従って、closing entry は最終的に retained earnings へ影響す るといえる。
7. D Once a good is sold the item is no longer a company asset. It is storing the items for the customer.
商品在庫(inventory)に含めるのは、企業が所有権(title)を持つ ものである。商品の所在に関わらず、商品を売却し、title が 購入者に移転した時点で企業の商品在庫から削除されるべき である。
8. C This is a contra revenue account. If you record a return by reducing the sales account directly it becomes difficult to track total returns. That information can be an efficient way to detect service or merchandise problems.
返品の場合、既に計上している売上や受け取った売上金／売 掛金を減少させなければならない。このとき、上記にあるよ うに、返品総額を把握できるように、貸方には sales の評価 勘定である sales returns and allowances をたてる。
Dr Sales returns and allowances XXX Cr account receivable XXX
9. D The return will reduce the amount of inventory available to sell to customers.
Perpetual Inventory system における Purchases return は、 Inventory 勘定をそのまま減額します。
一方、Periodic Inventory System における Purchases return は 、 purchases returns and allowances 勘 定 (purchases/ inventory の contra account)をたてることになる。
Dr accounts payable XXX
Cr purchase returns and allowances XXX
10. D Retained Earnings is the accumulation of income less distributions to shareholders over the course of a company’s history.
選択肢 a は準備金勘定（資本） 選択肢 b は現金勘定（資産） 選択肢 c は当期純利益勘定（損益）
11. B Financial information is integrated into the financial statements. While additional notices may represent good governance procedure the disclosure must be in the financial statements.
株主への通知方法としては選択肢 a∼d のいずれも可能であ るが、利益剰余金の使途限定については、重要な会計方針と して、財務諸表の注記に示すのが適切である。
12. C Unless there is a disclosed restriction the shareholders will have a legitimate right to expect the Retained Earnings could be distributed to them.
ATG157 Principles of Accounting-Financial
目）は特定の目的に使途を限定するもの。従って資本自体を 増加・減少させるものではない（選択肢 b・c）。また、準 備金は現金である必要はない（選択肢 a）
13. D A stock dividend does not create a liability. A memo entry is made to grant shareholders more certificates. However their proportionate holdings are unchanged and the funds available for dividends are unchanged.
株式配当（stock dividend）の場合、dividends payable（未 払配当金）などの負債勘定は計上されない。
14. B It is called the book value. Due to accounting principles such as historic cost assets the value recorded in the books can be less than the market value. Financial Statements have limited value when it comes to determining the current market value of a corporation.
上記にあるように、資本（total stockholders’ equity）は時価 ではなく、簿価で示される。
15. A The price a third party will pay is a market value. Transactions of shares between shareholders does not effect the value of shares recorded on the company’s books. ここでは株式の売買価格（市場流通価格）のことを問われて いるので、選択肢 a の market value が正しい。
16. D There is no cash involved in this transaction. It is not a financing activity since no funds were raised.
現金配当ではなく、株式配当（stock dividend）の場合、 cash out flow とはならないので、statement of cash flows に は記載されないが、備忘記録(memorandum)として記載され るべき事項である。
なお、現金配当（支払配当金）は Cash flows from financing activities に含まれる。
17 B Liquidity is determined by the speed in which the item can be converted to cash or cash equivalent.
資産の流動性は、現金化にかかる時間によって測るため、資 産のうち、流動性が最も高いのは現金そのものといえる。 18. B The objective value of the investment is $48,800. Cash is
reduced to make this investment (credit).
6 ヶ 月 以 内に 償 還を 迎 え る投 資 であ る の で、 Short-Term investments に分類される。
購入時の仕訳：
Short-Term investments XXX／Cash XXX 償還時の仕訳：
Cash XXX／Short-Term investments XXX Bond Interest revenue XXX 19. B Assuming the issuer does not get into financial trouble the
income is assured. The management assertion that the security will be held to maturity is important but it is not binding on the company.
Held to maturity securities は期末で時価評価しないが、未償 却の discount や premium を算入した amortized cost で評 価・記載する点に注意。
bank charges. The other items are simply timing issues but do not effect the legitimate entries made in the books.
選択肢 a・b については、既に企業側の帳簿に記載されてい る事柄である。選択肢 d については、この銀行勘定調整表 (bank reconciliation)作成の際、銀行の明細を取り寄せて初め て通知された事柄であるので、仕訳が必要である。選択肢 c は、銀行側の修正が必要であるので、企業側は仕訳の必要は ない。
21. B The purpose of a bank reconciliation is to determine the correct balance of the account. Items will only be added to the bank balance in a reconciliation procedure when they represent an adjustment the bank needs to make in its records.
ここでは、選択肢にあるエラーのうち、銀行側の残高を修正 （増加）させるべきエラーはどれか、と問われている。選択 肢 b 以外は銀行側の残高を減少させるべきエラー。
22. A The choice of a costing system and valuation method can result in different answers for basic inventory questions. (May 01) 20 @ $19 = $0,380
(May 07) 70 @ $20 = $1,400 (May 22) 10 @ $22 = $0,220 100 $2,000
The average cost is therefore $20 per unit. They sold 65 units leaving 35 in inventory. 35 @ $20 = $700.
解法は上記参照。ここで用いられている総平均法(weighted average method)と移動平均法(moving average method)との 違いを認識しておくこと。
23. A The cost system and assumption effect the way the answer to this question is approached.
(Oct 30) 100 @ $4 = $0,400 (Nov 30) 200 @ $3 = $0,600 (Dec 30) 100 @ $6 = $0,600 $1,600
The FIFO method means that 100 December units and 50 November units are assumed to be unsold.
(50 *3) + (100 *6) = $750. 計算方法は上記参照。FIFO のほか、LIFO ケースでも計算で きるようにしておくこと。（問 26 参照） 24. C (Dec 01) 200 @ $3.00 = $600 (Dec 06) 300 @ $3.30 = $990 (Dec 13) 100 @ $3.60 = $360 (Dec 20) 200 @ $3.90 = $780 (Dec 29) 040 @ $4.20 = $168 840 $2,898
The average cost of inventory is therefore $3.45 per unit. $2,898÷840 個購入分＝$3.45/個 月末商品残高＝840 個購入分―620 個売却分＝220 個 (840 – 620) @ $3.45 = $759 25. B (50 * 3.60) + (170 * 3.90) = $843 月末商品残高 220 個のうち、50 個は 12 月 13 日購入分で、 残りの 170 個は 12 月 20 日購入分。
ATG157 Principles of Accounting-Financial 26. A (200 * 3.00) + (20 * 3.30) = $666 月末商品残高 220 個のうち、200 個は 12 月 1 日購入分で、 残りの 20 個は 12 月 6 日購入分 27. C $20,000 + (2,400 * 3) = $27,200 単利の利子計算。$20,000×12%×3 年 28. B $800 * 1.123 複利の利子計算。CPA 試験では、通常、複利計算が用いら れる。
29. B The bond was discounted to recognize that the interest rate necessary to sell the bond had increased to more than the 6% printed on the coupons. The $2,000 discount is then an increase in the amount of interest income offered on the bond. Each discount or premium is recognized whenever interest expense is recorded—in this case $100 on a semi annual basis. Every six months $50 of the discount is amortized to increase the interest expense. Over 7 years that means $700 of the discount had been expensed as interest. $98,000 + $700 = $98,700.
額面$100,000 の債券を 98($98,000)で購入したということは $2,000 の discount。これを 20 年間、年 2 回の利払い時に $2,000÷20 年÷年 2 回＝$50 ずつ償却していく。7 年後の carry amount(amortized cost)は$98,000＋$50×7 年×年 2 回＝$98,700。
30. D The basic interest cost is based upon the issued coupons which is $100,000*6%*20=$120,000. This has to be modified since the company did not receive $100,000 for each bond it issued since the interest rate had increased between setting the coupon rate and the issue date. A discount of $2,000 was granted to effect a practical increase in the interest rate offered. The result then is a total interest cost is $122,000.
利払時の仕訳：
Dr Bond interest expense 1,050 Cr Discount on bond payable 50 Cr Cash 1,000
このように、interest cost には実際の利払い金額に発行時の discount の償却分が含まれる。
31. A A bank overdraft occurs when a company has issued more checks or other draws than is available in its account. This is a serious situation because the bank may refuse to honor the instruments when they are presented for cash since not enough cash is available. As a consequence an overdraft is the liability with the most immediate need for payment. Balance sheet の負債部分には、支払期日の短いものから記 載する。上記にあるように、選択肢 a∼d のうちで、緊急度 が最も高いものは a である。
32. D A corporation is limited to the purposes set forth in its articles of incorporation. It does not have the broader rights and flexibility afforded to a citizen doing business as a proprietorship.
する必要があり、その内容に準拠しなければならない。 33. A Liabilities of a company are limited to the assets of the
company. For a shareholder this has a distinct advantage since his or her liability for the obligations of the company are limited to the investment made in the company. The offsetting disadvantage is the availability of credit. Financial institutions will not grant credit to the company based on its own assets and their trust in its earning potential.
株主の有限責任は株式会社の特色の一つ。株式会社が破綻し た際、株主は有限責任（自身が出資した分）しか負わない。 34. A Limited liability means that shareholders do not place their entire wealth at risk when they start an incorporated business. Lenders are aware of this risk and until a company is well established this may reduce the willingness of potential creditors to lend the corporation capital.
株式会社が破綻した際、株主は有限責任しか負わないため、 株式会社の膨大な債務から保護される。株主の立場から考え ると利点であるが、逆に債権者は融資した金額が全て返済さ れるとは限らないため、株式会社制度の不利点といえる。 35. C Every corporation must comply with the laws that apply to its
business activities.
消去法で考えるとよい。株式会社は有限責任であるので選択 肢 a は誤り。株式会社は法人税を納める義務があるので選択 肢 b は誤り。株式会社は永続的に事業を営む原則の上に成り 立っているので、選択肢 d は誤り。
36. C Dividends Payable arise after a company has declared them. They are then a current liability once that step has been taken. Normally a company has no obligation to declare dividends to common stockholders.
負債は基本的には one-year rule で分類し、operating cycle （正常営業循環期間）が一年より長期の場合には、営業上の 債務についてはその期間を超えないものを current、超える も の を non-current と す る 。 従 っ て選 択 肢 a ・ b ・ d が current liability に分類されるかどうかは償還日／返済日によ る。
37. D Once a contractual obligation has arisen a liability exists. 負債は将来において資産を引き渡す（サービスを提供する） obligations（義務）であると考えられるため、返済義務が生 じた時点で発生する。従って支払額や支払日が完全には確定 していない段階で見積計上することもある。
38. D Both standards are applied because of differences between cycles in different sectors of the economy.
短期負債は債務が 1 年未満のもの。あるいは operating cycle （正常営業循環期間）が一年より長期の場合は、債務がその operating cycle を超えないもの。
39. B Contingent liabilities arise when there is a claim against the company but the exact liability is difficult to ascertain.
偶発債務(Contingent liabilities)は現時点で損失が発生する可 能性はあるが不確定な事象に伴う、潜在的な債務である。選 択肢 b の係争中の税務は、この先、納付義務が発生する可能
ATG157 Principles of Accounting-Financial 性があるため、Contingent liabilities として記録される。そ の他の選択肢は偶発事象(contingencies)ではない。 40. B See definition 偶発 損 失(loss contingencies) はそ の 発生 の 可 能性 が 高く (probable)、かつ損失金額を合理的に見積もることができる (reasonably estimated)場合に、偶発債務として財務諸表に 計上しなければならない。ここで問われているのはこうした 財務諸表上のルールではなく、偶発債務の定義（「損失が発 生する可能性はあるが不確定な事象に伴う、潜在的な債 務」）に最も適する選択肢であるから、選択肢 b が正しい。 41. D The land improvement is a separate depreciable asset.
固定資産の取得原価に含めるものは、その資産を利用可能な 状態にするために要した支出である。選択肢のうち d は、更 地にした後、駐車場にする為に舗装した際の費用であるか ら、土地の取得原価には含めない。
42. D We do know that the building has a depreciable value of $100,000. However until we know how long the building has been held we cannot determine the annual rate of depreciation that has accumulated into $20,000.
定額法(straight-line method)による減価償却計算： 減価償却費＝（取得原価−残存価額）÷耐用年数
この問では上記の計算式のうち、減価償却費と耐用年数の 2 つの要素が明示されていないため、耐用年数の算出は不可能 である。
43. B It is being depreciated at the rate of $1,000 per year. The carrying value will equal the salvage value in 7 years. 7,000/1,000. 減価償却費×2 年＝$8,000−$6,000 ∴減価償却費＝$1,000 問 42 解説欄の定額法による減価償却計算より、 $1,000＝($8,000−$1,000)÷耐用年数 ∴耐用年数＝7 年 44. A Annual Depreciation is $12,000. (70k-10k)/5 Accumulated Deprecation is $36,000 (12*3) CV is $34,000 (70k-36k). 問 42 解説欄の定額法による減価償却計算より、 減価償却費＝($70,000−$10,000)÷5 年 ∴減価償却費＝ $12,000 Carry value＝取得原価−償却累積額＝$70,000−$12,000×3 ＝$34,000
45. C The straight line rate is 20% so double declining will be 40%. $70,000 * 0.60 * 0.60 = $25,200.
2 倍定率法(double declining balance method)による減価償却 計算：減価償却費＝期首帳簿価額×定額法による償却率×2 1 年目：$70,000×1/5×2＝$28,000
2 年目：($70,000−$28,000)×1/5×2＝$16,800
2 年分の償却後の carry value：$42,000−$16,800＝$25,200 46. C Assets always relate to something with tangible future
resources for a company.
資産の定義。企業の諸目的に充用されている、又は貢献しう る経済的資源である。
47. A Cash is an asset. When another asset is purchased with cash then the result is to change the asset allocation of the company.
現金は資産に含まれる。現金で他の資産を購入するというこ とは、資産の形態が変わることにすぎない。
48. D A liability is a claim on the assets of a company. Payment by cash reduces the assets of the company.
負債を現金などの資産で返済するということは、負債ととも に資産も減少する。
49. C The debit side will be too low by $100 and the credit side will be $100 too high for a total of $200. When balancing ledger it is common therefore to search for an entry that is ½ of any difference that appears in the trail balance.
試算表(trial balance)では、各勘定について、期首残高に増加 分を加算し、減少分を減算して期末残高を算出する。例えば 現金勘定において、期首残高$1,000 に期中に入金が$100 あ り、期末残高は$1,100 になるべきであるとする。ここで入 金$100(debit item)を出金(credit item)として計上してしまう と、期末残高は$1,000−$100＝$900 となり、あるべき残高 より$200 少なくなってしまう。
50 B Posting entries is how the ledgers are kept up to date. 選択肢 d は、一連の締め処理(closing)によってなされる為、 誤り。そして、既に元帳へ転記された transaction から誤り を探すこと（選択肢 a）や、元帳へ transaction を入力する こと（選択肢 c）よりも、元帳を更新し、最新の状態にして おくこと（選択肢 b）の方が第一義的といえる。
