All of the following are factors influencing the development

All of the following are factors influencing the development

Question # 00329458 Posted By: rey_writer Updated on: 07/01/2016 06:28 AM Due on: 07/01/2016
Subject Accounting Topic Accounting Tutorials:
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All of the following are factors influencing the development of accounting except:

Question 9 options:

A)

Standard Setting Process

B)

Geographic location

C)

Political and legal systems

D)

Social and cultural values

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Question 10

The organization that takes a global approach to setting international accounting standards is the:

Question 10 options:

A)

GASB

B)

FASB

C)

IFRS

D)

IASB

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Question 11

The standards issued by the International Accounting Standards Board are known as:

Question 11 options:

A)

IASB

B)

General Accepted Accounting Principles

C)

Global Accounting Standards

D)

International Financial Reporting Standards

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Question 12

Primary focuses of the International Federation of Accountants includes all of the following except:

Question 12 options:

A)

Certifying international CPAs

B)

Developing the profession

C)

Promoting quality standards

D)

Harmonizing its standards worldwide

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Question 13

Convergence initiatives of the FASB includes all of the following except:

Question 13 options:

A)

FASB monitoring IASB projects

B)

Joint projects with the IASB

C)

Rewriting all of GAAP to align with IFRS

D)

IASB member in residence at the FASB

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Question 14

Company D, a domestic entity, purchases €100,000 (Euros) in inventory from a French manufacturer on July 15thpayable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 €1 = $0.85, 7/31 €1 = $0.90, and 8/15 €1 = $0.83. Based on this information, what will be the U.S. $ value of the inventory purchased on 8/15 assuming it’s all still on-hand at Company D?

Question 14 options:

A)

$83,000

B)

$90,000

C)

$85,000

D)

$100,000

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Question 15

Company D, a domestic entity, purchases €100,000 (Euros) in inventory from a French manufacturer on July 15thpayable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 €1 = $0.85, 7/31 €1 = $0.90, and 8/15 €1 = $0.83. Based on this information, what will be the U.S. $ value of the accounts payable on 7/31?

Question 15 options:

A)

$85,000

B)

$100,000

C)

$83,000

D)

$90,000

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Question 16

Company D, a domestic entity, purchases €100,000 (Euros) in inventory from a French manufacturer on July 15thpayable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 €1 = $0.85, 7/31 €1 = $0.90, and 8/15 €1 = $0.83. Based on this information, what will be the amount sent to the French company on 8/15?

Question 16 options:

A)

$85,000

B)

€83,000

C)

$90,000

D)

€100,000

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Question 17

Company D, a domestic entity, purchases €100,000 (Euros) in inventory from a French manufacturer on July 15thpayable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 €1 = $0.85, 7/31 €1 = $0.90, and 8/15 €1 = $0.83. Based on this information, what the total net amount of foreign currency gain or loss recognized by Company D for this transaction?

Question 17 options:

A)

$5,000 Loss

B)

$5,000 Gain

C)

$2,000 Gain

D)

$2,000 Loss

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Question 18

Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was £250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 £1 = $1.30, 3/31 £1 = $1.35, and 4/10 £1 = $1.45. Based on this information, what was the amount booked to sales by Company D on 3/10?

Question 18 options:

A)

£250,000

B)

$250,000

C)

$362,500

D)

$325,000

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Question 19

Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was £250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 £1 = $1.30, 3/31 £1 = $1.35, and 4/10 £1 = $1.45. Based on this information, what was the amount booked to cost of goods sold by Company D on 3/10?

Question 19 options:

A)

$135,000

B)

$100,000

C)

$145,000

D)

$130,000

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Question 20

Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was £250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 £1 = $1.30, 3/31 £1 = $1.35, and 4/10 £1 = $1.45. Based on this information, how much cash will be received by Company D on 4/10?

Question 20 options:

A)

$250,000

B)

$325,000

C)

$362,500

D)

$337,500

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Question 21

Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was £250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 £1 = $1.30, 3/31 £1 = $1.35, and 4/10 £1 = $1.45. Based on this information, how much would accounts receivable need to be revalued by on 4/10?

Question 21 options:

A)

$25,000 decrease

B)

$0

C)

$12,500 increase

D)

$25,000 increase

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Question 22

Company F is a foreign subsidiary of a domestic company and Company F’s functional currency is the Euro. On Company F’s financials at the end of the year 2014, they reported €40,000 in inventory. If the spot rate on 1/1/14 was €1 = $1.10, the spot rate on 12/31/14 was €1 $1.20, and the weighted average rate for the full year 2014 was €1 = $1.12, how much is the translated balance of inventory in U.S. $ at year-end?

Question 22 options:

A)

$48,000

B)

$44,000

C)

$40,000

D)

$44,800

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Question 23

Company F is a foreign subsidiary of a domestic company and Company F’s functional currency is the Euro. On Company F’s financials at the end of the year 2014, they reported €300,000 in cost of goods sold. If the spot rate on 1/1/14 was €1 = $1.10, the spot rate on 12/31/14 was €1 $1.20, and the weighted average rate for the full year 2014 was €1 = $1.12, how much is the translated balance of cost of goods sold in U.S. $ at year-end?

Question 23 options:

A)

$360,000

B)

$330,000

C)

$336,000

D)

$300,000

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Question 24

Company F is a foreign subsidiary of a domestic company and Company F’s functional currency is the Euro. On Company F’s financials at the end of the year 2014, they reported €150,000 in net income. If the spot rate on 1/1/14 was €1 = $1.10, the spot rate on 12/31/14 was €1 $1.20, and the weighted average rate for the full year 2014 was €1 = $1.12, how much will be added to translated retained earnings when the books are closed for the year?

Question 24 options:

A)

$150,000

B)

$180,000

C)

$168,000

D)

None of the above. Not enough information to answer the question

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Question 25

Company F is a foreign subsidiary of a domestic company and Company F’s functional currency is the Euro. The total U.S. $ Translated balances of total assets per the trial balance at year-end but prior to closing entries is $1,100,000, liabilities is $400,000, equity is $300,000, and net income adds up to $175,000. The amount to be entered into Accumulated Translation Adjustment will be:

Question 25 options:

A)

$400,000 credit

B)

$575,000 credit

C)

$1,025,000 debit

D)

$225,000 credit

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    Tutorial # 00325014 Posted By: rey_writer Posted on: 07/01/2016 06:29 AM
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