On December 31, Year 1, an entity adopted the IFRS revaluation model for reporting its long-term assets and revalued a patent with a carrying value of USD 85,000 and a 10 year life to its fair value of USD 75,000. On December 31, Year 2, before recording any amortization, the entity determined that the patent had a fair value of USD 90,000. In its December 31, Year 2 financial statements, the entity will report a revaluation gain of.
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1 .If a nation has many rival domestic firms which are all competitive in the global marketplace for a product, which of the four major factors that Michael Porter has indicated impact the global competitive environment would allow this nation to fare better with respect to global competitive advantage?
A Related and supporting industries. B Conditions of domestic demand. C Firm strategy, structure, and rivalry. D Conditions of the factors of production.
2 .Eagle and Falk are partners with capital balances of USD 45,000 and USD 25,000, respectively. They agree to admit Robb as a partner. After the assets of the partnership are revalued, Robb will have a 25% interest in capital and profits, for an investment of USD 30,000. What amount should be recorded as goodwill to the original partners?
A USD 7,500 B USD 5,000 C USD 20,000 D USD 0
3 .Anson Industries, a vertically integrated producer and retailer of high end audio visual equipment has mapped out its overall business process as beginning with product development followed by product testing then raw materials purchasing then manufacturing and assembly, and, finally, sales and service. Finance staff at Anson Industries are trying to evaluate the efficiency and the effectiveness of each process and the relationship between each process. This evaluation is often referred to as.
A Value chain analysis. B Continuous quality improvement. C Process improvement. D Benchmarking.
4 .A company's inventory has the following associated values.Cost USD 5,700Market Ceiling 5,820Replacement Cost 5,480Market Floor 5,515The inventory will be valued at.GAAP IFRS
A 5,480 5,480 B 5,515 5,480 C 5,515 5,700 D 5,700 5,515
5 .A lender and a borrower signed a contract for a $1,000 loan for one year. The lender asked the borrower to pay 3% interest. Inflation occurred and prices rose by 2% over the next year. The borrower repaid $1,030. What is the amount worth in real terms, after inflation?
A $1,009.80 B $1,019.80 C $1,060.90 D $1,050.60
7 .Product-quality-related costs are part of a total quality control program. A product-quality-related cost incurred in detecting individual products that do not conform to specifications is an example of an
A Internal failure cost. B Prevention cost. C Appraisal cost. D External failure cost.
8 .At December 31, Bren Co. had the following deferred income tax items:A deferred income tax liability of $15,000 related to a noncurrent asset.A deferred income tax asset of $3,000 related to a noncurrent liability.A deferred income tax asset of $8,000 related to a current liability.Which of the following should Bren report in the noncurrent section of its December 31 balance sheet under U.S. GAAP?
A A noncurrent liability of $12,000. B A noncurrent asset of $11,000 and a noncurrent liability of $15,000. C A noncurrent liability of $4,000. D A noncurrent asset of $3,000 and a noncurrent liability of $15,000.
9 .Solway International is owed ￡10,000 from its U.K. customer. The current exchange rate is $1.30 to the U.K. pound (￡1.00). Solway has purchased a put option to sell ￡10,000 in 60 days time for $1.25, and Solway has paid a premium of $0.005. If 60 days from now the exchange rate is $1.20, what will be the overall result for Solway International?
A Solway will exercise the option and it will benefit Solway by $450. B Solway will exercise the option and it will benefit Solway by $500. C Solway will exercise the option and it will benefit Solway by $550. D Solway will allow the option to expire unexercised.
10 .For the year ended December 31, Tyre Co. reported pretax financial statement income of $750,000. Its taxable income was $650,000. The difference is due to accelerated depreciation for income tax purposes. Tyre's effective income tax rate is 30%, and Tyre made estimated tax payments during the year of $90,000. What amount should Tyre report as current income tax expense on December 31?
A USD 225,000 B USD 135,000 C USD 105,000 D USD 195,000
