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1.
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SFAS 72, Accounting for Certain Acquisitions of Banking or Thrift Institutions, states that in a business combination in which the fair value of liabilities assumed exceeds the fair value of the identifiable assets acquired in the acquisition of a banking or thrift institution, the unidentifiable intangible asset that is recognized in the business combination should be amortized over N/A
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  Its expected useful life, not exceeding 40 years, using the straight-line method.
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A period no longer than that over which the discount on the long-term interest-bearing assets acquired is to be recognized as interest income, not to exceed 40 years, using the interest method.
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A period no longer than that over which the discount on the long-term interest-bearing assets acquired is to be recognized as interest income, not to exceed 40 years, using the straight-line method.
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Its expected useful life, not exceeding 40 years, using the interest method.
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2.
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Banks, savings institutions, and credit unions are required to report the gross amounts of cash receipts and cash payments for N/A
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Deposits placed with other institutions and withdrawals of deposits.
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Loans made to customers and principal collection of loans,
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The other investing and financing activities of the consolidated entity when a banking or thrift association is part of a consolidated entity,.
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Time deposits accepted and repayments of deposits,
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3.
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SFAS 63 requires that a broadcaster’s acquisition of a license agreement for program material should be reported as an asset purchased and liability incurred when the license period commences. And which one of the conditions has been satisfied? N/A
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When the agreement is reached.
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If the license period expires within 1 year and as noncurrent if the license period expires in more than 1 year.
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When the cost of each program is known or determinable, the program material has been accepted, and the program is available for viewing or telecast.
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Only for the present value of future payments in accordance with the procedures set forth in APB 21.
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4.
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Direct selling costs for cable television include all except N/A
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Commissions.
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Salesperson's compensation for obtaining new subscribers.
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Indirect expenses such as rent and costs of facilities.
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Costs of processing documents related to new subscribers acquired.
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5.
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Direct selling costs for cable television can include N/A
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Supervisory and administrative costs.
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Costs of processing documents.
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Rent and facilities cost.
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Subscriber installation costs.
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6.
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Ball College, a not-for-profit organization, received a building with no donor stipulations as to its use. Ball does not have an accounting policy implying a time restriction on donated assets. What type of net assets should be increased when the building was received? N/A
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Temporarily restricted
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Unrestricted
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Permanently restricted
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Partially restricted
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7.
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Coding of computer software refers to N/A
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Research and development
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Planning and design
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Technological feasibility
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Product's detailed instructions in computer language
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8.
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Which of the following is not a feature of a software product? N/A
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It is complete.
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It is compatible with hardware.
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It has exchange value.
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It consists of a collection of programs (e.g., a series of instructions or statements enabling the computer to perform its function) that interact.
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9.
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Three stages of computer software development for internal use are designated: preliminary project stage, application development stage and N/A
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Post acquisition-origination stage.
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Capitalization stage.
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Post-implementation/operation.
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Unamortized computer software stage.
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10.
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An area franchise is an agreement that transfers franchise rights within a N/A
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Geographic area
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Numerical zoned area
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Alphabetical area
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Competition area
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11.
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Direct loan origination costs can include N/A
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Advertising costs.
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Soliciting potential borrower's costs.
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Cost of evaluating a borrower' financial condition.
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Cost of servicing existing loans.
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12.
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Loan origination fees should be recognized over the term of the related loan as A.B. C. D. N/A
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Incremental direct costs.
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Deferred revenue.
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An adjustment of yield.
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Purchase premiums on loans
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13.
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Fees received under government cost-plus-fixed fee (CPFF) with a reasonable assurance of taking place should be credited on the basis of partial performance to N/A
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Services rendered.
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Partial expenses.
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Income.
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Prepaid assets.
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14.
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General purpose external financial reporting by a health care organization do not require presentation of N/A
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A statement of cash flows.
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A planned vs. actual performance statement.
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Statement of changes in equity (or net assets/fund balance).
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Footnotes.
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15.
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John Jay community hospital normally includes office space rentals in N/A
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Deductions from dietary service expenses.
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Ancillary service revenues.
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Other revenues.
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Patient service revenues.
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16.
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Health care providers’ other revenues do not include N/A
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Cafeteria sales.
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Tuition from educational programs.
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Contributions either unrestricted or for a specific purpose.
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Donated medicine.
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17.
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_______________________________________ those donor-restricted net assets that can be used by the not-for-profit organization for their specified purpose once the donor's restriction is met. N/A
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Permanently restricted.
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Temporarily restricted.
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Restricted as to use only for board-designated purposes.
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Currently unrestricted.
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18.
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Insurance contracts that do not involve the assumption of significant insurance risks by the insurance company should be accounted for as N/A
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Interest-bearing financial instruments.
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Insurance.
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Property and liability contracts.
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Accidental dismemberment contracts.
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19.
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Long duration contracts include N/A
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Credit life insurance.
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Property and liability insurance.
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Whole life insurance.
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Auto insurance.
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20.
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Short duration contracts do not include N/A
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Credit life insurance.
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Universal-life-type contracts.
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Most property and liability insurance.
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Accident and health insurance.
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21.
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The Federal Home Loan Mortgage Corporation is referred to as N/A
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Freddie Mac.
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Ginnie Mae.
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Fannie Mae.
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Sallie Mae.
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22.
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An entity should report its film costs as N/A
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A separate asset of the balance sheet.
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A separate expense item on the income statement.
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A contra asset on the balance sheet.
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An amortization cost.
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23.
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Which of the following is not a form of the license fee? N/A
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Fixed.
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Variable.
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A combination of fixed and variable.
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A percentage of a customer's revenue.
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24.
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Film costs do not include N/A
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Administrative and general expenses.
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Costs of set construction.
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Capitalized interest costs.
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Stage plays.
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25.
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___________________________ is not the costs of producing a film and bringing the film to market. N/A
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Participation costs.
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Life cycle costs.
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Exploitation costs.
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Manufacturing costs.
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26.
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Which of the following circumstances does not require an assessment by an entity of the possibility that the fair value of a film, regardless of its completion, is less than its amortized cost N/A
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Actual costs substantially exceed budgeted costs.
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Actual performance subsequent to release does not meet prior expectations.
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The delivery is on target.
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There are significant delays in its completion or release schedule.
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27.
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Film costs should be disclosed as N/A
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Investments on the balance sheet.
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Noncurrent assets on the entity's classified balance sheet.
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Cost of sales on the income statement.
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Current assets on the balance sheet
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28.
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Factors that should be considered in estimating the future cash flows for a film do not include N/A
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The running time of the film.
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Interest changes on money borrowed.
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Historical results of similar films.
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The public's perception of the film's director.
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29.
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The discount rate to determine the fair value of a film using a traditional discounted cash flow approach is N/A
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Entity's incremental borrowing rate.
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Risk-adjusted rate of capital.
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Liability settlement rate.
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Weighted average cost of capital.
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30.
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Permanently restricted net assets for a not-for-profit organization include N/A
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Contributions and other inflows of assets whose use by the organization is limited by donor imposed restrictions that do not expire or cannot be satisfied or removed by actions taken by the organization.
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Contributions and other inflows of assets whose use by the organization is limited by donor imposed restrictions that either expire or can be satisfied or removed by actions taken by the organization.
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Other asset augmentations and reductions that occur as a result of the conditions just described.
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Legal restrictions specified in the entity's articles of incorporation.
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31.
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Which one of the following generally does not constraint unrestricted net assets? N/A
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Broad limits resulting from the nature of the organization.
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The entity's liquidity position.
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Legal restrictions specified in the entity's articles of incorporation.
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Any contracts that the entity may have signed during the course of doing business.
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32.
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The statement of activities does not reports the amount of change in N/A
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Permanently restricted net assets.
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Temporary restricted net assets.
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Retained earnings.
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Unrestricted net assets.
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33.
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Typical users of financial reports of nonbusiness organizations include which of the following? N/A
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Resource providers.
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Constituents.
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Governing and oversight bodies.
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All of the answers are correct.
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34.
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Which one of the following is not a typical user of financial reports of nonbusiness organizations? N/A
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Resource providers.
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Investors.
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Constituents.
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Governing and oversight bodies.
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35.
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In a statement of financial position, a not-for-profit organization should report amounts for which of the following classes of net assets? I. Unrestricted II. Temporarily restrictedIII. Permanently restricted N/A
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I, II, and III.
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I and II only.
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I and III only.
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II and III only.
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36.
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A statement of cash flows is to be presented in general-purpose external financial statements by which of the following? N/A
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Publicly held business enterprises only.
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Privately held business enterprises only.
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All business enterprises.
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All business enterprises and not-for-profit organizations.
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37.
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According to SFAS 116, Accounting for Contributions Received and Contributions Made, what classification(s), if any, should be used by not-for-profit organizations to report receipts of contributions?;Unrestricted;Support RestrictedSupport N/A
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No No
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No Yes
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Yes No
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Yes Yes
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38.
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Kendall Foundation, a not-for-profit agency, receives free electricity on a continuous basis from a local utility company. The utility company's contribution is made subject to cancellation by the donor. Kendall should account for this contribution as a(n) N/A
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Unrestricted revenue only.
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Restricted revenue only.
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Unrestricted revenue and an expense.
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Restricted revenue and an expense.
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39.
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Following the destruction of its house of worship by fire, a religious organization held a rebuilding party. Part of the labor was donated by professional carpenters. The remainder was donated by members of the organization. Capitalization is required for the value of the services provided by N/A
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The professional carpenters only.
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The members only.
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The professional carpenters and the members.
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Neither the professional carpenters nor the members.
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40.
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Uptown Church received a donation of equity securities with readily determinable fair values from a church member. The securities had appreciated in value after they were purchased by the donor, and they continued to appreciate through the end of Uptown's fiscal year. At what amount should Midtown report its investment in donated securities in its year-end balance sheet? N/A
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Donor's cost.
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Fair value at the date of receipt.
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Fair value at the balance sheet date.
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Fair value at either the date of receipt or the balance sheet date.
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41.
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Niewha, a not-for-profit organization, incurred $15,000 in management and general expenses during 2007. In Niewha' statement of activities for the year ended December 31, 2007, the $15,000 should be reported as N/A
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A contra account offsetting revenue and support.
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Part of program services.
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Part of supporting services.
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A direct reduction of net assets.
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42.
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JKS, a nongovernmental not-for-profit art museum, has elected not to capitalize its permanent collections. In 2007 a bronze statue was stolen. The statue was not recovered, and insurance proceeds of $35,000 were paid to JKS in 2008. This transaction would be reported in I. The statement of activities as permanently restricted revenues. or II. The statement of cash flows as cash flows from investing activities. N/A
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I Only
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II Only
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Both I and II
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Neither I and II
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43.
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Norman, a nongovernmental not-for-profit organization, is preparing its year-end financial statements. Which of the following statements is required? N/A
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Statement of changes in financial position.
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Statement of cash flows.
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Statement of changes in fund balance.
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Statement of revenue, expenses, and changes in fund balance.
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44.
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Resource Provider transferred assets to Recipient Organization and specified itself as the beneficiary. The transfer meets the criteria for an equity transaction. In accordance with SFAS 136, Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions for Others, Resource provider should N/A
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Debit an asset and credit equity.
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Debit equity.
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Debit an interest in net assets of Recipient.
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Make no entry.
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45.
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A stated purpose of SFAC 6, Elements of Financial Statements, is to N/A
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Define three classes of net assets for businesses.
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Apply the comprehensive income concept to not-for-profit organizations.
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Define the elements necessary for presentation of financial statements of both business and not-for-profit organizations.
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Apply its principles to reporting by state and local governmental units.
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46.
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SFAS 136, Transfer of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions for Others, applies when a donor makes a contribution to a non- governmental recipient organization that agrees to use the assets on behalf of (or to transfer them, the return thereon, or both to) the beneficiary specified by the donor. Assuming that the donor has not granted the recipient explicit variance power, in which circumstances will the specified beneficiary account for its interest in a way that is similar to the equity method? N/A
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The beneficiary has an unconditional right to receive cash flows from a charitable trust.
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The beneficiary has satisfied the criteria for recognition of a receivable.
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The beneficiary and the recipient are financially interrelated.
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The beneficiary has an unconditional right to receive cash flows from an identifiable pool of assets.
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47.
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SOP 94-3, Reporting of Related Entities by Not-for-Profit Organizations, prescribes the reporting when a not-for profit or nonprofit organization (NPO) holds an investment in a for-profit entity or is related to a separate NPO. Under SOP 94-3, in which of the following circumstances is consolidation permitted but not required? N/A
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The reporting NPO controls a separate NPO in which it has an economic interest. However, it does not have a majority ownership interest or a majority voting interest.
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The reporting NPO controls a separate NPO through a majority ownership interest that is not a majority voting interest and has an economic interest in that NPO.
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The reporting NPO has a majority voting interest in the board of the other NPO and an economic interest in that NPO.
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The reporting NPO has indirect ownership of a majority voting interest in the other NPO, but does not have an economic interest in that NPO.
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48.
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A nonprofit organization (NPO) holds an investment in the common stock of a for-profit entity. The NPO most likely should consolidate the other entity when it N/A
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Controls the other entity and owns 40% of its outstanding voting shares.
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Has a majority voting interest in the other entity's board of directors, owns 20% of its outstanding voting shares, and holds an economic interest in the other entity.
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Owns a majority of the other entity's outstanding voting shares, but does not hold an economic interest in that entity.
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Owns 30% of the other entity's outstanding voting shares and exercises significant influence over that entity.
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49.
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Estimate of proved reserves include N/A
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Oil that may become available from known reservoirs, but is classifies separately as indicated additional reserves.
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Crude oil, natural gas, and natural oil gas liquids that may occur in undrilled prospects.
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Reserves that can be produced economically through the application of improved recovery techniques.
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Crude oil, natural gas, and natural gas liquids that may be recovered from oil shales, coal, and other such sources.
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50.
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SFAS 19 requires that acquisition costs that are incurred to acquire a property (whether unproved or proved) through purchase, lease, or when incurred. Examples of these expenditures do not include: N/A
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Lease bonuses.
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Amortization and depreciation.
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Options to purchase or lease properties.
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Portions of costs applicable to minerals when land including minerals rights is purchased.
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51.
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SFAS 19 notes that development costs and should be N/A
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Capitalized whether or not the well is successful.
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Capitalized only when the well is successful.
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Expensed whether or not the well is successful.
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Expensed only whether the well is successful.
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52.
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A significant amount of revenue may be generated by licensing the rights of ownership in N/A
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CD's or DVD's.
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Cartridges or cassettes.
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Record master or music copyright.
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Reel tapes.
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53.
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Example of real estate sales transactions that are retail land sales include N/A
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Sales of lots to builders.
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Sales of homes, buildings, and parcels of land to builders and others.
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Large amounts of residential lot sales of subdivisions of large tracts of land.
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Sales of corporate stock of enterprises with substantial real estate.
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54.
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For a particular retail land development project, the Reliable Company requires at least a 25% down payment. The period of cancellation with refund for this project has expired on the lots sold, and the receivables from the sale are not subject to subordination to new loans on the property. Under what additional condition should the full accrual basis of accounting for the profit be used to account for the sales transactions? N/A
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The seller is financially capable.
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The development is practical.
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Progress has been made on improvements.
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The development has been completed.
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55.
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According to SFAS 67, preacquisition costs such as payments to obtain an option to acquire real property should be capitalized. Other costs related to real property that are incurred before the enterprise acquires the property should be capitalized if certain conditions are met. Which of the following is not one of the conditions required to be met before other preacquisition costs are capitalized? N/A
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The costs are directly identifiable with a specific property.
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The costs would be capitalized if the property had already been acquired.
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Acquisition of an option to acquire the property is probable.
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Acquisition of the property is reasonably possible.
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56.
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For financial statement purposes, the installment method of accounting may be used if the N/A
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Collection period extends over more than 12 months.
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Installments are due in different years.
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Ultimate amount collectible is indeterminate.
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Percentage-of-completion method is inappropriate.
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57.
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According to the installment method of accounting, gross profit on an installment sale is recognized in income N/A
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On the date of sale.
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On the date the final cash collection is received.
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In proportion to the cash collection.
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After cash collections equal to the cost of sales have been received.
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58.
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Which of the following nongovernmental not-for-profit organizations must report information must provide information about ex¬penses by both their functional classification and their natural classification in a matrix format? N/A
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Private hospitals.
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Voluntary health and welfare organizations (VHWOs).
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Colleges and universities.
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Museums.
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59.
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Which of the following is not used by voluntary health and welfare organizations? N/A
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Current unrestricted funds.
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Current restricted funds
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No-load funds.
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Endowment funds.
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60.
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SFAS 116 specifies that unconditional promises to give and contributions re¬ceived (made) are recognized at ______________ in the period received (made). N/A
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Fair value.
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Book value.
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Present value.
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Liquidation value.
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61.
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Fees charged for entering into an agreement that obligates the enterprise to make or acquire a loan or to satisfy an obligation of the other party under a specified condition is a/an N/A
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Origination fee.
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Commitment fee.
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General reserve fee.
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Incremental direct cost fee.
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62.
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Banks are not required to report the gross amounts of cash receipts and cash payments for N/A
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Personal checking account deposit.
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Time deposits accepted and repayment of deposits.
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Business account withdrawals.
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Saving account deposits and withdrawals
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63.
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An exchange of unsold advertising time for products or services is called a N/A
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Barter.
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Day part.
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License agreement.
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Affiliation exchange.
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64.
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By definition, the pre-maturity period begins with N/A
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A pre-determined subscribed level.
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The first earned subscriber revenue.
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A period that exceeds three years.
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Subscriber costs that equal or exceed expenses.
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65.
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All nonprofit organizations, including colleges and universities, are required under SFAS 93 to recognize depreciation in financial statements and N/A
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To disclose travel expenses.
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To disclose cash flow statements.
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To disclose depreciation expenses.
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To disclose future revenue.
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66.
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SFAS 116 specifies that unconditional promises to give contributions received (made) are recognized in the period (made) as N/A
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Fair value.
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Original cost.
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Market value.
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Depreciated cost
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67.
|
Product master production cost incurred subsequent to the establishment of technological feasibility should be __________________. N/A
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Accrued.
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Recognized.
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Capitalized.
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Expensed.
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68.
|
The stage of product that commences when management decides how the internal software development will be performed is the N/A
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Operational stage.
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Post-implementation stage.
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Application development stage.
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Preliminary project stage.
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69.
|
Franchise fee revenue from individual franchise sales should be recognized when the franchisor has N/A
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Secured financial credit.
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Substantially performed and satisfied all material services or conditions.
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Conducted beta testing.
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Paid an initial franchise fee.
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70.
|
An amount advanced to a client in excess of the amount of uncollected receivables purchased by the factor is termed (in factoring) N/A
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|
|
An origination fee.
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Over advance.
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|
Points.
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Nonrefundable fee
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71.
|
Settlements in which the contractor waives the right to make a claim is a N/A
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|
|
Disposable credit.
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No-cost settlement.
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Cost-plus-fixed-fee contract.
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Service contract.
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72.
|
Fees received under cost-plus-fixed-fee contracts (CPFF) should be credited to income on the basis of N/A
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|
Partial performance.
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Full performance.
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Future performance.
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Past performance.
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73.
|
Contributions made to not-for-profit health care entities should be disclosed from amounts that are permanently restricted, temporarily restricted or unrestricted as N/A
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|
|
Increases in equity.
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|
Decreases in liabilities.
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|
|
Increases in net assets.
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|
|
Decreases in net worth.
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74.
|
Examples of long-duration insurance contracts are N/A
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|
|
Accident and health insurance contracts.
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|
Credit life insurance contracts.
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|
Property and liability insurance contracts.
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|
Endowment, annuity and title insurance.
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75.
|
A private organization authorized by Congress to assist in the development and maintenance of secondary market in conventional residential mortgages is often referred to as N/A
|
|
|
Fannie Mae.
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|
Freddie Mac.
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|
|
Ginnie Mae.
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|
|
Sallie Mae.
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76.
|
An entity may license films to such customers as distributors, theaters, exhibitors or licensees for revenue recognition on a/an N/A
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|
|
Permanent or temporary basis.
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|
|
Cash or credit basis.
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|
|
Exclusive or non exclusive basis.
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|
|
Wholesale or retail basis.
|
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77.
|
By definition the costs of producing a film and bringing that film to market consists of participation costs, exploitation costs, and N/A
|
|
|
Episodic costs.
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|
|
Film library costs.
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|
|
Historical costs.
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|
|
Manufacturing costs.
|
|
|
|
|
78.
|
Not-for-profit organization’s classification of net assets, revenues, expenses, gains and losses are based on whether there are donor N/A
|
|
|
Participation.
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|
|
Restrictions.
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|
|
Providers.
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|
|
Exclusions
|
|
|
|
|
79.
|
The statement of activities (SOA) enables donors, creditors, and other readers to determine the entity’s performances during a given period of time, gauge the organization’s service efforts and N/A
|
|
|
Appraise the success or failure of management performance.
|
|
|
Appraise donor's generosity.
|
|
|
Appraise the foreign market activities.
|
|
|
Appraise the competition advantages of competing not-for-profit organizations.
|
|
|
|
|
80.
|
For oil- and gas-producing activities, SFAS 69 requires the following information annually: revenues, production costs, exploration expenses, income tax expenses, depreciation, depletion, amortization, and N/A
|
|
|
Crude gas and oil recoveries.
|
|
|
Valuation provisions.
|
|
|
Natural oil and gas liquid reserves.
|
|
|
Recovery rates from oil shale and coal.
|
|
|
|
|
81.
|
SAFS 19 requires that when unproven property is surrendered, abandoned, or determined worthless, all capitalized acquisition costs should be charged off against N/A
|
|
|
Bad debts.
|
|
|
A related allowance provided for impairment.
|
|
|
Future potential earnings.
|
|
|
Estimated capital gains and losses.
|
|
|
|
|
82.
|
A licensor for record masters and music copyright must have: a signed non-cancelable contract, agree to a fixed fee, delivered the rights to the licensee who is free to exercise them and, in addition, N/A
|
|
|
There must be a remaining obligation to increase fees.
|
|
|
There must be no remaining significant obligations to furnish music or records.
|
|
|
There must be an escape clause.
|
|
|
There must be a no liability clause for the licensor signed by the licensee.
|
|
|
|
|
83.
|
Retail land sales not accounted for by the full accrual method should be accounted and reported using the percentage-of completion or the N/A
|
|
|
Deposit method.
|
|
|
Cost recovery method.
|
|
|
Installment method.
|
|
|
Reduced profit method.
|
|
|
|
|
84.
|
There are no exemptions or special provisions for income tax accounting for regulated enterprises under SAFS 109. Assets or liabilities relate to N/A
|
|
|
Future rate increases or decreases.
|
|
|
Present earnings and losses.
|
|
|
Estimated and recognized revenues.
|
|
|
Risk factors incurred by the regulated enterprises.
|
|
|
|
|
85.
|
Voluntary health and welfare organizations should present current unrestricted and current restricted funds shown N/A
|
|
|
As income liabilities and equity.
|
|
|
As function of classified services.
|
|
|
As program contributions and expenditures.
|
|
|
Separately in the financial statements.
|
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|
