Intermediate Accounting
Exam Questions
Course Introduction
Intermediate Accounting builds upon foundational accounting principles to provide a deeper understanding of financial reporting and analysis. This course covers topics such as revenue recognition, asset and liability measurement, equity accounting, and complex transactions including leases, pensions, and income taxes. Students will develop enhanced analytical and problem-solving skills necessary for interpreting financial statements and applying generally accepted accounting principles (GAAP). Practical exercises and case studies are incorporated to bridge theory with real-world accounting scenarios, preparing students for advanced study and professional practice in the accounting field.
Recommended Textbook
Horngren's Accounting Volume 2 10th Canadian Edition by Tracie L. Miller Nobles
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7 Chapters
1392 Verified Questions
1392 Flashcards
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Page 2
Chapter 1: Partnerships
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202 Verified Questions
202 Flashcards
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Sample
Questions
Q1) Capital balances for Hold and Held are $225,000 and $350,000 immediately before liquidation.Noncash assets with a book value of $500,000 are sold for $560,000 cash.Total liabilities of $270,000 are paid by the partnership.The amount of cash available for distribution to the partners is:
A) $635,000
B) $905,000
C) $75,000
D) $560,000
Answer: A
Q2) Jen,Brad,and George formed a partnership with Jen contributing $50,000,Brad contributing $60,000 and George investing $90,000.Their partnership agreement called for the net income division to be based on the ratio of capital investments.If the partnership net income for the first year of operations was $75,000,what amount of net income would be credited to Jen's capital account?
A) $18,750
B) $22,500
C) $37,500
D) $43,500
Answer: A
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Page 3
Chapter 2: Corporations: Share Capital and the Balance Sheet
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180 Verified Questions
180 Flashcards
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Sample Questions
Q1) Refer to Table 13-2.What is the dividend per share to preferred and common shareholders?
A) $5.00 to preferred, $3.75 to common
B) $3.75 to preferred, $5.00 to common
C) $6.67 to preferred, $1.50 to common
D) $1.00 to preferred, $6.75 to common
Answer: A
Q2) Borrowing at a lower rate than the return on investments is called using leverage. A)True
B)False
Answer: True
Q3) Dividends become a liability of the corporation:
A) on the payment date
B) on the date of record
C) on the declaration date
D) on the day immediately following the date of declaration
Answer: C
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Page 4
Chapter 3: Corporations: Retained Earnings and the
Income Statement
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205 Verified Questions
205 Flashcards
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Sample Questions
Q1) The declaration of a common stock dividend will appear on which of the following financial statements?
A) income statement
B) balance sheet
C) statement of retained earnings
D) either the balance sheet or the income statement
Answer: C
Q2) Earnings per share is a key measure of business success.
A)True
B)False
Answer: True
Q3) A 2-for-1 stock split has the same effect on the number of shares outstanding as a:
A) 20% stock dividend
B) 50% stock dividend
C) 100% stock dividend
D) 200% stock dividend
Answer: C
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Page 5
Chapter 4: Long-Term Liabilities
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186 Verified Questions
186 Flashcards
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Sample Questions
Q1) The premium on bonds payable represents an increase in interest expense over the life of the bonds.
A)True
B)False
Q2) Debentures are secured bonds.
A)True
B)False
Q3) Several years ago,Bee Corporation issued $400,000,10% bonds for $380,000.The balance in the discount on bonds payable account at the end of the current year is $8,000.The balance sheet for the current year would show a net liability of:
A) $408,000
B) $380,000
C) $372,000
D) $392,000
Q4) Refer to Table 15-6.The entry to record the issuance of the bond at par plus accrued interest on August,1,2017 will include a credit to interest payable of what amount?
Q5) Refer to Table 15-6.The entry to record the issuance of the bonds on June 1,2017,at 96.5 includes a debit to Cash of what amount?
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Page 6
Chapter 5: Investments and International Operations
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191 Verified Questions
191 Flashcards
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Sample Questions
Q1) Refer to Table 16-4.What is the debit to Investment in Bonds at July 1,2017?
A) $186,000
B) $191,580
C) $180,420
D) $182,520
Q2) Dividend revenue does accrue through the passage of time.
A)True
B)False
Q3) All share purchases are initially recorded at cost.
A)True
B)False
Q4) Refer to Table 16-5.What is the debit to Investment in Bonds at July 1,2017?
A) $185,000
B) $196,100
C) $173,900
D) $181,300
Q5) A purpose of eliminating entries on the consolidation worksheet is to eliminate double counting.
A)True
B)False
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Chapter 6: The Cash Flow Statement
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207 Verified Questions
207 Flashcards
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Sample Questions
Q1) Increases and decreases in long-term liabilities and owners' equity are reported in the investing activities section of the cash flow statement.
A)True
B)False
Q2) Quincy Industries began the year with $46,700 in accounts receivable and ended the year with $31,900 in accounts receivable.If sales for the year were $687,000,the cash collected from customers during the year amounted to:
A) $701,800
B) $733,700
C) $672,200
D) $655,100
Q3) Format of the operating activities section of the cash flow statement that lists the major categories of operating cash receipts and cash payments
Q4) In the long run,operations must be the main source of a business's cash.
A)True
B)False
Q5) ASPE cash flow statement classification of dividend payments
Q6) Cash available from operations after paying for planned investments
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Chapter 7: Financial Statement Analysis
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214 Verified Questions
214 Flashcards
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Sample Questions
Q1) The numbers in the financial statements under Accounting Standards for Private Enterprises (ASPE)_and International Financial Reporting standards (IFRS)_will usually differ,the procedures for analyzing the relationships among the reported numbers: A) will also usually differ B) remains unchanged C) is significantly different D) might be different, it depends on the ratio
Q2) Ratio of the sum of cash plus short-term investments plus net current receivables to current liabilities
Q3) Current assets divided by current liabilities
Q4) All other things being equal,a company will increase its cash inflow if it reduces the number of days' sales in receivables.
A)True
B)False
Q5) Working capital is a measure of a company's profitability. A)True
B)False
Q6) Ratio of total liabilities to total assets
Q7) Ratio of net credit sales to average net accounts receivable
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