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| Section | Objectives |
|---|---|
| Topic 1: Financial Accounting Fundamentals | - Accounting Principles
|
| Topic 2: Managerial Accounting for Decision Making | - Cost Behavior
|
| Topic 3: Business Decision Support | - Performance Measurement
|
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NEW QUESTION # 62
Last year, X Corporation had sales of $500,000 and total expenses of $300,000. A manager of the company is entitled to get a sales commission of 10% of net profit.
What amount of sales commission is to be recognized at year-end?
Answer: C
Explanation:
The correct answer is A. $20,000 . First, calculate net profit before the commission:
Net profit = Sales - Total expenses = $500,000 - $300,000 = $200,000
The manager's commission is 10% of net profit , so:
Commission = 10% × $200,000 = $20,000
Therefore, the amount to recognize at year-end is $20,000 . Under accrual accounting, expenses are recognized in the period in which they are incurred, even if they have not yet been paid. Since the company earned the profit during the year and the manager became entitled to the commission based on that profit, the commission expense should be recorded at year-end in the same reporting period. This follows the matching concept, which aligns expenses with the revenues they helped generate.
Option B is incorrect because it represents 10% of sales, not net profit. Option C and Option D do not match the 10% commission calculation based on the stated profit amount. Since the problem clearly says the commission is based on net profit , the correct recognized amount is $20,000 , making Option A correct.
Accounting texts describe net profit as revenues minus expenses.
NEW QUESTION # 63
Which balance sheet category reflects what a company owns that can be turned into cash or used to generate cash?
Answer: C
Explanation:
The correct answer is A. Assets . Assets are economic resources a business owns or controls that can either be converted into cash or used to help generate future cash inflows. Accounting references describe assets as items a business owns, including current assets such as cash, accounts receivable, and inventory, as well as long-term assets like equipment, buildings, and intangible assets that support future operations.
Option B, liabilities , refers to obligations or amounts the business owes to others, not what it owns. Option C, revenues , represents inflows earned from providing goods or services during a period and is an income statement category, not a balance sheet resource category. Option D, owners' equity , reflects the residual interest of the owners after liabilities are deducted from assets. Because the question asks about what the company owns and what can be turned into cash or used to generate cash, the most accurate balance sheet category is assets. Current assets are especially important because they are closest to cash, but the broader correct category remains Assets . Therefore, Option A is the right answer.
NEW QUESTION # 64
What is true regarding the use of International Financial Reporting Standards (IFRS)?
Answer: D
Explanation:
The correct answer is C. IFRS are commonly required to be used in Asia . IFRS is widely used around the world, and the IFRS Foundation states that companies in more than 140 jurisdictions are required to use IFRS Accounting Standards when reporting their financial health. That broad global adoption includes many Asian jurisdictions, so saying IFRS are commonly required in Asia is accurate.
Option A is incorrect because U.S. domestic issuers are generally required under SEC rules to file financial statements prepared in accordance with U.S. GAAP , not simply choose IFRS instead. Option B is false because IFRS are not seldom used by non-U.S. companies; in fact, they are extensively used internationally.
Option D is incorrect because the SEC does not require IFRS for all issuers; rather, SEC rules generally require U.S. GAAP for domestic registrants, while certain foreign private issuers may use IFRS as issued by the IASB. Therefore, among the listed choices, Option C is the only statement that is broadly correct and consistent with current international reporting practice.
NEW QUESTION # 65
Which internal control is intended to ensure that a company does not mistakenly pay a supplier for an invoice that includes more items than were actually received?
Answer: D
Explanation:
The correct answer is D . The control designed to prevent payment for goods not actually received is the receiving function's preparation of a receiving report , which is then sent to accounts payable and matched against the supplier invoice and purchase order. This is the essence of a three-way match : purchase order, receiving report, and vendor invoice. AccountingTools explains that payables staff should match the supplier invoice to the related purchase order and proof of receipt before authorizing payment.
Option A is helpful for controlling check completeness and sequence, but it does not verify quantities received. Option B adds authorization control over disbursements, but it also does not confirm whether the shipment matched the invoice. Option C helps ensure purchases are approved before ordering, but it still does not prove what was actually delivered. The receiving department's counting and inspection of goods, followed by forwarding the receiving documentation to accounts payable, directly addresses the risk that a supplier invoice includes more items than were received. Therefore, the best internal control is Option D .
NEW QUESTION # 66
Which formula yields a cash times interest earned ratio of 11?
Answer: A
Explanation:
The correct answer is B . The cash times interest earned ratio measures a company's ability to cover its cash interest payments from cash generated before interest and taxes. The formula is:
Cash times interest earned = Cash from operations before interest and taxes / Cash paid for interest If the ratio is 11 , then the numerator must be 11 times the denominator. Using the amounts in the answer choices, $11,000 divided by $1,000 = 11 , which matches the required result exactly. The Journal of Accountancy describes cash interest coverage using cash flow from operations adjusted for interest and taxes in the numerator and interest paid in the denominator.
Option A is incorrect because acquisitions relate to investing activities, not interest coverage. Option C is incorrect because dividing by cash from operations does not produce the interest coverage ratio. Option D is incorrect because income taxes are not the denominator in this ratio. This ratio is useful in solvency analysis because it shows how many times a firm can pay its interest obligations using cash-based operating performance. Therefore, Option B is the correct formula.
NEW QUESTION # 67
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