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When a foreign entity has the U


  1. When a foreign entity has the U.S. dollar as its functional currency, it uses which exchange rate to translate monetary assets and liabilities?
    A. the exchange rate on the date the asset or liability was obtained
    B. the end of the period exchange rate
    C. the average exchange rate during the period
    D. the historical exchange rate
  2. Which of the following is not a classification for a minority, passive investment?
    A. equity securities
    B. available for sale securities
    C. trading securities
    D. held to maturity securities
  3. GAAP stipulates that firms should do what with expenditures that increase the service potential of an asset beyond that originally anticipated?
    A. expense the expenditure immediately
    B. charge it off to shareholder's equity
    C. capitalize the expenditure & depreciate it over the remaining service life of the asset
    D. capitalize the expenditure but do not depreciate the asset
  4. Which one of the following is an example of the expected benefit approach for valuing long-lived assets?
    A. current cost
    B. current replacement cost
    C. discounted present value
    D. historical cost
  5. When dividends from an investment are recognized as income, the investment must have been of which type?
    A. minority, passive investment
    B. majority active investment
    C. minority, active investment
    D. majority, passive investment
  6. Which of the following is the least effective way for an analyst to understand whether existing long-lived assets must be replaced?
    A. understand industry conditions and firm strategies for capital expenditure growth
    B. calculate the proportion of depreciable assets consumed
    C. calculate the percentage of ownership the firm has in another entity
    D. calculate the average age of depreciable assets
  7. Which of the following is not a difficulty in determining current market values when determining the value of fixed assets?
    A. Our current accounting model is not equipped to handle changes in market values.
    B. There is an absence of active markets for many fixed assets
    C. It is difficult to identify comparable assets currently available in the marketplace to value assets in place
    D. It is difficult to make assumptions about the effects of technology and other improvements when using the prices of new assets currently available on the market in the valuation process.
  8. All of the following are factors that must be considered when measuring depreciation expense except:
    A. depreciation method
    B. acquisition cost
    C. expected useful life of depreciable asset
    D. active markets for the depreciable asset
  9. Under IFRS, when an asset is revalued upwards, subsequent depreciation is based on
    A. the asset's original cost
    B. the method used for determining depreciation on the company's tax returns.
    C. the amount of future cash flows the asset is expected to generate.
    D. the asset's fair value
  10. Managers are typically faced with all of the following primary choices and estimates when allocating acquisition costs of tangible assets and intangible assets to the periods benefited except:
    A. establishing a reserve for obsolescence
    B. estimating salvage value
    C. choosing an allocation method
    D. estimating useful life
  11. The method used to account for oil and gas exploration costs that capitalizes the exploration costs of all unsuccessful exploratory wells is the
    A. reserve recognition accounting
    B. soft asset approach
    C. full-cost approach
    D. successful efforts approach


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