CFA Level 1 －模考试题(2)(AM) Q61-65

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Question 61

Which of the following is best described as the presentation of assets, liabilities, and equity in a single column?

A) Account format.

B) Report format.

C) Classified balance sheet.

D) Common-size balance sheet.

Question 62

Harding Corp. has a permanently impaired asset. The difference between its carrying value and the present value of its expected cash flows should be written down immediately and:

A) reported as a non-operating loss before computation of net income.

B) reported as a separately disclosed loss net of tax effect, if any, due to a change in accounting method.

C) directly charged against retained earnings.

D) reported as an operating loss.

Question 63

Longboat, Inc. sold a luxury passenger boat from its inventory on December 31 for $2,000,000. It is estimated that Longboat will incur $100,000 in expenses servicing the warranty during its 5-year obligation. Longboat’s tax rate is 30%. To account for the tax implications of the warranty obligation, Longboat should:

A) record a decrease in taxes payable of $30,000.

B) record a deferred tax liability of $30,000.

C) make no entry until actual warranty expenses are incurred.

D) record a deferred tax asset of $30,000.

Question 64

Under U.S. GAAP, which of the following pairs is the correct cash flow statement classification for dividends paid and interest received, respectively?

Dividends paid Interest received

A) Financing activity Operating activity

B) Financing activity Investing activity

C) Operating activity Operating activity

D) Operating activity Investing activity

Question 65

Which of the following statements is correct regarding the treatment of inventory and joint ventures, respectively, under U.S. GAAP and IFRS?

Inventory Joint ventures

A) Write-ups allowed under IFRS Equity method preferred under IFRS

B) Write-ups allowed under IFRS Equity method preferred under U.S. GAAP

C) Write-ups allowed under U.S. GAAP Equity method preferred under U.S. GAAP

D) Write-ups allowed under U.S. GAAP Equity method preferred under IFRS