答案和详解如下！ Question 46 For firms with a complex capital structure, the weighted average number of shares used to calculate diluted earnings per share is least likely to include: A) common stock outstanding. B) antidilutive convertible preferred stock. C) dilutive convertible preferred stock. D) dilutive convertible bonds.
The correct answer was B) antidilutive convertible preferred stock Neither EPS nor Diluted EPS includes antidilutive (inclusion would increase EPS) securities in the denominator of their equations.
This question tested from Session 8, Reading 32, LOS i
Question 47 Which of the following two accruals are assets on the balance sheet? A) Accrued revenue and accrued expenses. B) Accrued revenue and prepaid expenses. C) Unearned revenue and prepaid expenses. D) Unearned revenue and accrued expenses.
The correct answer was B) Accrued revenue and prepaid expenses. Accrued (unbilled) revenue is an asset recorded when a company provides goods or services before receiving cash payment. Prepaid expense is an asset recorded when a company pays cash for an anticipated future expenses (e.g. an annual insurance premium when only one quarter has passed). Unearned revenue and accrued expenses are balance sheet liabilities, not assets.
This question tested from Session 7, Reading 30, LOS e
Question 48 Savannah Corp.’s financial accounts for the year ended December 31 included the following information: - Net Income: $122,000
- Preferred Stock Dividends Paid: $35,000
- Common Stock Dividends Paid: $42,000
- Common Shares outstanding at January 1: 50,000
- 10% preferred $100 par value shares outstanding at January 1: 3,500
No stock transactions occurred during the year and all preferred stock dividends were paid. Basic earnings per share for Savannah are closest to: A) $1.74. B) $2.44. C) $0.90. D) $1.44.
The correct answer was A) $1.74. Savannah Corp.’s basic EPS ((net income – preferred dividends) / weighted average number of common shares outstanding) was (($122,000 − $35,000) / $50,000 =) $1.74.
This question tested from Session 8, Reading 32, LOS h, (Part 1)
Question 49 Electronics Corp.’s financial information for the year ended December 31 includes the following: - Beginning Inventory was $2,400,000.
- Ending Inventory was $2,900,000.
- Purchases were $14,900,000.
- Beginning LIFO Reserve was $320,000.
- Ending LIFO Reserve was $395,000.
If Electronics Corp converts its ending inventory from the last in, first out (LIFO) inventory cost flow assumption to first in, first out (FIFO), the FIFO ending inventory balance will be:
A) $2,505,000. B) $2,975,000. C) $3,295,000. D) $3,220,000. The correct answer was C) $3,295,000 The FIFO ending inventory balance is computed by adding the ending LIFO reserve balance to LIFO ending inventory giving a result of ($395,000 + $2,900,000 =) $3,295,000.
This question tested from Session 9, Reading 35, LOS c, (Part 1)
Question 50 Which of the following items is best described as a listing of all the journal entries in order of their dates? A) General ledger. B) Unclassified journal. C) General journal. D) Trial ledger. The correct answer was C) General journal. A listing of all the journal entries in order of their dates is called the general journal. The general ledger sorts the entries in the general journal by account. The other terms are made up.
This question tested from Session 7, Reading 30, LOS g | 
发表于 2008-5-10 14:01
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