The Intermediate Accounting Title Exam is mainly about the three subjects of Intermediate Accounting Practice, Financial Management and Economic Law. In preparation for the intermediate accounting title exam, the exam questions are important things that allow us to feel the difficulty of the exam questions in advance, therefore, the review of the exam questions is particularly important, the following is the part of the "Intermediate Accounting Practice" subject questions and answers analysis that I have organized for you.
Intermediate accounting title exam "Intermediate Accounting Practice" questions and answers in detailI. Single choice:
1. On December 31, 2018, Company A is involved in a pending lawsuit for product quality, the probability of losing the lawsuit is 80%. If it wins the lawsuit, it will not have to pay any costs; if it loses the lawsuit, it will have to pay damages and litigation costs*** amounting to 600,000 yuan, while it is virtually certain that it will be able to obtain 450,000 yuan from the insurance company. On that day, Company A should recognize a projected liability of ( ) million yuan.
A. 15
B. 60
C. 0
D. 48
Answer B
When a matter meets the conditions for recognizing a projected liability and involves a single item, the best estimate is determined in accordance with the most probable amount of the occurrence of the amount of $600,000; compensation expected to be available at the time when it is virtually certain that it can be received should be recognized as an asset separately and not as an asset. recognized as an asset and not as a deduction from the amount of the projected liability.
2. On January 1, 2016, Company A purchased bonds issued by Company B on that date with an aggregate nominal value of 30 million yuan for 31,335,000 yuan, which is accounted for as a financial asset measured at amortized cost. The bond has a maturity of 5 years, a coupon rate of 5% per annum and an effective interest rate of 4% per annum, with interest paid in installments and principal repaid in one lump sum at maturity, without taking into account the VAT-related taxes and other factors, on December 31, 2016, Company A's investment income from this debt investment was (_______) million yuan.
A. 24.66
B. 125.34
C. 120
D. 150
Answer B
A. The investment income of the debt investment = amortized cost at the beginning of the period × effective interest rate, and amortized cost refers to the initial recognized amount of a financial asset or a financial liability adjusted by (i) deducting the repaid principal amount; (ii) adding the repaid principal amount; (iii) adding the repaid principal amount; and (iv) adding the repaid principal amount. repaid principal; ② plus or minus the cumulative amortization formed by amortizing the difference between such initial recognition amount and the maturity amount using the effective interest rate method; ③ minus the impairment loss that has been incurred.As of December 31, 2016, Company A's investment income from this bond investment = 3133.5 × 4% = 1,253,400 (RMB).
3. Of the following, a company should account for it as a government grant ( ).
A. The government invests capital in the enterprise as a contributor
B. The enterprise directly reduces the enterprise income tax
C. The enterprise receives a VAT export refund
D. The enterprise receives an immediate VAT refund
Answer D
A. The government invests capital in the enterprise as an investor, and it enjoys a corresponding The government invests capital in the enterprise as an investor and enjoys the corresponding ownership interest, which is a reciprocal transaction and is not a government subsidy; B. The direct reduction of enterprise income tax does not involve the direct transfer of assets to the economic resources, and is not a government subsidy; C. The value-added tax (VAT) export tax rebate is not a government subsidy.
4, the following items should not be included in the cost of purchased inventory ( ).
A. Acceptance of warehousing costs incurred after warehousing
B. Reasonable wear and tear during transportation
C. Tariffs paid on imported goods
D. Insurance costs incurred during transportation of purchased goods
Answer A
A. The cost of purchasing inventories, including the purchase price, taxes (C), transportation costs, handling costs, insurance costs (C), transportation costs, handling costs, insurance costs (C), transportation costs, handling costs, insurance costs (C), transportation costs, handling costs, insurance costs (C). The cost of purchasing inventory includes the purchase price, related taxes (Item C), transportation costs, handling costs, insurance costs (Item D), and other costs attributable to the cost of purchasing inventory. Other costs attributable to the purchase cost of inventories include storage costs incurred in the process of purchasing inventories, packaging costs, reasonable wear and tear during transportation (Item B), and selection and sorting costs incurred prior to warehousing. Warehousing costs incurred after acceptance into the warehouse (A) are not included in the initial cost of purchased inventory.
5. At December 31, 2017, Company A has a pending lawsuit that is expected to be decided after the approved reporting date of the 2017 annual financial report, and the probability of winning the lawsuit is 60%, and Company A wins the lawsuit and will be compensated from $400,000 to $600,000, and each of the amounts in this range has the same probability of occurring, and other factors are not taken into account, the impact of this pending lawsuit on Company A's 2017 December 31 balance sheet assets is ( ) million.
A. 40
B. 0
C. 50
D. 60
Answer B
A contingent matter recognizes an asset on the condition that the matter has been recognized as a liability and, when it is virtually certain (greater than 95% but less than 100%) that indemnification is available, the amount that is virtually certain to be received is recognized as other receivable. Since it is expected that there is a 60% probability of reimbursement, the basic certainty has not been reached, so an asset cannot be recognized.
6. The following items can cause a change in net cash flow ( ).
A. Inventory against debt
B. Payment of purchases with bank deposits
C. Cash deposited as demand deposits in the bank
D. Purchase of investments in bonds maturing within 2 months with bank deposits
Answer B
A, does not involve a change in cash flow; B, so that the cash flow is reduced, can cause a change in net cash flows; C, can cause a change in net cash flows. changes in net cash flows; C, bank demand deposits are bank deposits and do not involve changes in cash flows; D, bond investments maturing within 2 months are cash equivalents, and exchanging bank deposits for cash equivalents does not involve changes in cash flows.
7, on the treasury centralized direct payment business, the following matters are correct ( ).
A. Received from the agent bank stamped "authorization to pay the notice of arrival", according to the amount listed in the notice of accounting treatment
B. Should set up a "zero-balance account with the amount of money" account
C. On the C. Accounting for the amount to be returned to the treasury should be carried out in the following year when the treasury department approves the amount of financial direct payment
D. Financial accounting should be carried out at the same time as budgetary accounting
Answer D
A. In the direct payment business, upon receipt of the "notification of the entry of the financial direct payment", the treasury will pay the amount listed in the notification in accordance with the "zero balance account usage amount" account. "B, under the authorization of payment business, set up a "zero-balance account amount" account; C, the amount of financial return, the next year after the restoration of financial direct payment amount, the unit of financial direct payment method of actual expenditure Accounting treatment.
8, enterprise A by A company, B company and C company capital establishment. The agreement stipulates that at least 75% of the voting rights of the decision-making related to the activities of enterprise A need to be passed before implementation. Assuming that Company A, Company B and Company C can be agreed by any two parties, but it is impossible for all three parties to agree at the same time, the following items belong to the *** with the control ( ).
A. Company A, Company B, and Company C have 50%, 35%, and 15% of the voting power in Company A, respectively
B. Company A, Company B, and Company C have 50%, 25%, and 25% of the voting power in Company A, respectively
C. Company A, Company B, and Company C have 80% of the voting power in Company A, respectively, 10% and 10%
D. Company A, Company B, and Company C have 40%, 30%, and 30% of the voting power in Enterprise A, respectively
Answer A
A. In item A, Company A and Company B are the only combinations capable of collectively controlling the arrangement, which is a case of ****same control; and in item B, Company A and Company B, and Company A and Company C are the two combinations capable of collectively controlling the arrangement, which is a case of ****same control; and in item B, Company A and Company B, and Company A and Company C are the two combinations capable of collectively controlling the arrangement. Control of the arrangement of the two combinations, if there are two or more combinations of participants to be able to collectively control an arrangement, does not constitute **** the same control; Item C, Company A can implement control of enterprise A alone, does not belong to the scope of the **** the same control; Item D, any two investors together have less than 75% of the voting rights, and the three parties are unlikely to reach a unanimous agreement at the same time, does not belong to the *** same control.
9. On January 1, 2018, Company A purchased a patented technology with a bank deposit of RMB 2.4 million and immediately put it into use, with a calculated useful life of 5 years and an estimated net residual value of RMB 0 million, which is amortized by the straight-line method. on January 1, 2019, Company A and Company B signed an agreement that Company A will transfer to Company B on January 1, 2021 at a price of 1 million RMB for The patented technology is still amortized by Company A on a straight-line basis. Excluding other factors, Company A should amortize the patented technology in 2019 in the amount of ($) million.
A.96
B.48
C.46
D.50
Answer C
Ans. Company A should amortize the amount of amortization of the patented technology in 2018 = 240 ÷ 5 = 480 (million yuan)
The book value of the patented technology at December 31, 2018 = 240 -48=1.92 (million yuan)
On January 1, 2019, the agreement was signed, the amortization period should be changed to 2 years, and the estimated net salvage value should be changed to 1 million yuan, and the amount of amortization to be written off on the patented technology in 2019=(192-100)÷2=460 (million yuan)
10. On June 20, 2017, the company bought with bank deposits of 15 million yuan A production line and put it into use immediately, with an estimated useful life of 15 years, an estimated net salvage value of zero, and depreciated using the average annual life method.At December 31, 2018, the estimated recoverable amount is $12.09 million, with an estimated remaining useful life of 13 years, an estimated net salvage value of zero, and still depreciated using the average annual life method. Excluding other factors, the carrying value of the asset at the end of 2019 is ($) million.
A.1116
B.1250
C.1209
D.1407
Answer A
Ans. Carrying value before impairment = 1500 - 1500 ÷ 15 × 1.5 = 13.5 million yuan (RMB) on December 31, 2018, which is subject to impairment, and the carrying value after impairment is $12.09 million, and the carrying value of the asset at the end of 2019 = $1,209 - $1,209 ÷ 13 = $11.16 (million).
11. On January 1, 2019, Company A implements a bonus plan for management. The plan provides that if Company A realizes a net profit of more than 20 million yuan in fiscal year 2019, 20% of the excess will be paid to management as a bonus. in fiscal year 2019, Company A realizes a net profit of 25 million yuan. The financial statement item affected by Company A's implementation of the bonus plan is ( ).
A. Other Comprehensive Income
B. Administrative Expenses
C. Capital Stock
D. Nonoperating Expenses
Answer B
A. The bonus plan implemented by Company A is a short-term profit-sharing plan, and since the bonus is paid out to management, it should be included in administrative expenses.
12. On December 31, 2018, Company A purchased - a piece of production equipment with a bank deposit of RMB 1.8 million and immediately put it into use, with an estimated useful life of 5 years and an estimated net salvage value of RMB 0.3 million, and depreciated using the sum-of-the-years method. At that date, the initial recorded amount of the equipment and the tax basis - consistent. Under the tax law, the amount of depreciation deductible for tax purposes for the equipment is $360,000 for each of the years 2019 through 2023. Excluding other factors, the temporary difference formed between the book value and tax basis of the equipment on December 31, 2019 is ($) million.
A.36
B.0
C.24
D.14
Answer D
A. On December 31, 2019, the book value of the equipment = 180- (180-30) × 5 ÷ 15 = 1.3 (million) million yuan, and the tax basis = 1.8 - 3.6 = 1.44 (million) yuan. The book value is less than the tax basis, resulting in a deductible temporary difference = 144-130 = 14 (million yuan).
13, the following post-balance sheet date events are non-adjusting () .
A. Discovery of overestimation of abandonment costs of fixed assets in the reporting year
B. Increase in capital by capital surplus
C. Discovery of overstatement of revenues in the reporting year
D. Discovery of underestimation of credit impairment losses on accounts receivable in the reporting year
Answer B
A. Options A, C, and D all belong to those that are found in the period after the balance sheet date. The error discovered during the period is an adjusting event; Option B, the transfer of capital surplus to capital during the period after the balance sheet date, is a non-adjusting event.
Second, multiple choice:
1. Enterprises in the impairment test of fixed assets, the present value of the expected future cash flows need to be considered factors are ( ).
A. Remaining useful life
B. Cash flow
C. Original book value
D. Discount rate
Answer ABD
Analysis of the present value of the future cash flows = discounted value of cash flows for each year of the remaining useful life, so the ABD have an impact on the calculation of its original value does not affect the projected future cash flow The original book value does not affect the determination of the present value of the expected future cash flows, which affects the calculation of the book value.
2. The following items belong to the enterprise accounting estimates ( ).
A. Determination of the amount of expected credit impairment losses on financial assets
B. Determination of the subsequent measurement model for investment properties
C. Determination of the progress of performance of labor contracts
D. Determination of the net realizable value of inventories
Answer ACD
A option B, belongs to accounting policies.
3. The following statements about accounting for private non-profit organizations are correct ( ).
A. Accrual basis of accounting
B. Statement of operations should be prepared
C. Net assets include restricted net assets and unrestricted net assets
D. In the use of historical cost measurement basis, the introduction of the basis of measurement of fair value
Answer ABCD
4. December 2020 On December 1, 2020, Company A sells a batch of goods on credit to Company B. The conditions for revenue recognition are met, and accounts receivable and revenue from principal operations are recognized separately. On December 31, 2020, Company A makes a bad debt provision of 100,000 yuan for the accounts receivable. Company A's annual financial report for 2020 was approved by the board of directors on March 20, 2021 for public reporting. Excluding other factors, the following transactions or events that occurred in Company A are classified as adjustments after the balance sheet date ( ).
A. On February 10, 2021, 10% of the products sold by Company A to Company B on December 1, 2020 are returned due to quality problems
B. On January 10, 2021, Company A obtains conclusive evidence that a bad debt provision of 150,000 yuan should be made for accounts receivable on December 31, 2020
C. On March 10, 2021, Company A receives from Company B a letter from the board of directors of Company A stating that the bad debt provision is not due. C.On March 10, 2021, Company A receives a payment of 10 million yuan from Company B
D.On March 31, 2021, Company A makes a bad debt provision of 200,000 yuan for Company B's remaining accounts receivable due to the serious financial difficulties of Company B
Answer AB
Option C is a normal event; Option D is not a balance sheet date, but it occurs after the financial report of 2020, so it is not a normal event. option C is a normal event; option D, which occurs after the financial report of 2×20, is not a post-balance-sheet date event.
5. The following are attributes of asset measurement in government accounting ( ).
A. Fair value
B. Net realizable value
C. Historical cost
D. Nominal amount
Answer ACD
A. Measurement attributes of an asset in governmental accounting mainly include historical cost, replacement cost, present value, fair value and nominal amount.
6. Of the following compensation of current employees, the enterprise should be allocated to the cost of the relevant assets or current profit or loss according to the beneficiary ( ).
A. Employee wages
B. Housing fund
C. Employee welfare expenses
D. Basic medical insurance premiums
Answer ABCD
Analysis of the enterprise's employee wages, allowances and subsidies, for employees to pay medical insurance premiums, workers' compensation insurance premiums and other social insurance premiums and housing fund, and the required withdrawal of the Short-term remuneration such as labor union funds and employee education funds, as well as employee welfare expenses incurred by the enterprise, should be recognized in the current profit and loss or the cost of the relevant assets according to the beneficiary.
7. When an enterprise translates foreign currency financial statements, the following items should be translated using the spot exchange rate at the balance sheet date ( ).
A. Contract assets
B. Other comprehensive income
C. Bonds payable
D. Operating income
Answer AC
A. When a company translates its foreign currency statements, the assets and liabilities items in the balance sheet are translated using the spot exchange rate at the balance sheet date. The items of equity, except for "undistributed profits", other items are translated at the spot rate of exchange at the time of occurrence, option B is incorrect; income and expense items in the income statement, using the spot rate of exchange on the date of the transaction, or can be determined in accordance with a systematic and reasonable method, and the spot rate of exchange on the date of the transaction is similar to the exchange rate of translation, option D is incorrect. D is incorrect.
8. In the following items, the factors affecting the amount of impairment provision for intangible assets with a finite useful life are ( )
A. Acquisition cost
B. Accumulated amortization
C. Present value of the expected future cash flows
D. Fair value less disposal costs
Answer ABCD
The following is a list of factors affecting the amount of provision for impairment for intangible assets with a finite useful life.
9. The following statements are correct in accounting for investment properties measured by the cost model ( ).
A. There is no need to review the estimated useful life at the end of the year
B. Depreciation or amortization should be provided on a periodic basis
C. Impairment testing should be performed when there are indications of impairment
D. Reversal of the provision for impairment is not permitted in subsequent accounting periods
Answer BCD
A. Investment real estate measured under cost model requires depreciation. Investment property, which is subject to depreciation or amortization, requires a review of its estimated useful life at the end of the year, option A is incorrect.
Third, judgment questions
1. Long-term equity investment in the initial investment cost should not include the cash dividends have been declared but not yet paid. ( )
Answer √
The cash dividends that have been declared but not yet paid are accounted for in the "Dividends Receivable" account and are not included in the initial cost of long-term equity investment.
2. Cash receipts and disbursements related to events after the balance sheet date should not be adjusted to the amount of the balance sheet money items and related items in the statement of cash flows for the reporting year. ( )
Answer √
Ans. Cash receipts and payments involved in events after the balance sheet date should not adjust the amounts of money fund items in the balance sheet and related items in the cash flow statement for the reporting year.
3. When a construction in progress shows signs of impairment and an enterprise expects its future cash flows, it should include the full number of cash outflows expected to be incurred to bring it to its intended state of use. ( )
Answer √
Anticipated future cash flows should include the cash inflows expected to arise from continuing use, the expected cash outflows necessary to achieve continuing use, and the net cash flows from disposals at the end of useful life.
4. The price paid by an enterprise for the purchase of land use rights for the construction of an office building for its own use should be included in the construction cost of the office building. ( )
Answer ×
A clearly distinguishable land use rights purchased for the construction of the office building should be included in the intangible assets, not included in the cost of construction of the office building, the accumulated amortization in the period of construction of the fixed assets to be capitalized in the cost of construction of fixed assets.
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