KUMPULAN QUIZ AKM

All of the following information about each operating segment must be reported except
a. interest revenue.
b. cost of goods sold.
c. depreciation and amortization expense.
d. unusual items.

If the loss on an account receivable results from a customer's bankruptcy after the statement of financial
statement date, the company only discloses this information in the notes to the financial statements.
Select one:
True
False

IFRS requires that

a. the integral view is the most appropriate approach to take in preparing interim financial reports.
b. the three basic financial statements should be presented each time an interim period is reported upon.
c. all companies that issue an annual report should issue interim financial reports.
d. the same accounting principles used for the annual report should be employed for interim
reports.

During 2019, Splash, Incorporated purchased $3,200,000 of inventory. The cost of goods sold for 2019
was S3,600,000 and the ending inventory at December 31, 2019, was $400,000. What was the inventory
turnover for 2019?
a. 6
b. 5,3
c. 8
d. 7

According to IAS 1, which of the following are not commonly required disclosures of accounting
policies?
a. personnel involved in drafting the summary of significant accounting policies or other notes,
including those who made the judgments apart from those involving estimations
b. disclosures required by other IFRSs, like the reasons why the entity's ownership interest does not
constitute control
c. the measurement basis or bases used in the financial statements
d. the nature of a company's operations and the policies that the users of its financial statements would
expect to be disclosed for that type of entity

Mitsuba Corp. has estimated that total depreciation expense for the year ending December 31, 2020 will
amount to S500,000, and that 2019 year-end bonuses to employees will total S800,000. In Mayo's interim
income statement for the six months ended June 30, 2020, what is the total amount of expense relating to
these two items that should be reported?
a. $500,000
b. $400,000
c. $800,000
d. $650,000

Management commentary helps in the interpretation of the financial position,

financial performance, and cash flows of a company.
Select one:
True
False

The full disclosure principle, as adopted by the accounting profession, is best described by which of the
following?
a. Information about each account balance appearing in the financial statements is to be included in the
notes to the financial statements.
b. Disclosure of any financial facts significant enough to influence the judgment of an informed
reader.
c. All information related to an entity's business and operating objectives is required to be disclosed in the
financial statements.
d. Enough information should be disclosed in the financial statements so a person wishing to invest in the
shares of the company can make a profitable decision.

Rado Inc. reported cost of goods sold of f550,000 in its most recent financial statements. The following
changes also occurred during the period: Inventory increase €120,000, Accounts payable decrease
€30,000. The company prepares its statement of cash flows using the direct method. How much should it
report as cash paid to suppliers?
a. €700,000
b. €400,000
C. €550,000
d. €430,000

A statement of cash flows, when used in conjunction with the rest of the financial statements, provides
information that enables users to evaluate the
a. changes in an entity's profit before tax
b. entity's ability to affect the amounts and timing of cash flows in order to adapt to changing
circumstances and opportunities
c. organizational structure of an entity
d. All of the above

Which of the following is not an example of cash flows from operating activities?
a. Cash receipts from the sale of goods and the rendering of services
b. Cash receipts and payments from contracts held for dealing or trading purposes
c. Cash receipts and cash payments of an insurance entity for premiums and
claims, annuities and other policy benefits
d. Cash receipts from sales of property, plant and equipment, intangibles and other long-term
assets

Investments normally qualify as a cash equivalent only when they have a short maturity of
a. Six month or less from the date of acquisition
b. Six month or less from the reporting date
c. Three months or less from the date of acquisition
d. Three months or less from the reporting date

If the financial statements examined by an auditor lead the auditor to issue an opinion that contains an
exception that is not of sufficient magnitude to invalidate the statement as a whole, the opinion is said to
be
a. adverse.
b. unmodifed.
c. qualifed
d. exceptional.

The full disclosure principle, as adopted by the accounting profession, is best described by which of the
following?
a. Information about each account balance appearing in the financial statements is to be included in the
notes to the financial statements.
b. Enough information should be disclosed in the financial statements so a person wishing to invest in the
shares of the company can make a profitable decision.
c. All information related to an entity's business and operating objectives is required to be disclosed in the
financial statements.
d. Disclosure of any financial facts significant enough to influence the judgment of an informed
reader.

According to IAS 1, which of the following are not commonly required disclosures of accounting
policies?
a. the nature of a company's operations and the policies that the users of its financial statements would
expect to be disclosed for that type of entity
b. the measurement basis or bases used in the financial statements
c. personnel involved in drafting the summary of significant accounting policies or other notes,
including those who made the judgments apart from those involving estimations
d. disclosures required by other IFRSs, like the reasons why the entity's ownership interest does not
constitute control

Uciha Corp. and its divisions are engaged solely in manufacturing operations. The following data
(consistent with prior years' data) pertain to the industries in which operations were conducted for the
year ended December 31, 2019.
Assets
Industry Revenue Profit 12/31/19
A $8,000,000 $1,320,000 $16,000,000
B 6,400,000 1,120,000 14,000,000
C 4,800,000 960,000 10,000,000
D 2,400,000 440,000 5,200,000
E 3,400,000 540,000 5,600,000
F 1,200,000 180,000 2,400,000
$26,200,000 $4,560,000 $53,200,000
In its segment information for 2019, how many reportable segments does Uciha have?
a. 3
b. 4
c. 6
d. 5

The following information pertains to Nixon Corp. and its divisions for the year ended December 31,
2019.
Sales to unaffliated customers $2,500,000
Intersegment sales of products similar to those sold to unaffliated customers 750,000
Interest earned on loans to other operating segments 50,000
Nixon and all of its divisions are engaged solely in manufacturing operations. Nixon has a reportable
segment if that segment's revenue exceeds
a. $330,000.
b. $255,000.
c. $250,000.
d. $325,000.

During 2019, Quirk, Incorporated purchased $3,200,000 of inventory. The cost of goods sold for 2019
was $3,600,000 and the ending inventory at December 31, 2019, was S400,000. What was the inventory
turnover for 2019?
a. 8
b. 6
c. 7
d. 5

Ferrari, Inc. is a multidivisional corporation which has both intersegment sales and sales to unaffliated
customers. Ferrari should report segment financial information for each division meeting which of the
following criteria?
a. Segment profit or loss is 10% or more of consolidated profit or loss.
b. Segment revenue is 10% or more of consolidated revenue.
c. Segment profit or loss is 10% or more of combined profit or loss of all company segments.
d. Segment revenue is 10% or more of combined revenue of all the company segments.

Which of the following best characterizes the difference between a financial forecast and a financial
projection?
a. A forecast is normally for a full year or more and a projection presents data for less than a year.
b. Forecasts include a complete set of financial statements, while projections include only summary
financial data.
c. A forecast attempts to provide information on what is expected to happen, whereas a projection
may provide information on what is not necessarily expected to happen
d. A forecast includes data which can be verified about future expectations, while the data in a projection
is not susceptible to verification.

The basic limitations associated with ratio analysis include

a. all of these answer choices are correct.
b. the use of estimated items in accounting.
c. the use of historical costs in accounting.
d. the lack of comparability among firms in a given industry.

Mayo Corp. has estimated that total depreciation expense for the year ending December 31, 2019 will
amount to S300,000, and that 2019 year-end bonuses to employees will total $600,000. In Mayo's interim
income statement for the six months ended June 30, 2019, what is the total amount of expense relating to
these two items that should be reported?
a. $0.
b. $450,000.
c. $150,000.
d. $900,000.

Peristiwa yang terjadi setelah tanggal laporan posisi keuangan 31 Desember 2019 (namun sebelum
laporan tersebut di otorisasi untuk diterbitkan) dan memberikan bukti tentang kondisi yang terjadi pada
laporan posisi keuangan dan mempengaruhi realisasi piutang, maka diperlukan ……
a. Pencatatan jurnal penyesuaian secara langsung pada akun Laba ditahan
b. pengungkapan hanya di Catatan atas Laporan Keuangan
c. Pencatatan jurnal penyesuaian untuk piutang pada 31 Desember 2019
d. pembahasan pada management commentary di laporan tahunan.
Jika suatu perusahaan terdapat transaksi dengan pihak-pihak berelasi (related-party transaction), maka
diperlukan pengungkapan informasi berikut, kecuali………….
a. jumlah jatuh tempo dari pihak-pihak yang berelasi pada saat laporan posisi keuangan disajikan.
b. sifat dari transaksi dimasa depan yang direncanakan oleh kedua pihak dan syarat transaksi.
c. sifat hubungan antar pihak yang bertransaksi
d. jumlah transaksi (dalam rupiah) pada masing-masing periode laporan laba rugi disajikan.
IFRS mewajibkan
a. Semua perusahaan yang menerbitkan laporan tahunan harus menerbitkan laporan interim
b. Tiga laporan keuangan utama juga harus disajikan laporan interim.
c. Prinsip akuntansi yang sama harus diterapkan pada laporan tahunan dan laporan interim.
d. Pandangan integral paling sesuai untuk menyajikan laporan keuangan interim.
Network Corp. mengidentifikasi empat segmen berikut: SEGMENT A-Total Revenue (unaffiliated)
$255,000-Operating profit (loss) $30,000-Identifiable Assets $900,000; SEGMENT B-Total
revenue(unaffiliated) $600,000-Operating profir (loss) $(55,000)-Identifiable assets $800,000; SEGMENT
C-Total revenue $225,000-Operating profit (loss) $6,000-Identifiable assets $450,000; SEGMENT D-Total
revenue(unaffiliated) $90,000-Operating profit(loss) $4,000-Identifiable assets $225,000. Segmen manakah
yang memerlukan pengungkapan?
a. Segmen A dan D
b. Segmen A, B, C, dan D
c. Segmen A dan B
d. Segmen A, B, dan C
Pada Januari 2019, Morina Inc mengestimasi bonus akhir tahun untuk para pimpinan perusahaan sebesar
€720,000 untuk tahun 2019. Jumlah bonus aktual yang dibayarkan pada tahun 2018 adalah €660,000.
Estimasi bonus 2019 adalah subjek penyesuaian akhir tahun. Berapakah jumlah (jika ada) beban yang harus
disajikan pada Laporan laba rugi kuartal (untuk 3 bulan) pada periode yang berakhir 31 Maret 2019?
a. €180,000.
b. €-0-.
c. €165,000.
d. €720,000.
Abasa Corp. dan divisinya menyediakan informasi berikut untuk periode yang berakhir pada 31 Desember
2019: Penjualan kepada pelanggan yang tidak terafiliasi $2,500,000; Penjualan intersegmen di mana produk
tersebut mirip dengan yang dijual dengan pelanggan tidak terafiliasi $750,000; Bunga yang diterima dari
pinjaman yang diberikan pada segmen operasi lain $50,000. Abasa dan divisinya memilliki operasi
manufaktur yang sama. Abasa memiliki reportable segment jika pendapatan segmen melebihi:
a. $255,000.
b. $325,000.
c. $330,000.
d. $250,000.
Pada tanggal 15 Januari 2019, Valley Inc melakukan pembayaran atas pajak bangunan untuk tahun 2019
sebesar $560,000. Pada minggu pertama bulan April 2019, Valley melakukan perbaikan mayor yang tidak
direncanakan sebelumnya pada peralatannya dengan biaya sebesar $1,400,000. Perbaikan ini akan
memberikan manfaat sepanjang tahun. Bagaimana kedua beban tersebut disajikan dalam laporan laba rugi
triwulanan yang berakhir masing-masing pada: 3/31/19, 6/30/19, 9/30/19, dan 12/31/19?
a. $140,000; $1,540,000; $140,000; $140,000
 b. $490,000; $490,000; $490,000; $490,000
c. $560,000; $1,400,000; $-0-; $-0-
d. $140,000; $606,667; $606,667; $606,667
Exa Inc memiliki piutang usaha (net) sebesar $600,000 pada 31 Desember 2018 dan $660,000 pada 31
Desember 2019. Penjualan tunai (net) pada tahun 2019 sebesar $390,000. Perputaran piutang pada 2019
adalah 7.0. Berapa total penjualan (net) pada tahun 2019?
a. $4,800,000.
b. $4,410,000.
c. $4,020,000.
d. $2,730,000.
A company acquired a building, paying a portion of the purchase price in cash and issuing a mortgage note
payable to the seller for the balance. In a statement of cash flows, what amount is included in financing
activities for the above transaction?
a. Acquisition price
b. Zero (Anita)
c. Mortgage amount
d. Cash payment
Di bawah ini adalah informasi dari Toba Inc.: Aset lancar terdiri dari Persediaan 220,000; Piutang usaha
122,000; Beban dibayar dimuka 60,000; Investasi jangka pendek 150,000; Kas 8,000; Total aset lancar
$560,000. Total liabilitas lancar adalah $200,000. Berapakan rasio acid-test ?

a. 2.5 to 1.
b. 1.4 to 1.
c. 2.8 to 1.
d. 0.8 to 1.

Kerugian persediaan karena penurunan harga pasar sebesar $1,600,000 terjadi pada bulan Mei 2019 atau
setelah penerbitan laporan triwulanan pada 31 Maret 2019. Kerugian ini belum tercatat sampai akhir tahun.
Bagaimana jumlah kerugian ini seharusnya disajikan dalam laporan triwulanan yang berakhir masing-
masing pada: 3/31/19, 6/30/19, 9/30/19, dan 12/31/19?

a. $400,000; $400,000; $400,000; $400,000

b. $-0-; $-0-; $-0-; $1,600,000
c. $-0-; $1,600,000; $-0-; $-0-
d. $-0-; $533,333; $533,333; $533,333

Which of the following is not classified as an accounting change by IASB?

a. All of these are classified as an accounting change

b. Errors in the financial statements
c. Change in the accounting policy
d. Change in accounting estimate

An example of a correction of an error in previously issued financial statements is a change

a. from the cash basis of accounting to the accrual basis of accounting

b. in the service life of equipment, based on changes in the economic environment
c. in the tax assessment related to a prior period
 d. from the LIFO method of inventory valuation to the average cost method

Why does IASB prohibit retrospective treatment of changes in accounting estimates?

- The IASB allow the retrospective treatment for any type of presentation
- The IASB view changes in estimates as normal recurring corrections and adjustments, which
are the natural result of the accounting process
- IASB does not prohibit retrospective treatment of changes in accounting estimates, but is silent on
this issue
- The IASB prohibits retrospective treatment of changes in accounting estimates because IFRS
requires it

Counterbalancing errors do not include...

- an overstatement of unearned revenue

- errors that correct themselves in three years
- errors that correct themselves in two years
- an understatement of purchases

A company using a perpetual inventory system neglected to record a purchase of merchandise on account at
year end. This merchandise was omitted from the year-end physical count. How will these errors affect
assets, liabilities, and equity at year end and net income for the year?

a. Assets: No effect, Liabilities: Understate, Equity: Overstate, Net income: Overstate

b. Assets: Understate, Liabilities: No effect, Equity: Understate, Net income: Understate
c. Assets: Understate, Liabilities: Understate, Equity: No effect, Net income: No effect
d. Assets: No effect, Liabilities: Overstate, Equity:Understate, Net income: Understate

On January 1, 2017, Kim Corporation acquired equipment at a cost of $250,000. Kim adopted the double-
declining balance method of depreciation for this equipment and had been recording depreciation over an
estimated useful life of ten years, with no residual value. At the beginning of 2020, a decision was made to
change to the straight-line method of depreciation for the equipment. The depreciation expense for 2020
would be

a. $18,286
b. $25,000
c. $35,714
d. $12,800

Maleeque Co. purchased building that cost $810,000 on January 4, 2018. The entire cost was recorded as an
expense. The machinery has a nine-year life and a $54,000 residual value. The error was discovered on
December 20, 2020. Ignore income tax considerations. Before the correction was made, and before the
books were closed on December 31, 2020, retained earnings was understated by

a. $726,000
b. $810,000
c. $642,000
d. $558,000

On January 1, 2020, Henri Corp. changed its inventory method to FIFO from average cost for both financial
and income tax reporting purposes. The change resulted in an $800,000 increase in the January 1, 2020
inventory. Assume that the income tax rate for all years is 30%. The cumulative effect of the accounting
change should be reported by Frost in its 2020

a. retained earnings statement as an $800,000 addition to the beginning balance

b. income statement as an $800,000 cumulative effect of accounting change
c. retained earnings statement as a $560,000 addition to the beginning balance
d. income statement as a $560,000 cumulative effect of accounting change

On January 1, 2019, Titi Corp. acquired a equipment at a cost of $500,000. It is to be depreciated on the
straight-line method over a five-year period with no residual value. Because of a bookkeeping error, no
depreciation was recognized in Titi's 2019 financial statements. The oversight was discovered during the
preparation of Titi’s 2020 financial statements. Depreciation expense on this equipment for 2020 should be
a. $0
b. $200,000
c. $100,000
d. $125,000
On January 1, 2017, Henri Co. purchased a patent for $595,000. The patent is being amortized over its
remaining legal life of 15 years expiring on January 1, 2032. During 2020, Henri determined that the
economic benefits of the patent would not last longer than ten years from the date of acquisition. What
amount should be reported in the statement of financial position for the patent, net of accumulated
amortization, at December 31, 2020?
a. $357,000
b. $408,000
c. $420,000
d. $436,375
The primary purpose of the statement of cash flows is to provide information
a. that is useful in assessing cash flow prospects
b. about the operating, investing, and financing activities of a company during a period
c. about the cash receipts and cash payments of a company during a period
d. about the entity's ability to meet its obligations, its ability to pay dividends, and its needs for
external financing
Under IFRS where a company uses the indirect method, which of the following would not be reported in the
statement of cash flows?
a. Depreciation expense
b. Purchase of equipment using a note
c. Retirement of bonds payable
d. An increase in inventory
Machine which cost AUD213,000 and had accumulated depreciation of AUD114,000 was sold for
AUD111,000. This transaction should be shown on the statement of cash flows (indirect method) as a
a. deduction from net income of AUD12,000 and a AUD111,000 cash inflow from investing
activities
b. deduction from net income of AUD12,000 and a AUD99,000 cash inflow from investing activities
c. addition to net income of AUD12,000 and a AUD99,000 cash inflow from financing activities
d. addition to net income of AUD12,000 and a AUD111,000 cash inflow from financing activities
Zul Incorporated, had net income for 2020 of $5,000,000. Additional information is as follows:
Amortization of patents $45,000, Depreciation on plant assets $1,650,000, Long-term debt: Bond premium
amortization $65,000 and Interest paid $900,000, Provision for doubtful accounts: Current receivables
$80,000 and Long-term nontrade receivables $30,000. What should be the net cash provided by operating
activities in the statement of cash flows for the year ended December 31, 2020, based on the above
information?
a. $6,870,000
b. $6,840,000
c. $6,820,000
d. $6,740,000
A company acquired a building, paying a portion of the purchase price in cash and issuing a mortgage note
payable to the seller for the balance. In a statement of cash flows, what amount is included in financing
activities for the above transaction?
a. Acquisition price
b. Zero
c. Mortgage amount
d. Cash payment
The share dividend should be reported on the statement of cash flows (indirect method) as
a. an outflow from financing activities of £310,000
b. Share dividends are not shown on a statement of cash flows
c. an outflow from investing activities of £310,000
d. an outflow from financing activities of £200,000
Happy Corp.'s comparative statement of financial position at December 31, 2020 and 2019 reported
accumulated depreciation balances of $800,000 and $600,000, respectively. Property with a cost of $50,000
and a carrying amount of $38,000 was the only property sold in 2020. Depreciation charged to operations in
2020 was
a. $212,000
b. $224,000
c. $200,000
d. $188,000
Alana Company prepares its statement of cash flows using the direct method for operating activities. For the
year ended December 31, 2020, Alana Company reports the following activity: Sales on account
$1,300,000; Cash sales $740,000; Decrease in accounts receivable $610,000; Increase in accounts payable
$72,000; Increase in inventory $48,000; Cost of goods sold $975,000. What is the amount of cash payments
to suppliers reported by Alana Company for the year ended December 31, 2020?
a. $999,000
b. $951,000
c. $1,095,000
d. $855,000
Sophia Co. reported sales on an accrual basis of £109,000. If accounts receivable increased £31,000, and the
allowance for doubtful accounts increased £10,000 after a write-off of £3,000, what amount of cash sales
does Sophia have?
a. £65,000
b. £75,000
 c. £85,000
d. £91,000
Rose, Inc. reported net income of €34,000 for the year ended December 31, 2020 Included in net income
were depreciation expense of €8,400 and a gain on sale of equipment of €1,700. The equipment had an
historical cost of €40,000 and accumulated depreciation of €24,000. Each of the following accounts
increased during 2020: Patents €4,500; Prepaid rent €6,800; Non-trading investment €1,000; Bonds payable
€5,000. What is the amount of cash provided by or used by investing activities for Rose, Inc. for the year
ended December 31, 2020?
a. €12,200
b. €5,400
c. €17,200
d. (€3,800)
Companies should disclose all of the following in interim reports except
a. dividends paid.
b. balance in accounts receivable.
c. seasonal revenue, cost, or expenses.
d. changes in accounting policies