更多服务

特色服务

找学习资源

查报考信息

看备考资讯

备考工具箱

报考指南

报考条件

考试日历

资料中心

考试动态

就业前景

热门题库

网校课程

精彩推荐

全部

USCPA国庆冲刺练习题【2015-10-5】

来源：高顿网校 2015-09-30

　　On October 1, year 1, Fleur Retailers signed a 4-month, 16% note payable to finance the purchase of holiday merchandise. At that date, there was no direct method of pricing the merchandise, and the note’s market rate of interest was 11%. Fleur recorded the purchase at the note’s face amount. All of the merchandise was sold by December 1, year 1. Fleur’s year 1 financial statements reported interest payable and interest expense on the note for 3 months at 16%. All amounts due on the note were paid February 1, year 2. Fleur’s year 1 cost of goods sold for the holiday merchandise was

　　A. Overstated by the difference between the note’s face amount and the note’s October 1, year 1 present value plus 11% interest for 2 months.

　　B. Understated by the difference between the note’s face amount and the note’s October 1, year 1 present value.

　　C. Understated by the difference between the note’s face amount and the note’s October 1, year 1 present value plus 16% interest for 2 months.

　　D. Overstated by the difference between the note’s face amount and the note’s October 1, year 1 present value.

　　Answer:B

　　B is corrent. Per ASC Topic 835, when a note is exchanged for property, goods, or services, the stated interest rate is presumed to be fair unless (1) interest is not stated, (2) the stated rate is unreasonable, or (3) the current cash price of the property, goods, or services is materially different from the market value of the note. In these circumstances, the note and the cost of the property, goods, or services should be recorded at the fair value of the property, goods, or services or the market value of the note, whichever is more clearly determinable. The note signed by Fleur bears an unreasonable interest rate of 16% as compared to the market rate of 11%.

　　If the note payable had been for more than 1 year, the correct entry would have recorded the inventory at the market value of the note, since at the time of the transaction there was no direct method of pricing the merchandise. A premium on the note payable would have been recorded (since the stated rate was greater than the market rate) and the premium would have been subsequently amortized over the term of the note payable.

　　However, since the term of the note is less than 1 year (4 months), Fleur’s recording of the inventory purchase and the note payable at the face amount of the note is appropriate accounting treatment per ASC Topic 835.

　　Because the entry records inventory at the face amount of the note rather than at its present value, and the inventory was all sold prior to December 31, year 1, cost of goods sold would already be recorded appropriately. However, since that is not an option for the solution, the best answer would be that the cost of goods sold would be understated by the difference between the face value of the note and the present value of the note. (If the market rate of 11% had been used to value the note, the purchases would have been recorded at a higher amount.)

　　A is incorrect. Per ASC Topic 835, when a note is exchanged for property, goods, or services, the stated interest rate is presumed to be fair unless (1) interest is not stated, (2) the stated rate is unreasonable, or (3) the current cash price of the property, goods, or services is materially different from the market value of the note. In these circumstances, the note and the cost of the property, goods, or services should be recorded at the fair value of the property, goods, or services or the market value of the note, whichever is more clearly determinable. The note signed by Fleur bears an unreasonable interest rate of 16% as compared to the market rate of 11%. However, since the term of the note is less than 1 year (4 months), Fleur’s recording of the inventory purchase and the note payable at the face amount of the note is appropriate accounting treatment per ASC Topic 835.

　　C is incorrect. Per ASC Topic 835, when a note is exchanged for property, goods, or services, the stated interest rate is presumed to be fair unless (1) interest is not stated, (2) the stated rate is unreasonable, or (3) the current cash price of the property, goods, or services is materially different from the market value of the note. In these circumstances, the note and the cost of the property, goods, or services should be recorded at the fair value of the property, goods, or services or the market value of the note, whichever is more clearly determinable. The note signed by Fleur bears an unreasonable interest rate of 16% as compared to the market rate of 11%. However, since the term of the note is less than 1 year (4 months), Fleur’s recording of the inventory purchase and the note payable at the face amount of the note is appropriate accounting treatment per ASC Topic 835.

　　D is incorrect. Per ASC Topic 835, when a note is exchanged for property, goods, or services, the stated interest rate is presumed to be fair unless (1) interest is not stated, (2) the stated rate is unreasonable, or (3) the current cash price of the property, goods, or services is materially different from the market value of the note. In these circumstances, the note and the cost of the property, goods, or services should be recorded at the fair value of the property, goods, or services or the market value of the note, whichever is more clearly determinable. The note signed by Fleur bears an unreasonable interest rate of 16% as compared to the market rate of 11%. However, since the term of the note is less than 1 year (4 months), Fleur’s recording of the inventory purchase and the note payable at the face amount of the note is appropriate accounting treatment per ASC Topic 835.

　　高顿网校温馨提醒

　　USCPA-美国注册会计师，全球会计*9证，国内人才缺口25万，年薪40W起，如何成为全球财会精英？点击获取USCPA职业发展白皮书！

　USCPA考试免费题库【手机题库下载】| 在线直播

　USCPA高清网课免费体验 USCPA名师精品班免费试听

　　美国注册会计师精彩推荐： USCPA招生专题

　　解析：USCPA到底是什么？

USCPA职业发展与分析

2015年USCPA考试常见问题解析

版权声明：本条内容自发布之日起，有效期为一个月。凡本网站注明“来源高顿教育”或“来源高顿网校”或“来源高顿”的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿教育”或“来源高顿网校”或“来源高顿”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

展开全文咨询在线

在线咨询热销

专业老师服务限时优惠

图文问答

图片文字快速问答