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أسئلة و أجوبة cma 2023

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  • #1

    أسئلة و أجوبة cma 2023

    A corporation was incorporated on January 1, Year 6, with $500,000 from the issuance of stock and borrowed funds of $75,000. During the first year of operations, net income was $25,000. On December 15, the corporation paid a $2,000 cash dividend. No additional activities affected equity in Year 6. At December 31, Year 6, the corporation’s liabilities had increased to $94,000. In the corporation’s December 31, Year 6
    balance sheet, total assets should be reported at

    A: $600,000
    B: $ 598,000
    C: $692,000
    D: 617,000


    Answer D Is correrct
    Total Assets = Equity + Liabilities
    إجمالي الأصول = حقوق الملكية + الخصوم

    Total Equity = $500,000 from the issuance of stock + net income was $25,000 - $2,000 cash dividend = $523,000



    Substitute in the equation
    Total Assets = Total Equity $523,000 + liabilities had increased to $94,000 = 617,000






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  • #2
    :Consider the following financial data for a company that is preparing its cash flow statement
    Amortization expense $ 150,000
    Cash dividends paid to common shareholders 75,000
    Net income 1,500,000
    Work-in-process inventory increase over the prior year 300,000
    Gain on sale of equipment 50,000

    Using the indirect method, cash flow from operating activities would be

    Answer D is Correc

    :Under the indirect method, net income must be adjusted for any of the following items
    بموجب الطريقة غير المباشرة ، يجب تعديل صافي الدخل لأي من العناصر التالية:
    1 Noncash revenue and expenses that were included in net income
    1. الإيرادات والمصروفات غير النقدية التي تم تضمينها في صافي الدخل.
    Items included in net income whose cash effects relate to investing or financing cash flows
    2. البنود المدرجة في صافي الدخل والتي تتعلق آثارها النقدية باستثمار أو تمويل التدفقات النقدية
    All deferrals of past operating cash flows
    3. جميع عمليات تأجيل التدفقات النقدية التشغيلية السابقة

    4. All accruals of expected future operating cash flows
    4- جميع مستحقات التدفقات النقدية التشغيلية المستقبلية المتوقعة.

    Thus, amortization expense (noncash expense) must be added back, and the gain on the sale of equipment (investing activity) and
    the increase in inventory over the prior year (deferral of past operating cash flows) must be subtracted.
    وبالتالي ، يجب إعادة إضافة مصروفات الاستهلاك (المصروفات غير النقدية) ، ويجب طرح المكاسب من بيع المعدات (نشاط الاستثمار) والزيادة في المخزون عن العام السابق (تأجيل التدفقات النقدية التشغيلية السابقة).

    Net income $1,500,000
    Amortization expense 150,000
    Gain on sale of equipment (50,000)
    Increase in WIP inventory (300,000)
    Cash flow from operations $1,300,000

    https://query.libretexts.org/%D8%A7%...B4%D8%B1%D8%A9
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    • #3
      A company has outstanding accounts payable of $30,000 and a short-term construction loan in the amount of $100,000 at year end. The loan was refinanced through issuance of long-term bonds after year end but before issuance of financial statements.
      ?How should these liabilities be recorded in the balance sheet
      ----------------------------------------------------------------------------------------------
      A. Current liabilities of $30,000, noncurrent liabilities of $100,000
      Answer A is Correct
      Accounts payable are properly classified as current liabilities because they are for items entering into the operating cycle. Short-term debt that is refinanced by a post-balance-sheet-date issuance of long-term debt should be classified as noncurrent. (The ability to refinance on a long-term basis has been demonstrated.) Thus, the short-term construction loan is classified as noncurrent. Accordingly, the entity records current liabilities of $30,000 and noncurrent liabilities of $100,000

      يتم تصنيف الذمم الدائنة بشكل صحيح على أنها خصوم متداولة لأنها مخصصة لبنود تدخل في دورة التشغيل. يجب تصنيف الديون قصيرة الأجل التي يعاد تمويلها عن طريق إصدار دين طويل الأجل لما بعد تاريخ الميزانية العمومية على أنها غير متداولة. (تم إثبات القدرة على إعادة التمويل على أساس طويل الأجل.) وبالتالي ، يتم تصنيف قرض البناء قصير الأجل على أنه غير متداول. وفقًا لذلك ، تسجل الكيان الخصوم المتداولة البالغة 30000 دولار والخصوم غير المتداولة البالغة 100000 دولار.

      B. Current liabilities of $130,000

      C. Noncurrent liabilities of $130,000

      D. Current liabilities of $130,000, with required footnote disclosure of the refinancing of the loan
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      • #4
        The information reported in the statement of cash flows should help investors, creditors, and others to assess all of the following except the
        تساعد المعلومات الواردة في بيان التدفقات النقدية المستثمرين والدائنين وغيرهم على تقييم كل ما ذكر ولكن باستثناء
        --------------------------------------------------------------------------------------------------------------------------------------------------
        A. Management of the firm with respect to the efficient and profitable use of its resources
        إدارة الشركة فيما يتعلق بالاستخدام الفعال والمربح لمواردها.

        B. Company's ability to generate future cash flows
        قدرة الشركة على توليد تدفقات نقدية مستقبلية.

        C. Amount, timing, and uncertainty of prospective net cash inflows of a firm
        المبلغ والتوقيت وعدم اليقين من التدفقات النقدية الصافية المحتملة للشركة

        D. Company's ability to pay dividends and meet obligations
        قدرة الشركة على دفع توزيعات الأرباح والوفاء بالالتزامات
        Answer A is Correct
        The statement of cash flows is not designed to provide information with respect to the efficient and profitable use of the firm's resources. Financial reporting provides information about an enterprise's performance during a period when it was under the direction of a particular management but does not directly provide information about that management's performance. Financial reporting does not try to separate the impact of a particular management's performance from the effects of prior management actions, general economic conditions, the supply and demand for an enterprise's inputs and outputs, price changes, and other events.


        لا يتم إعداد قائمة التدفقات النقدية لتوفير معلومات فيما يتعلق بالاستخدام الفعال والمربح لموارد الشركة، ولكن تقدم التقارير المالية معلومات حول أداء المؤسسة خلال فترة كانت تحت إشراف إدارة معينة ولكنها لا تقدم معلومات مباشرة حول أداء تلك الإدارة، لا تحاول التقارير المالية فصل تأثير أداء إدارة معينة عن تأثيرات إجراءات الإدارة السابقة، والظروف الاقتصادية العامة، والعرض والطلب على مدخلات ومخرجات المؤسسة، وتغيرات الأسعار، والأحداث الأخرى
        التعديل الأخير تم بواسطة محاسب قانوني; الساعة 08-13-2023, 04:23 PM.
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        • #5
          An accountant is preparing the statement of cash flows using the indirect method. She found on the balance sheet that the prior year’s net balance of equipment (equipment less accumulated depreciation) was $295,700, and the current year’s balance of equipment is $304,000. Depreciation expense during the current year was $22,400. During the year, the company sold equipment for $40,000, resulting in a gain of $21,600. On the statement of cash flows, what is the cash outflow for the purchase of equipment this year

          The answer

          : The following equation should be solved for the cash outflow
          Ending equipment balance = Beginning balance - Depreciation - Carrying amount of the asset sold + Cash paid for equipment
          The cash outflow for the purchase of equipment therefore may be determined as follows
          Equipment at year-end (net) ----> $304,000
          Beginning balance ----- > (295,700)
          Depreciation --- > 22,400
          Carrying amount of assets sold
          18,400<---- ( sale $40,000 - $21,600 gain)
          ----------------------------------------------------------------
          Cash outflow - Purchase price---> $ 49,100
          295,700 رصيد المعدات للسنة السابقة (المعدات مطروحًا منه الاستهلاك المتراكم)
          22,400- - اهلاك السنة الحالية
          18,400- - القيمة الدفترية للأصول المباعة
          254,900 رصيد المعدا ت قبل مشتريات السنة
          304,000- رصيد المعدات نهاية المدة للسنة الحالية كما 31-12 لهذه السنة
          49,100- صافى التدفقات النقدية الخارجة (شراء أصل) (الأصول زادت و النقدية قلت)
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          • #6
            ?Which one of the following transactions should not be classified as a financing activity in the statement of cash flows
            ================================================== =========================================

            

            A. Payment of dividends
            B. Issuance of common stock
            C. Income tax refund
            D Purchase of treasury stock. D

            Answer C is Correct

            Financing activities include obtaining resources from owners and providing them with a return on, and a return of, their investment. Cash inflows from financing activities include proceeds from issuing equity instruments. Cash outflows include outlays to reacquire the enterprise's equity instruments, and outlays to pay dividends. However, an income tax refund is an operating activity
            تشمل أنشطة التمويل الحصول على الموارد من الملاك وتزويدهم بعائد على استثماراتهم. تتضمن التدفقات النقدية الداخلة من الأنشطة التمويلية المتحصلات من إصدار أدوات حقوق الملكية. تشمل التدفقات النقدية الخارجة المصروفات لإعادة شراء أدوات حقوق الملكية للمؤسسة ، والنفقات لدفع الأرباح الموزعة. ومع ذلك ، فإن استرداد ضريبة الدخل هو نشاط تشغيلي.
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            • #7
              A company pays more than the fair value to acquire treasury stock. The difference between the price paid to acquire the treasury stock and the fair value should be
              recorded as

              تدفع الشركة أكثر من القيمة العادلة للحصول على أسهم الخزينة. يجب تسجيل الفرق بين السعر المدفوع للحصول على مخزون الخزينة والقيمة العادلة على أنه؟



              ================================================== ================================================== =======================
              A - An asset
              B - An expense
              C- A liability
              D-Shareholders' equity


              Answer D is Correct

              Apart from cash paid or received, a firm cannot recognize assets, liabilities, gains, or losses from transactions in its own stock. Treasury stock is reported on the balance sheet as a subtraction from equity


              بصرف النظر عن النقد المدفوع أو المستلم ، لا تستطيع الشركة تصنيف الأصول أو الخصوم أو المكاسب أو الخسائر من المعاملات في أسهمها الخاصة. يتم تسجيل أسهم الخزينة في الميزانية العمومية كطرح من حقوق الملكية (في هذه الحالة)
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              • #8
                ..............In a statement of cash flows, interest payments to lenders and other creditors should be classified as cash outflows for
                ================================================== ================================================== =====
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                • #9
                  The following information was taken from the accounting records of Oak Corporation for the year ended December 31
                  $4,000,000 Proceeds from issuance of preferred stock
                  $400,000 Dividends paid on preferred stock F
                  $2,000,000 Bonds payable converted to common stock
                  $500,000 Payment for the purchase of machinery
                  $1,200,000 Proceeds from the sale of the plant building
                  $300,000 2% stock dividend on common stock
                  $200,000 Gain on sale of plant building
                  The net cash flows from investing and financing activities that should be presented on The statement of cash flows for the year ended December 31 are, respectively?
                  A. $700,000 and $3,600,000.
                  B. $700,000 and $3,300,000.
                  C. $900,000 and $3,900,000.
                  D. $900,000 and $3,600,000.


                  Cash inflow from investment activities = Proceeds from the sale of plant building1,200,000- Payment for the purchase of machinery 500,000 =700,000
                  cash inflow from financing activities =Proceeds from issuance of preferred stock 4000,000- Dividends paid on preferred stock F 400,000 = $3,600,000
                  The correct answer is A. $700,000 and $3,600,000.
                  2,000,000 Bonds payable converted to common stock (A non-cash transaction will not be considered in the calculation of financing activities although will be disclosed as a note.
                  300,000 2% stock dividend on the common stock has no effect (non-cash)
                  200,000 Gain on sale of plant building is already counted (Included in net income (operation section)
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                  • #10
                    An entity enters into a contract with a customer to sell products X, Y, and Z in exchange for $250,000. Control over the products will be transferred to the customer at different points in time. The entity determines that the delivery of each product is a distinct performance obligation. Products X and Y are regularly sold separately and their standalone selling prices of $40,000 and $120,000, respectively, are directly observable.
                    The standalone selling price of product Z of $160,000 was estimated using the adjusted market assessment approach. The entity determined that the discount provided to the customer does not relate to one or more specific products in the contract. What revenue will be recognized by the entity on the sale of product X?
                    A. $40,000
                    B. $22,500
                    C. $31,250
                    D. $62,500


                    Answer

                    In this scenario, the entity enters into a contract to sell products X, Y, and Z in exchange for $250,000. Revenue recognition in such contracts is typically based on the principles of the International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). To determine the revenue recognized for product X, we need to apply the principles of allocating the transaction price to the distinct performance obligations. Here's how you can calculate it:


                    Identify the standalone selling prices:

                    Product X: $40,000
                    Product Y: $120,000
                    Product Z: $160,000
                    Calculate the total standalone selling prices: $40,000 (X) + $120,000 (Y) + $160,000 (Z) = $320,000

                    Determine the relative allocation of the transaction price for each product:

                    Product X's relative allocation: $40,000 / $320,000 = 12.5%
                    Apply this allocation to the total contract price: $250,000 (contract price) * 12.5% = $31,250
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                    • #11
                      An airline should recognize revenue from airline tickets in the period when
                      A. Passenger reservations are booked.

                      B. Passenger reservations are confirmed.

                      C. Tickets are issued.

                      D. Related flights occur.

                      Answer

                      D. Related flights occur.

                      The principle of revenue recognition in accounting, states that revenue should be recognized when the company has fulfilled its obligations to the customer, in this case, when the airline has issued the ticket to the passenger. It's worth noting that revenue recognition typically occurs when the service (the flight in this case) is actually provided to the passenger
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                      • #12
                        ?Which statement about the capitals is false
                        A. The capital can decrease, increase, or be transformed due to the regular course of business
                        B. Value can be created in any of the six capitals and is not necessarily measured in financial capital
                        C. An integrated report does not have to be structured along the six capitals
                        D. Every organization should address the six capitals in its integrated report


                        ----------------------------------
                        Answer (D) is correct. Not all capitals are equally important for every organization. Some may be irrelevant to a given company. Moreover, the names of capitals are not standardized, and the integrated report need not be structured based on the capitals
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                        • #13

                          ?What is not one of the six capitals defined in the <IR> Framework
                          A. Environmental Capital
                          B. Manufactured capital
                          C. Social and relationship capital
                          D. Intellectual capital (رأس المال الفكري.)
                          Answer (A) is correct
                          The six capitals defined in the <IR "Integrated reporting"> Framework are as follows

                          Manufactured capital
                          Natural capital
                          Social and relationship capital
                          Human capital
                          Intellectual capital
                          Financial capital
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                          • #14
                            Which one of the following best describes direct labor?
                            1- prime cost
                            2- period cost
                            3- product cost
                            4- Both product and prime cost
                            Right answer is 4-
                            Direct labor refers to the cost of labor directly associated with producing a product or providing a service. It is a prime cost, meaning it is a direct
                            cost that is incurred specifically as a result of producing a particular product or providing a particular service.
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                            • #15
                              Which one of the following categories of cost is most likely not considered a component of fixed factory overhead?

                              1- Rent
                              2- Property taxes
                              3- Depreciation
                              4- Power
                              Right answer is 4- power Electricity is considered a variable cost as it changes with the volume of production
                              The category of cost that is most likely not considered a component of fixed factory overhead is "Power" (Option 4). Fixed factory overhead typically
                              includes costs that remain relatively stable over time, regardless of the level of production, such as rent, property taxes, and depreciation. In contrast, power costs may vary with the level of production or activity in the
                              factory and are often classified as a variable cost. This is supported by multiple sources, including

                              Depreciation is the allocation of the cost of a tangible asset over its useful life and is typically treated as a separate item in the financial statements rather than as a component of overhead costs.
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