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ACC 306 Week 1 Quiz


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ACC 306 Week 1 Quiz

If the fair value of equity securities is not determinable and the equity method is not appropriate, the securities should be reported at: 

If Pop Company owns 15% of the common stock of Son Company, then Pop Company: 

If Pop Company exercises significant influence over Son Company and owns 40% of its common stock, then Pop Company: 

Which of the following investment securities held by Zoogle Inc. may be classified as held-to-maturity securities in its balance sheet? 

Which of the following is a contingency that would most likely require accrual? 

Large, highly rated firms sometimes sell commercial paper: 

Current liabilities are normally recorded at the amount expected to be paid rather than at their present value. This practice can be supported by GAAP according to the concept of: 

Assume that, on 1/1/06, Matsui Co. paid $1,200,000 for its investment in 60,000 shares of Yankee Inc. Further, assume that Yankee has 200,000 total shares OF

stock issued. The book value and fair value of Yankee's identifiable net assets were both $4,000,000 at 1/1/06. The following information pertains to Yankee during 2006: 

Net Income$200,000
Dividends declared and paid$60,000 Market price of common stock on 12/31/06 $22/share

What amount would Matsui report in its year-end 2006 balance sheet for its investment in Yankee? 

Which of the following increases the investment account under the equity method of accounting? 

Which of the following may create employer liabilities in connection with their payrolls? 

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