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McGraw-Hill Education 2,000 Review Questions for the CPA Exam by Denise M. Stefano

McGraw-Hill Education 2,000 Review Questions for the CPA Exam by Denise M. Stefano

Author:Denise M. Stefano
Language: eng
Format: epub
Publisher: McGraw-Hill Education
Published: 2017-08-11T04:00:00+00:00


154. The Fleer Corp. spends $100,000 for land and building. The land was recently appraised for $20,000, but the building was appraised for $120,000. If only $100,000 is spent, how much is allocated to the land?

A. $14,280

B. $16,160

C. $20,000

D. $15,840

155. Downey Co. purchased an office building and the land on which it is located for $800,000 cash and an existing $200,000 mortgage. For realty tax purposes, the property is assessed at $944,000, 65% of which is allocated to the building. At what amount should Downey record the building?

A. $944,000

B. $613,600

C. $520,000

D. $650,000

156. Under IFRS, assets are classified as investment property on the balance sheet if they are:

I. held for rental income

II. to be sold for a quick profit

A. I only

B. II only

C. Both I and II

D. Neither I nor II

157. LaRue Corp. is a Canadian corporation that uses IFRS. LaRue Corp. has the following account balances as of December 31, Year 5:



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