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ACC 577 Week 7 Quiz (100 % Correct Answers)
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ACC 577 Week 7 Quiz (100 % Correct Answers)

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ACC 577 Week 7 Quiz

Question 1

Hedges of foreign currency risks can be the hedge of:

Question 2      

On its December 31, 2004 balance sheet, Nilo Corp reported bonds payable of $8,000,000 and related unamortized bond issue costs of $430,000. The bonds had been issued at par. On January 2, 2005, Nilo retired $4,000,000 of the outstanding bonds at par plus a call premium of $100,000. What amount should Nilo report in its 2005 income statement as loss on extinguishment of debt?

Question 3 

Servco, a loan servicing agency, paid $60,000 to acquire a three-year right to service $1,000,000 of Banco's loans. Servco will be entitled to a servicing fee of 1% of the interest and fees collected during the three-year period. Servco expects its servicing fees to be: Which one of the following is the amount of gross profit after amortization of the servicing asset that Servco expects to earn over the three-year life of the service contract?

Question 4 

Specific disclosures in financial statements are required when an entity engages in:

Question 5      

Which one of the following sets best describes the meaning of the terms "underlying" and "notional amount" as applied to derivative instruments?

Question 6 

Which of the following must the transferor of a financial asset disclose? I. Assets pledged as collateral, either in the balance sheet or notes. II. Detailed information about financial assets that have been securitized and sold.

Question 7      

Servco, a loan servicing agency, paid $60,000 to acquire a three-year right to service $1,000,000 of Banco's loans. Servco will be entitled to a servicing fee of 1% of the interest and fees collected during the three-year period. Servco expects its servicing fees to be: Which one of the following is the amount of the $60,000 acquisition fee that Servco should amortize during year 1?

Question 8 

Which of the following, if any, can be the risk being hedged in a foreign currency hedge?

Question 9 

A derivative financial instrument is best described as:

Question 10 

Which of the following conditions must be met for derecognition of a transferred financial asset to occur under IFRS? I. The financial asset has been transferred outside the consolidated group of the transferor. II. The transferor has transferred substantially all of the risks and rewards of ownership of the financial asset. III. The contractual rights to the financial assets cash flows cannot be retained by the transferor, but must be transferred to the transferee.

Question 11    

Where in its financial statements should a company disclose information about its concentration of credit risks?

Question 12 

Which of the following kinds of risk must be disclosed for most financial instruments?

Question 13 

Bigco, Inc. transferred long-term receivables with a carrying value of $500,000 to Banco for $425,000 cash. Banco will collect interest on the receivables during the life of the receivables, but Bigco is obligated to repurchase the receivables prior to their maturity. What amount of receivables has Bigco surrendered control of for accounting purposes?

Question 14 

Which one of the following is not associated with accounting for a transfer of a financial asset treated as a sale by the transferor?

Question 15 

For accounting purposes, which one of the following is not a characteristic associated with the transfer of financial assets?

Question 16 

A change in the fair value of a derivative qualified as a cash flow hedge is determined to be either effective in offsetting a change in the hedged item or ineffective in offsetting such a change. How should the effective and ineffective portions of the change in value of a derivative which qualifies as a cash flow hedge be reported in financial statements?

Question 17 

A financial asset is transferred with one component of the asset appropriately treated as sold and another component appropriately treated as retained. How will the amount to be written off as sold be determined?

Question 18    

On September 1, 2005, Hall Corp. redeemed $500,000 of its 12%, 15-year bonds. Related unamortized bond premium and issue costs at that date were $8,000 and $10,000, respectively. What amount should Hall use to determine gain or loss on redemption?

Question 19    

For accounting purposes, which one of the following circumstances would not be considered the transfer of a financial asset?

Question 20 

Gains and Losses from changes in the fair value of a derivative designated and qualified as a fair value hedge should be:

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