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　　Given one or more hypothetical assumptions, a responsible party may prepare, to the best of its knowledge and belief, an entity’s expected financial position, results of operations, and changes in financial position. Such prospective financial statements are known as
　　A. Pro forma financial statements.
　　B. Financial projections.
　　C. Partial presentations.
　　D. Financial forecasts.
　　2.BEC
　　Encryption protection is least likely to be used in which of the following circumstances?
　　A. When transactions are transmitted over local area networks.
　　B. When wire transfers are made between banks.
　　C. When confidential data are sent by satellite transmission.
　　D. When financial data are sent over dedicated leased lines.
　　3.REG
　　Which of the following will be legally binding on all parties despite lack of consideration?
　　A. An irrevocable oral promise by a merchant to keep an offer open for 60 days.
　　B. A promise to donate money to a charity which the charity relied upon in incurring large expenditures.
　　C. A promise to pay for the college education of the child of a person who saved the promisor’s life.
　　D. A signed modification to a contract to purchase a parcel of land.
　　4.FAR
　　On January 1, year 1, Golden Co. exchanged equipment for a $200,000 noninterest-bearing note due on January 1, year 4. The prevailing rate of interest for a note of this type at January 1, year 1, was 10%. The present value of $1 at 10% for three periods is 0.75. What amount of interest revenue should be included in Golden’s year 2 income statement?
　　A. $0
　　B. $15,000
　　C. $16,500
　　D. $20,000
　　Answer:
　　1.B
　　This answer is correct because financial projections (預測財務報表) are prospective financial statements that include one or more hypothetical assumptions.
　　2.A
　　A is correct. Various factors need to be considered. Encoding is important when confidential data are transmitted between geographically separated locations that can be electronically monitored. Although LANs may need encryption protection, the type of data and the described communication media make the other options appear more vulnerable.
　　3.B
　　This answer is correct. A promise to donate money to a charity which the charity relied upon in incurring large expenditures is a situation involving promissory estoppel. Promissory estoppel acts as a substitute for consideration and renders the promise enforceable. The elements necessary for promissory estoppel are (1) detrimental reliance on a promise, (2) reliance on the promise is reasonable and foreseeable, and (3) damage results (injustice) if the promise is not enforced.
　　4.C
　　This answer is correct. Per ASC Topic 835, when property is exchanged for a note and neither the property nor the note has a known fair market value, interest is imputed using the prevailing rate of interest for a note of similar quality. Therefore, the note should be recorded at its present value of $150,000 ($200,000 × .75) by debiting notes receivable for $200,000 and crediting discount on notes receivable for $50,000 ($200,000 – $150,000). ASC Topic 835 states that the discount should be amortized and recognized as interest revenue over the life of the note using the interest method. Under the interest method, interest revenue/expense equals the carrying value of the note multiplied by the imputed interest rate. For year 1, interest revenue is $15,000 ($150,000 × 10%). Discount on notes receivable is debited for the amount of interest revenue recognized ($15,000) which increases the carrying value of the notes to $165,000. Thus, interest revenue reported in year 2 is $16,500 ($165,000 × 10%).