Day 1 - DNF

Question 1

A NFP purchased 1 million dollars of land with cash that was donated for this purpose. How should the NFP record this transaction on the Stmt of activities?

Answer 1

1 million increase in net assets without donor restrictions

MCQ-05926

Question 2

Large accelerated filers must file the 10-Q in how many days?

Answer 2

40 days

Everyone else is 45 days

MCQ-15242

Question 3

ABC acquired it’s own common stock at a price greater than both their par value and original issue price but less than their book value. And uses the cost method, how is total Stockholders equity and book value per share affected?

Answer 3

Decrease & increase

MCQ-01520

Question 4

For troubled debt restructuring involving only a modification of terms, what would be compared to the carrying amount of debt to determine the debtors Gain?

Answer 4

Carrying Amount - Total Future Cash Payments = gain

MCQ-00519

Question 5

How are assets valued when a partnership contributes to a corporation?

Answer 5

Fair market value

MCQ-00865