Day 11 - 73% FAIL

Question 1

ABC estimated it’s ending inventory using a method based on the FS of a prior period in order to prepare quarterly FS. What type of inventory and method is ABC using?

Answer 1

Periodic & Gross Profit Method

MCQ-08728

Question 2

A liquidating dividend equals:

Answer 2

The amount in excess of Retained Earnings

MCQ-01031

Question 3

ABC owns 70% of Tesla, how much of Tesla’s liabilities are reported on ABC’s consolidated FS?

Answer 3

The TOTAL AMOUNT

MCQ-08255

Question 4

Governmental Funds:

Answer 4

GRaSSP Modified Accrual

Current Financial Resource

1. General
2. Special Revenue
3. Debt Service
4. Capital Projects
5. Permanent

MCQ-01206

Question 5

Proceeds from LT debt & Payments on LT debt are classified as _______ activities on the Stmt of Cash Flows.

Answer 5

Financing

Read multiple choice question

MCQ-05121

Question 6

ABC purchased 1,000 shares of Tesla common stock for $190k on 01/01/24. At quarter end the value of the stock was $182k. How is the decline in stock value reflected on ABC’s FS?

Answer 6

Recognizing an unrealized losses of $8,000 as part of income from continuing operations in is 1st qtr income Stmt

Unrealized losses from available for sale equity securities MUST be included in net income of quarterly income Stmt

MCQ-07484