Day 29

Question 1

ABC purchased 1k of XYZ shares for $192k on January 1, at the end of the first quarter the fair value of the shares were $182k. How should ABC reflect the decline in value?

Answer 1

Recognize unrealized loss of $10k as part of income from continuing operations

Note: AFS DEBT Securities is reported in OCI

MCQ-07484

Question 2

Net Realizable Value =

Answer 2

= Selling Price - Cost to Dispose

MCQ-06044

Question 3

Officers Compensation Expense includes:

Answer 3

Officers Comp + Bonuses

MCQ-00622

Question 4

How should a NFP report cash paid for interest payments on the Stmt of Cash Flows using the indirect method?

Answer 4

As a supplemental disclosure of Cash flow information

Interest paid = Operating Activity

MCQ-16136

Question 5

Justification for the method of determining periodic deferred tax expense is based on the concept of:

Answer 5

Recognition of assets and Liabilities

MCQ-00828

Question 6

The difference between lower of cost or MARKET
&
The lower of cost or NET REALIZABLE VALUE

Answer 6

MCQ-06044
MCQ-05116

Question 7

NFP determining revenue without donor restrictions

STUDY THIS

Answer 7

MCQ-04688