Day 3 - DNF Flashcards
1
Q
What is an adjustment needed to convert cash to Accrual?
A
LESS Contract Liability from cash receipts of customers
MCQ-14851
2
Q
Inventory Turnover Ratio
A
COGS/Avg Inventory
MCQ-04942
3
Q
Dividends paid is considered what type of cash flow activity?
A
Finance
MCQ-08254
4
Q
Is Goodwill subject to the impairment test?
A
No
Goodwill has indefinite useful life
MCQ-04284
5
Q
Trading debt securities that are bought and sold for generating short term profits are reported on the BS at?
A
FMV
Note: unrealized losses decrease the investment value
MCQ-15846
6
Q
When are warranty expenses recognized?
A
Immediately when the machines are sold
MCQ-00740
