Day 30 - 80%

Question 1

ABC signed contracts to purchase $5 million of raw materials. At the end of the year the raw materials dropped in value to $3 million. What is the estimated liability on the purchase commitment?

Answer 1

$2 million

Original Price LESS New Market Value

MCQ-09016

Question 2

Distributions to stockholders that are considered asset or capital distributions:

Answer 2

1. Liquidating dividends
2. Property distributions
3. Cash dividends

Stock Splits are NOT considered asset or capital distributions

MCQ-01466

Question 3

Gross Margin:

Answer 3

Sales - COGS

MCQ-00306