Day 31 - 60% FAIL

Question 1

Days Sales in AR

Answer 1

Ending AR / (Sales / 365)

MCQ-02641

Question 2

Under the Fair Value method, dividends received are considered ____?

Answer 2

Income

MCQ-07457

Question 3

Impairment loss steps:

Answer 3

Undiscounted Future Cash Flows
(Net Carrying Amount)
———–
= Positive = No Impairment

= Negative = Impairment Loss

Impairment Loss = FV - CV

MCQ-13094

Question 4

A NFP sells a donated piece of art work and plans to use the proceeds to but more artwork. Where in the Stmt of Cash Flows is this reported?

Answer 4

Investing Activities

MCQ-05149

Question 5

Dollar value LIFO

MCQ-05113

Question 6

Employer Payroll Tax Liability equals:

Answer 6

Federal Withholding
+ Employer FICA
+ Employee FICA
= Payroll Tax Liability

MCQ-00709

Question 7

What find would account for FA similar to a for profit entity?

Answer 7

SE CIPPOE

Enterprise

MCQ-01175

Question 8

Partners Capital

MCQ-00754

Question 9

How should the events be accounted for: an uninsured bldg suffered fire damage and the owner refurbished the damaged part with higher quality materials. The cost and related AD are identifiable.

Answer 9

Capitalize the cost of the refurbishing and
Record a loss in the current period equal to the CV of the damaged bldg

MCQ-00138