Day 33 - 80% Flashcards
1
Q
On Form 10-Q what BS should be shown?
A
The preceding fiscal year
MCQ-06619
2
Q
Net income will be understated if salvage value is excluded from the depreciation calculation under which method?
A
All except for “declining balance”
Depr Exp will be overstated if salvage value is ignored thus decreasing Net Income
MCQ-00378
