Day 35 - 76% Flashcards
1
Q
When totaling CL how is Discount on Bond Payable treated?
A
It is SUBTRACTED
Just like the discount is SUBTRACTED from bond payable
MCQ-00360
2
Q
Liquidating a solvent partnership steps:
A
- Sell assets for cash: BV - Sales Price = g/l
- Use cash to pay off liabilities
- Allocate g/l on sale based on profit %
- Offset partners loan to partners Capital account
- Allocate remaining cash to partners based on profit %
MCQ-00726
3
Q
Price Index:
A
Ending CY Cost of Inventory / Ending Base Year Cost of Inventory
MCQ-00118
4
Q
Non-controling interests
MCQ-16132
A
5
Q
Company X in the UK enters into a forwards contact with company Y in Italy. The spot Rate today is 1 euro to 0.75 pounds. In 6 months the spot Rate is 1 euro to 0.77 pounds. What company benefits?
A
Company X bc the pound appreciates
MCQ-07416
6
Q
In LCM the Replacement Cost cannot:
A
Cannot be less than the Floor (NRV less profit)
MCQ-00119
7
Q
What type of accounting is used in Government-Wide FS?
A
Economic Resource
Full Accrual
