Day 43 - 53% FAIL

Question 1

How is gain calculated from an insurance claim?

Answer 1

Insurance proceeds
LESS Deductible
LESS Additional Costs
LESS Carrying Value

= Gain

MCQ-00216

Question 2

Are dividends paid on Treasury stock?

Answer 2

No

MCQ-14855

Question 3

When two or more stock purchases result in less than 20% to more than 20% what happens?

Answer 3

Equity Method should be used starting the date of significant influence

No retroactive adjustment

MCQ-00344

Question 4

What is the underlying concept governing US GAAP pertaining to recording Gain contingencies?

Answer 4

Conservatism

Record all probable losses but not gains

MCQ-00920

Question 5

Ford enters into a contact with Toyota to sell American engines payable in Japanese yen, if the yen depreciates Ford will record:

Answer 5

A loss at year end

MCQ-07426

Question 6

What is the primary purpose of a NFP Stmt of activities?

Answer 6

To report the change in net assets for the period

Stmt of activities reports Revenues and expenses

MCQ-08493

Question 7

Conditions associated with a pledge to a NFP are:

Answer 7

Measurable performance related barriers or other barriers relative to the promise or receipt and a right of return of contributed assets or release of the promisor of any obligation

MCQ-15550