Day 46 - 76% Flashcards
What are the FS effects of a $190k probable lawsuit filled against you?
Increase expense and increase accrued liability
MCQ-00918
Fair Value of assets and Liabilities is:
An exit price NOT an entrance price
MCQ-07260
Paying cash dividend is what type of cash flow activity?
Financing
MCQ-01226
ABC purchased a bond as LT investment between interest dates. At the purchase date the carrying amount of the bond is more than?
THE CARRYING VALUE IS LESS THAN the cash paid by the buyer bc accrued interest is included in cash
THE CARRYING VALUE IS LESS THAN the have amount of the bond bc it was purchased at a discount
MCQ-00515
Should the issuance of common stock after the BS date be presented on the BS?
No just disclosed
MCQ-04892
A company under US GAAP, not presenting comparable FS, the correction of error in the FS of a prior Period should be reported, net of applicable income taxes, in the current:
RE Stmt as an adjustment of the opening balance
MCQ-00079
Net realizable value
Selling cost less cost to complete
MCQ-06046
Do permanent differences need to be disclosed?
No
MCQ-05207
