Day 48 - 27% (DNF) FAIL Flashcards
1
Q
What is the first step in testing for impairment?
A
Comparing the carrying value to the Undiscounted Future Cash Flows
MCQ-16106
2
Q
In periods of rising prices and inflation what inventory system will always result in the same ending inventory balances?
A
Periodic and Perpetual FIFO
Not LIFO
MCQ-00075
3
Q
How are loan origination fees recognized?
A
Deferred and recognized over the life of the loan as an adjustment of interest income
MCQ-00460
