Day 50 - 60% FAIL

Question 1

FS of all prior Periods should be restated when:

Answer 1

There is a “change in entity”

MCQ-00071

Question 2

LCM

MCQ-05116

Question 3

Vacation expense for employers is recorded as

Answer 3

All vacation time that employees have earned regardless of they took vacation or not

MCQ-11125

Question 4

Converting cash to actual steps:

Answer 4

1. ADD Increases in CA
2. SUBTRACT Decreases in CA
3. ADD Decreases in CL
4. SUBTRACT Increases in CL

MCQ-06929

Question 5

What entry is made when stock rights without consideration is made?

Answer 5

None - only disclosed

MCQ-01567

Question 6

True or False: A company uses LCM and temporary market declines of inventory validation should be recognized in the interim FS?

Answer 6

False

ONLY PERMANENT declines in inventory market value

MCQ-05921

Question 7

How much cash do you receive when you factor $80k of receivables with a 10% allowance for sales returns and a 5% commission on gross receivables?

Answer 7

80k × .1 = 8000
80k × .05 = 4000

80 - 12 = 68k

MCQ-06597

Question 8

Non-controling interest / consolidated FS

MCQ-00427

Skillbuilder

Question 9

In the Stmts of Activities of the EPA, a NFP, depreciated expense is reported:

Answer 9

As an element of expense

MCQ-01297

Question 10

How should the amortization of a bond discount on LT debt be reported on the Stmt of Cash Flows using the indirect method?

Answer 10

In Operating Activities as an addition to income

Bond discount amortization is a non-cash item that increases interest expense and decreases net income

MCQ-05930