Day 51 - 80%

Question 1

When do you have to file the form 10-Q?

Answer 1

• 40 days after the quarter for large and accelerated filers
• 45 days for all others

MCQ-09007

Question 2

Owning 30%, under the equity method, dividends received reduces:

Answer 2

The investment account

NOTE: Does NOT affect net income

MCQ-00335

Question 3

Under the acquisition method, how much of the acquired company’s common stock and RE is presented on the consolidated FS?

Answer 3

None

MCQ-07467

Question 4

When the allowance method is used, how would the collection of an account previously written off affect AR and Allowance for Uncollectible Accounts?

Answer 4

No effect on AR

Increase Allowance for Uncollectible

MCQ-05679

Question 5

How is Unearned Rent Revenue reported on the BS?

Answer 5

Current Liability

DR - Cash
CR - Unearned Revenue

MCQ-05383

Question 6

Under the modified Accrual basis for a governmental unit, revenue should be recognized in the accounting period in which they:

Answer 6

Become Available & Measurable

MCQ-01204