Day 52 - 70% FAIL

Question 1

When calculating net income for EPS you minus out:

Answer 1

Dividends paid to preferred shares

MCQ-11041

Question 2

NFP recognizes SOME Contributed services:

Answer 2

Specialized
Otherwise needed
Measured Easily

MCQ-05445

Question 3

Gains and Losses of Treasury Stock transactions are recorded:

Answer 3

By increasing APIC

NEVER recorded on the income Stmt

MCQ-05656

Question 4

What is the effect to ABC BS when they purchased inventory FOB shipping point at the end of the year but did not include in ending inventory?

Answer 4

Assets and RE are Understated

Understatement of ending inventory = overstatement of COGS = understatement of NI & RE

MCQ-06569