Day 60 - 83% - A Flashcards
1
Q
ABC issued rights to it’s shareholders to purchase unissued CS above par. How is CS and APIC affected?
A
It isn’t - no entry is made when the rights are issued
MCQ-01003
2
Q
In a single step income Stmt, total Revenues includes:
A
Sales of all goods, services and rentals
Sales discount is not included and reduces COGS
MCQ-06565
3
Q
Ending inventory is overstated by $12k, how does this affect COGS?
A
Increases COGS
MCQ-15845
4
Q
What is the paramount objective of financial reporting by state and local governments?
A
Accountability
MCQ-08269
