Day 61 - 63% DNF - A

Question 1

For interim FS, what tax rate should a company use for tax provisions?

Answer 1

The best, most current, Annual Effective Tax Rate

MCQ-00107

Question 2

Equation: G/L on Bond Retirement

Answer 2

FV of Bonds
ADD Unamortized Premium
= Carrying value of retired bond

LESS Cash Paid to retire bonds

= Gain

MCQ-00614

Question 3

In periods of rising prices, what is the lowest cost of ending inventory?

Answer 3

LIFO

LIFO = Lowest

Highest COGS

Lowest Net Income

MCQ-06925

Question 4

True or false: when a new partner is admitted to an existing partnership using the bonus method, their capital account is credited the investment amount

Answer 4

False

Capital is adjusted - generally not equal to investment amount

MCQ-05089

Question 5

How do NFP record installment pledges for revenue recognition?

Answer 5

At the Net PV @ the date of the pledge

Revenue is not recognized in the following year

MCQ-14844