Day 64 - 63% FAIL Flashcards
1
Q
A receivable dominated in Yen results in gain. The Yen increased or decreased compared to the dollar?
A
Decreased
In order to be a gain the Yen needs to be worth more dollars
MCQ-01594
2
Q
Not presenting comparative FS, the correction of error of a prior Period should be presented where?
A
RE Stmt as an adjustment to the opening balance
MCQ-00079
3
Q
Treasury Stock is shown as a REDUCTION to Stockholders equity on the:
A
BS
MCQ-01471
4
Q
What are common modifications to prepare FS on the modified cash basis?
A
- Accrual of income taxes
- Recording LT liabilities
- Capitalizing inventory
MCQ-06396
5
Q
When is the loss of a disposal of a business segment recorded?
A
In the period of the disposal
MCQ-00243
6
Q
Lower of Cost or Net Realizable Value does NOT consider:
A
Normal Profit Margin
MCQ-06044
