Day 66 - 47% DNF

Question 1

A Lessee has a 10 year finance lease requiring annual payments. The reduction of the lease liability in year 2 should equal:

Answer 1

The current liability down for the lease at the end of year 1

Finance lease should be recorded as both an asset and liability

MCQ-00565

Question 2

How do corporations report Treasury stock gains and losses?

Answer 2

They don’t report it on the income Stmt

T stocks are reported in APIC

MCQ-05442

Question 3

ABC decided to discounting a business segment on 11/1/24. The segment had losses, the segment was sold in 2025. How much of the losses are reported in income from discontinued operations?

Answer 3

The entire year of losses

MCQ-00077

Question 4

Notes payable are not a cash outflow

Answer 4

MCQ-01245

Question 5

Sales tax is 8%, the buyer asks to only pay $2,000 cash and store pays the sales tax. What amounts are credited by the store?

Answer 5

Sales = 2000/1.08 = 1852

Sales tax payable = 2000 - 1852 = 148

MCQ-12646