F1:M2

Question 1

When a company follows with the SEC and does not have seasonal fluctuations, which period is the company required to present the balance sheet on form 10 Q?

Answer 1

Due to the absence of seasonal fluctuations, the end of the preceding fiscal year is the appropriate. To include in addition to the most recent quarter.

Question 2

Dividends are not reported as liability until they are_________

Answer 2

Declared.

Beforehand they are just disclosed

Question 3

Appropriate retained earnings, carryover true, or false?

Answer 3

False appropriately return earning do not carry over they just get reclassed to unappropriated.

Question 4

Cash restricted for bonds does not affect retained earnings true or false?

Answer 4

True

Question 5

Gains and losses on treasury stock are never recorded on the income statement. Instead, where are they recorded?

Answer 5

Gains are recorded by increasing APIC and losses are recorded first by eliminating any APIC and then decreasing RE.

Question 6

In a non-governmental not for profit how should amounts be booked on financial statements?

Answer 6

At market price

Question 7

What are the three approaches in measuring the fair value of an asset or a liability?

Answer 7

The market, income, cost approaches

MIC