MCQ-Day 36 - 73% FAIL

Question 1

Bond Purchase between interest dates

MCQ-00517

Question 2

LT Debt balance & Bonds

MCQ-09013

Question 3

Equity Method

MCQ-07462

Question 4

A note payable was issued in payment for services. The services had a FV of less than the note payable and it had no stated interest rate. At what amount is the note payable recorded at?

Answer 4

At Face Amount LESS the discount at the imputed interest rate

MCQ-08594

Question 5

When interest is compounded annually and all interest expense is due at the end of the loan, how is interest calculated?

Answer 5

Add accumulated interest to the loan balance

MCQ-00540

Question 6

Warranty Obligations represent

Answer 6

DTA

Expenses incurred but not yet paid

Will be deducted for tax purposes in the future

MCQ-00818

Question 7

Warranty Obligations represent

Answer 7

DTA

Expenses incurred but not yet paid

Will be deducted for tax purposes in the future

MCQ-00818

Question 8

DTA or DTL?
- Increase in Prepaid Insurance
- Increase in Rent Receivable

Answer 8

DTL - Prepaid Insurance - would be deducted for tax in the year it was paid, but for book it would be deducted when it is incurred

DTL - Rent Receivable - Income earned but not yet received in cash

MCQ-00818

Question 9

DTA or DTL?
- Increase in Prepaid Insurance
- Increase in Rent Receivable

Answer 9

DTL - Prepaid Insurance - would be deducted for tax in the year it was paid, but for book it would be deducted when it is incurred

DTL - Rent Receivable - Income earned but not yet received in cash

MCQ-00818

Question 10

Equity Method: Investment Balance

MCQ-07464