MCQ-Day 38 - 63% FAIL

Question 1

On 12/31, ABC checkbook balance was $10. In the safe was a check payable to ABC for $4k dated 01/03 for a sale made in December. On 12/31 what is the checkbook balance?

Answer 1

$10k

The check is dated 01/03 and should be excluded

MCQ-11079

Question 2

LHI are amortized over the:

Answer 2

Estimated useful life or the remaining life of the lease

MCQ-00611

Question 3

LHI are amortized over the:

Answer 3

Estimated useful life or the remaining life of the lease

MCQ-00611

Question 4

What must exist for impairment loss to be recognized?

Answer 4

The carrying amount of the FA is GREATER THAN the FV

MCQ-05238

Question 5

Under the equity method a cash dividend affects:

Answer 5

The investment account reduction not income

MCQ-00349

Question 6

For a NFP, all debt securities that are donated are recorded at:

Answer 6

Fair Value

MCQ-07254

Question 7

When measuring a firm’s ending inventory, why would it be better to use the dollar value instead of base year costs?

Answer 7

The price index is greater than 1.0

MCQ-01816

Question 8

Cash to Accrual: decrease in prepaid expenses

Answer 8

Subtract from cash basis net income

MCQ-04214