MCQ-Day 39 - 60% FAIL

Question 1

What is the ceiling and floor price under LCM?

Answer 1

Ceiling = NRV

Floor = NRV - Profit Margin

MCQ-04481

Question 2

If total inventory is used to apply LCM, then:

Answer 2

Combine both inventory items

MCQ-05441

Question 3

Interest paid on a bond issued at a discount equals:

Answer 3

Interest expense LESS Amortization of the Discount

Interest Expense = Interest Paid (+ -) Premium or Discount

MCQ-01251

Question 4

LCM & LC or NRV

MCQ-06041

Question 5

Calculate the whole year of loss of discontinued operations even tho they decide to sell in April

Answer 5

MCQ-05073

Question 6

Valuation Allowance - DTA

MCQ-07900

Question 7

DTL=

Answer 7

Tax Expense now

Deducted on the Books later

MCQ-04661

Question 8

When calculating basic EPS, only use the amount of preferred stock dividends that were ______

Answer 8

Accumulated

Disregard the amount paid

MCQ-01198

Question 9

What inventory method best reflects the economic value of ending inventory, assuming raw materials were purchased evenly throughout the year?

Answer 9

Dollar-Value LIFO

The Price Index adjusts for inflation/deflation

MCQ-01945