FAR Quiz Average Round

FAR Quiz Average Round

University

10 Qs

quiz-placeholder

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FAR Quiz Average Round

FAR Quiz Average Round

Assessment

Quiz

Other

University

Hard

Created by

Cidro Joy

Used 31+ times

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10 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Income taxes were discussed under PAS___?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a corporate form of business organization, legal capital is best defined as

the amount of capital the state of incorporation allows the company to accumulate over its existence

the par value of all capital stock issued

the amount of capital the federal government allows a corporation to generate

the total capital raised by a corporation within the limits set by the Securities and Exchange Commission

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not acceptable treatment for the presentation of current liabilities?

Listing current liabilities in order of maturity

Listing current liabilities according to amount

Offsetting current liabilities against assets that are to be applied to their liquidation

Showing current liabilities immediately below current assets t o obtain a presentation of working capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The “amortized cost” of bonds payable means

Face amount plus premium on bonds payable

Face amount minus discount on bonds payable

Face amount minus bond issue costs

Face amount plus premium on bonds payable, minus discount on bonds payable and minus bond issue costs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In order of priority, equity instruments issued to extinguish a financial liability shall be measured first at _________?

Par value of the equity instrument issued

Fair value of the liability extinguished

Carrying amount of liability extinguished

Fair value of the equity instrument issued

6.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

A present obligation that is probable and the amount can be measured reliably is called?

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

During the year, Jantz Company made an entry to write off a $4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $50,000 and the balance in the allowance account was $4,500. The net realizable value of accounts receivable after the write-off entry was

$50,000

$49,500

$41,500

$45,500

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