SI Session 1

SI Session 1

University

10 Qs

quiz-placeholder

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SI Session 1

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Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Will Craft

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10 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

ABC Co. purchased a building  and recorded it at its sale price on the balance sheet

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

ABC Co. was being sued by a customer. It was likely they would lose the lawsuit. They needed to disclose to the public the likely amount of the settlement on the balance sheet as a liability.

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

ABC Co. adjusted the value of an investment from the purchase price to the current market price

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

ABC Co. breaks their financial statements up by quarter

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

ABC Co. recorded wages expense for the work employees performed this year even though they will not pay the wages until next year.

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

ABC Co. records revenue after it completed its duties although the customer has not paid off the balance yet

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

ABC Co. has used the same depreciation method for 10 years

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