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Intermediate Accounting Quiz 1 (20 MCQs)

Quiz Instructions

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1. Cash payments for lease liability:financing activitycash payments for short-term lease: .....
2. Shares that have rights to company assets and rights to profit distribution in the last order are shares:
3. The quality of information that confirms the user's previous expectations is the definition of.....
4. The separation of the owner's interests from the business he owns is a fulfillment of the assumption
5. It is the oldest and simplest form of business ownership.
6. Leomord Company transferred real estate to Minsitthar Company pursuant to a debt restructuring in full liquidation of Leonard's liability to Minsitthar.Carrying amount of liability liquidated P7, 500, 000Carrying amount of real estate transferred P6, 300, 000Fair value of real estate transferred P5, 400, 000Under USA GAAP, what amount should be reported as gain or loss on transfer of real estate?
7. FW Factory provides a 2-year warranty with one of its products which was first sold in 2017. In that year, FW spent $ 80, 000 servicing warranty claims. At year-end, FW estimates that an additional $ 500, 000 will be spent in the future to service warranty claims related to 2017 sales. What is the adjusting entry at December 31?
8. CV Pantai Karunia has assets of Rp. 87, 500, 000.00 and trade payables Rp. 22, 500, 000.00. The company earned revenue of Rp. 750, 000.00. The company's capital after the transaction is.....
9. Examples of accrued liabilities do NOT include:
10. Leomord Company transferred real estate to Minsitthar Company pursuant to a debt restructuring in full liquidation of Leonard's liability to Minsitthar.Carrying amount of liability liquidated P7, 500, 000Carrying amount of real estate transferred P6, 300, 000Fair value of real estate transferred P5, 400, 000Under USA GAAP, what amount should be reported as gain or loss on restructuring.
11. A company be able to pay all its liabilities including its long-term liabilities
12. LIFO is an acceptable inventory valuation method
13. On June 1st 2021, Walker Construction Corp. paid $ 360, 000 for their annual equipment insurance policy. The accountant erroneously recorded this to Insurance Expense. For the annual audit of the company's financials as of 12/31/2021, the audit team found the error. What correcting entry will the audit team recommend?
14. On January 1, 2017, Candle, Inc. sells $ 100, 000, five-year, 10% bonds for $ 98, 000 (98% of face value). Interest is payable annually January 1. The entry to record the issuance is:
15. The lessee shall present the right-of-use asset separately from other assets. However, a right-of-use asset that meets the definition of an investment property need not be presented separately from other assets.
16. The basic accounting equation formula is
17. PT BRANTAS has eight employees. Employee salaries are paid every Friday of every week. Five employees receive a salary of IDR 700, 000 per week, and three employees receive a salary of IDR 500, 000 per week. No employees work on weekends. If December 31 falls on a Tuesday, then the adjusting entries related to employee salaries are:
18. What is the lifetime of a patent?
19. Jai Jai Company Limited has 20, 000 issued and paid-up common shares with a value of 50 baht per share, 10, 000 12% preferred shares with a value of 100 baht per share. The last cash dividend was paid in 2017. Later in 2020, it announced a total dividend payment of 350, 000. baht if the preferred shares are cumulative How much dividends will the preferred shares receive?
20. The following is the available information regarding PT Anugerah Jaya's inventory for the period ending June 2015. Total inventory purchases:Rp. 14, 000, 000, 000 Beginning inventory balance:Rp. 1, 000, 000, 000 Decrease in inventory balance:Rp. 400, 000, 000 Cost of goods sold for 2015 is .....
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