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Intermediate Accounting Quiz 12 (20 MCQs)

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1. Which of the following is not subject to amortization?
2. Performance Obligation:To facilitate a transaction between a principal and a customer
3. Roll Company had a balance Accounts Receivable of $ 180, 000, Allowance for Doubtful Accounts of $ 4, 000, Sales (all on credit) of $ 700, 000, and Sales return and allowances of $ 50, 000. What is the journal entry if Roll estimates bad debts at 5% of accounts receivable?
4. What is an asset received in an exchange of nonmonetary assets that is generally valued at fair value?
5. On 1 Jan. 2020, Jing Jai Company Limited registered 100, 000 common shares with a value of 100 baht per share. 1 Feb. 20 issued 20, 000 common shares at a price based on value. 1 Mar. 20 issued 50, 000 common shares. At a price of 105 baht, which statement is correct regarding accounting recording? On the common stock issue date on March 1, 2020
6. On December 31, Year 1, Zilong Company had an overdue 10% note payable to Aldous Bank worth 8 million and an accrued interest of P 800, 000. On that date, Aldous Bank offered modification of terms of the liability as follows:> Principal is reduced by P 2 million and accrued interest is condoned> Maturity is extended to December 31, Year 5> The new interest rate of 12% is payable every December 31> PV of 1 at 10% for 4 periods is 0.683 and PV of 1 at 12% for 4 periods is 0.636> PV of an ordinary annuity of 1 at 10% for 4 period is 3.17 and PV of an ordinary annuity of 1 at 12% for 4 period is 3.037What amount of gain(loss) on extinguishment of debt shall be recognized for Year 1.
7. The accounting equation can be written as follows:
8. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities, and revenues and expenses.
9. Which of the following will likely be included in a Management's Discussion & Analysis report?
10. On Dec 31, 2018, Lopez Inc. has 1, 500 shares of 8%, $ 150 par value common stock outstanding. At Dec 31, 2018, the directors declare a $ 10, 000 cash dividend. What is the journal entry to record the declaration of dividend?
11. What is the disposition of the old component and acquisition of the new component?
12. Another term for a promissory note that has a predetermined interest rate is.....
13. Statement 1:A liability is a present obligation of entity to transfer an economic resource as a result of past event.Statement 2:An obligation is a duty or responsibility that the entity has no practical ability to avoid
14. An entity's Equipment has a carrying amount ofP67, 460. An equipment costing P15, 000 had beensold for P4, 000, making a loss on disposal of P1, 250.No entries had been made for this disposal. What is the correct carrying amount of the entity's Equipment?
15. The accounting standard setting body in Indonesia is
16. Which of the following describes a change in reporting entity?
17. Costs for supplies do not include.....
18. Company X currently has book value per share of THB 20 and cost of equity of 12%. If its ROE is 15% and dividend payout ratio is 80%, its next dividend payment is:
19. Report more detailed information than is shown in the primary financial statements
20. US National Bank agrees to lend $ 150, 000 on March 1, 2019, to Butter D Co. if Butter D signs a $ 150, 000, 8 percent, four-month note. If Butter D prepares financial statements semiannually, what is the adjusting entry to recognize interest expense and interest payable at June 30?
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