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Intermediate Accounting Quiz 14 (20 MCQs)

Quiz Instructions

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1. Is the expense related to inventory
2. On February 6 2007, Toko REJEKI paid IDR 34, 300, 000.00 for the purchase of merchandise on January 28 2007. Terms of sale and purchase 2/10; n/30. The purchase price of the merchandise is:
3. Prepaid expenses are included in the adjustment type.....
4. Which of the following is not considered cash for financial reporting purposes?
5. The general objectives of financial reporting are
6. Managers, Investors, Creditors, Government Agencies, and Non-Profit Organizations are .....
7. 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 IFRS, what amount should be reported as gain on extinguishment of liability?
8. On January 1, 2007, Gregg Corp. acquired a machine at a cost of $ 500, 000. It is to be depreciated on the straight-line method over a five-year period with no residual value. Because of a bookkeeping error, no depreciation was recognized in Gregg's 2007 financial statements. The oversight was discovered during the preparation of Gregg's 2008 financial statements. Depreciation expense on this machine for 2008 should be:
9. Deddy Manufacturing Co. ships merchandise costing $ 34, 000 on consignment to Corbuzier Stores. Deddy pays $ 3, 500 of freight costs, and Corbuzier pays $ 1, 500 for local advertising costs that reimbursable from Deddy. By the end of the period, Corbuzier has sold two-thirds of the consigned merchandise for $ 38, 000 cash. What is the journal entry at Corbuzier to record the sales of consigned merchandise?
10. The following are examples of infrastructure as broad category of product and services, except?
11. In certain cases, revenue is recognized at the completion of production even though no sale has been made. Which of the following statements is not true?
12. On January 1, 2015, Honey Co. selling 12% bonds with a face value of $ 600, 000. The bonds mature in 5 years and interest is paid every June 30 and December 31. The bonds were sold at a price of $ 646, 200 to yield 10%. Using the effective-interest method amortization method, interest expense for 2015 is
13. Paid advertising costs on Kompas daily amounting to IDR 200, 000.00. The appropriate petty cash journal for this transaction if using the fluctuation find system method is.....
14. Mike Corporation issues 10, 000 shares of $ 12 par value preferred stock for $ 15 cash per share. The journal entry to record the issuance is:
15. The portion of authorized capital which can be called up only on the liquidation of the company:-
16. When treasury shares are purchased above the par value of the shares and the cost method is used to record the treasury shares, what account should be debited?
17. If a business ceases operations and liquidates, which of the following will be paid last?
18. Journal Entries-Adjusting recorded
19. Represents the accumulated net income reported by the company since its inception minus all dividends distributed to all shareholders
20. The company recorded purchases of CU9, 801 in the purchases account and CU107 in the cash account in the financial year ended 31 January 20X4. Purchase accruals were Rp. 75 lower compared to the previous year, and prepayments were Rp. 60 lower. How much of the purchase was included in selling expenses in the profit or loss statement for the year ended 31 January 20X4?
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