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Intermediate Accounting Quiz 19 (20 MCQs)

Quiz Instructions

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1. How should a note payable designated at fair value through profit or loss be measured?
2. Dallas Company purchased a tooling machine in 2010for P600, 000. The machine was being depreciated onthe straight-line method over an estimated useful lifeof 20 years with no salvage value. At the beginningof 2020, Dallas paid P120, 000 to overhaul themachine. As a result of this improvement, Dallasestimated that the useful life of the machine would beextended an additional 5 years. The depreciation to be recognized in 2020 is
3. Adjustments for unpaid expenses fall into the category.....
4. Goods on Consignment for inventory owner ship depends on
5. In a perpetual inventory system, purchase returns affect which accounts?
6. The following is not a basic principle in sharia transactions
7. Cash will never get affected by an adjusted entry process
8. The criteria for recognition of revenue at the completion of production of precious metals and farm products include:
9. When bonds are issued between interest dates, the journal entries made are included
10. ABC, Inc. issues bonds with a maturity value of $ 200, 000 and a maturity of 10 years after the date of issuance. If bonds are issued at a premium
11. The revenue recognition principle provides that revenue is recognized when:
12. Fright-in costs to get inventory to the location of sale in a perpetual system is added to:
13. Practice and body of knowledge concerned primarily with methods for recording transactions, keeping financial records, performing internal audits, reporting and analyzing financial information to the management.
14. The following are the accounts contained in the Statement of Financial Position, except
15. Miya Company issued a 3-year, P 150, 000 face value non interest-bearing note payable in exchange for a new machinery on January 1 (Year 1). The note is payable in 3 equal annual installments every January 1, starting year 1. No cash price of the machinery is available. The prevailing rate for similar note is 12%. PV of 1 at 12% for 3 periods is 0.7118. PV of an ordinary annuity of 1 at 12% periods us 2.4018. PV of an annuity due at 12% for 3 period us 2.6900. How much is PV of the note payable at the end of Year 2
16. Current liabilities are recorded at ..... amount.
17. Assuming there is no preferred stock, book value per share of common stock is derived by which of the following:
18. Rent revenue collected one year in advance shall be accounted as
19. Patrick sold 1, 000 shares of treasury for $ 15 per share. The cost for the shares was $ 10. The journal entry to record this transaction is:
20. Lease incentives granted by the lessor shall be included in determining the fixed lease payments.
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