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Intermediate Accounting Quiz 24 (20 MCQs)

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1. Karina Company purchased a patent on January 1, 2017, for P3, 570, 000. The patent was beingamortized over its remaining legal life of 15 years.During 2020 Karina determined that the economicbenefits of the patent would not last longer than tenyears from the date of acquisition. What amount should be reported in the statement of financial position as patent, net of accumulated amortization, at December 31, 2020?
2. Subject to depreciation, depletion or amortization
3. Inventory Turnover ratio for the 2017, 2018, 2019 is asl follows:4.1x, 4.7x, 5.0x. The company is healthy. True or false
4. Jai Jai Company Limited has a capital structure as of January 1, 2020 as follows:10% preferred stock capital, cumulative type, 10, 000 shares, value 10 baht per share, 100, 000 baht, common stock capital, 20, 000 shares, value 5 baht each share, 100, 000 baht, on July 1, 2020, the company has An additional 5, 000 common shares were issued on December 31, 2020. The company had a net profit of 93, 000 baht. What is basic earnings per share?
5. Kassandra has bonds with a carrying value on December 31, 2014 of $ 832, 000, nominal value 12%. face value bonds $ 800, 000 were issued at an effective interest rate of 10%. Kassandra amortizes discounts/premiums using the effective interest method. Interest is paid every June 30 and December 31. On June 30, 2015, several years before maturity, Kassandra redeemed the bonds at an exchange rate of 104 plus interest owed. Then there is a loss on the redemption of the bonds
6. How are assets listed on the balance sheet generally organized?
7. Giant Inc. acquires the customer list of a large newspaper for $ 8, 000, 000 on January 1, 2016. Giant Inc. expects to benefit from the information evenly over a four-year period. What is the journal entry to record the amortization of the customer list at the end of each year?
8. Statement A:The lessee shall recognize a gain or loss relating to partial or full termination of the lease in P/L. Statement B:A lease modification not accounted for as a separate contract requires a re-measurement of the lease liability using the old implicit rate.
9. Goods that are produced by a manufacturing company to be sold to wholesalers, retailers, other manufacturers, or consumersConsist of:Raw Materials, Work-in-process, Finished Goods
10. The following events are transactions that must be recorded in the general journal:.....
11. Which of the following items It will not appear in the shareholders' equity. In the statement of financial position
12. Which of the following items It is not considered a change in shareholders' equity.
13. Involves an exchange transaction with another entity
14. Which of the following could explain a fall in operating cash flow?
15. The following data was obtained from the accounting department of PT
16. It is known that the receivable balance data is IDR 250, 000, 000 and the amount of the receivable allowance is 3.5% of the receivable balance. The balance of the allowance for receivables that has been established is IDR 5, 750, 000. So the adjustment amount for the allowance for trade receivables is:
17. Which best describes disclosure notes?
18. = NRV-Normal Profit MarginMarket should not be less than the NRV reduced by an allowance for normal profit margin
19. Good report, but a footnote added to it.
20. How many financial reports must a company make?
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