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Intermediate Accounting Quiz 14 (30 MCQs)

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1. Hilary Inc. sold 15, 000 annual subscriptions on July 1, 2018, for $ 24 each. What is the annual adjusting entry at Dec 31, 2018?
2. What type of partnership has partners with unlimited liability?
3. Provides protection beyond the manufacture's quality-assurance
4. In practice (public or private), a good accountant will make adjusting entries and produce internal financial statements:
5. Which statement is correct regarding the call for payment of shares according to Thai law?
6. Granted to the customer to receive additional goods or services at no cost or at a discount as a performance obligation
7. The principal disadvantage of using the percentage-of-completion method of recognizing revenue from long-term contracts is that it:
8. It is the activity of infrastructure as a broad category of product and services.
9. Which of the following refers to intangible assets?
10. Performance Obligation:To provide goods and services (so is vulnerable to risks associated with holding inventory)
11. Assumes units first acquired are sold first
12. Investments that are highly liquid, short-term, that can be quickly converted into cash in a determinable amount and have an insignificant risk of changes in value, are called:
13. Omni Company purchased a new vehicle on January 1, 2012. The cost of the vehicle was IDR 200, 000, 000, it had been used for five years, and the residual value was IDR 40, 000, 000. Omni has financial statements ending December 31. If Omni depreciated the truck using the double declining balance method, how much should be recorded as depreciation expense during 2015?
14. Inventory must be stated in .....
15. Notes payable with a maturity of 120 days will be included in the SOFP section.....
16. The current value of future cash flows, calculated by applying the time value of money
17. At the time of repayment of the bonds, the bonds are extended with modifications to the terms and carrying value of the debt is higher than the fair value of the debt, then
18. When a company decides to switch from the double-declining balance method to the straight-line method, this change should be handled as a:
19. Accounting is expected to be able to meet the challenges that arise in the business world, so accounting must be:
20. Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even though, in theory, this may be a violation of the accounting concept of:
21. On June 2, Selena Company sold to Gomez Company merchandise having a sale price $ 6, 000 with terms of 2/10, n/60, f.o.b. shipping point. On June 11, the company received a check for the balance do from Gomez Company. Assuming Selena records sales using the net method. What is the journal entries at Selena Company books to record the sale?
22. Includes Depreciation Expense and Bad Debt Expense
23. Which of the following journals correctly records the issuance of bonus shares?
24. Retained Earnings=
25. Stockholders is also known as?
26. A shift of approach to strengthen in the field of accounting. Work hard to achieve the highest quality of reporting possible.
27. Dividend payment in the form of return of capital What type of business does it often occur?
28. Original transaction value adjusted for depreciation and amortization
29. Cash will always get affected by an adjusted entry process
30. The activity of discontinuing a company's product line is called.....
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