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Intermediate Accounting Quiz 16 (30 MCQs)

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1. On January 1, 20X4 PT JAYA purchased a new machine for Rp. 96, 720. Transport costs amounted to Rp. 3, 660 and internal administration costs amounted to Rp. 9, 450. At that time, the company planned to replace the machine within five years, when the machine no longer had residual value, and depreciate the machine using the straight-line method. determined on 1 January 20X6 that the machine had only one year remaining useful life. It is estimated that there will be no change in the residual value at the end of the machine's useful life. What is the depreciation expense on the machine in the company's profit or loss statement for the year ended 31 December 20X6?
2. In calculating EPS for a simple capital structure, it involves 2 (two) items other than net profit, namely.....
3. What is meant by Short Term Debt is.....
4. 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?
5. Subject to depreciation, depletion or amortization
6. Inventory Turnover ratio for the 2017, 2018, 2019 is asl follows:4.1x, 4.7x, 5.0x. The company is healthy. True or false
7. 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?
8. 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
9. How are assets listed on the balance sheet generally organized?
10. 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?
11. 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.
12. 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
13. The following events are transactions that must be recorded in the general journal:.....
14. Which of the following items It will not appear in the shareholders' equity. In the statement of financial position
15. Which of the following items It is not considered a change in shareholders' equity.
16. Involves an exchange transaction with another entity
17. Which of the following could explain a fall in operating cash flow?
18. The following data was obtained from the accounting department of PT
19. 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:
20. Which best describes disclosure notes?
21. = NRV-Normal Profit MarginMarket should not be less than the NRV reduced by an allowance for normal profit margin
22. Good report, but a footnote added to it.
23. How many financial reports must a company make?
24. Inventory error correction-when the error is found one year later-requires
25. Kaylie Corporation traded in used machinery with a book value of $ 70, 000 (cost $ 120, 000 less accumulated depreciation $ 50, 000) and a fair value of $ 100, 000. It receives in exchange a machine with a fair value of $ 80, 000 plus cash of $ 20, 000. The portion of the gain in a company recognizes is:
26. Proof of the transaction of returning goods that have been purchased to the seller as a result of non-conformity of goods is called.....
27. Which of the following liquidity ratios is a sign of ill-health?
28. Estimated costs for dismantling and removing refer to decommissioning costs capitalized as part of the cost of an item of PPE, and are recognized as contingent liability if the entity has a constructive or legal obligation for removal of asset or restoration of the site.
29. Namwan and Namkhing form a partnership. Khingwan agrees to share profits equally. The current year's net profit is 400, 000 baht. How much share does each partner receive?
30. Subtract the sum of the known or estimated stand-alone selling prices of other goods and service is in the contract from the total transaction price of the contract
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