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Intermediate Accounting Quiz 9 (30 MCQs)

Quiz Instructions

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1. Stock Exchange of Thailand's Total Return Index grows ..... the normal SET Index.
2. PT DEMI purchased a machine for Rp. 15, 000, 000 on January 1, 20X1. PT DEMI has incurred transportation costs of IDR 1, 300, 000 and spent IDR 2, 500, 000 for machine installation. Then the machine was damaged and cost IDR 600, 000 for repairs. Depreciation is charged at 10% per year. What is the carrying value of the machine in PT DEMI's statement of financial position at 31 December 20X1?
3. Guidance committee for governmental and non-profit entities. treats accounting a bit different from accrual accounting basics.
4. The process of raising money through investors and lenders is called ..... ?
5. A Company allotted 20, 000 shares to applicants of 50, 000 shares after rejecting 10, 000 applications. The ratio in which company allotted the share will be
6. What is the definition of a promissory note/note payable?
7. Deferred gross profit on installment sales is generally treated as a(n):
8. Long-term debt that will mature within 1 year and will be converted into shares should be reported
9. Received payment of receivables from Mr. X amounting to IDR 200, 000.00. The correct journal for this transaction is.....
10. What is not a short-term debt is:
11. Obligations to suppliers of merchandise or service purchased on account
12. One example of liability.
13. According to PAS 39 as revised by PFRS 9, financial long-term liabilities not fair value through profit or loss are measured initially at
14. Preferred shareholders typically have the right to share in the distribution of dividends before common shareholders.
15. Placed on the face of the financial statements
16. The depreciation charge calculated using the diminishing balance method reflects:
17. Refers to the process of including additional pertinent information in the financial statements and accompanying notes
18. Is the expense related to inventory
19. 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:
20. Prepaid expenses are included in the adjustment type.....
21. Which of the following is not considered cash for financial reporting purposes?
22. The general objectives of financial reporting are
23. Managers, Investors, Creditors, Government Agencies, and Non-Profit Organizations are .....
24. 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?
25. 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:
26. 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?
27. The following are examples of infrastructure as broad category of product and services, except?
28. 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?
29. 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
30. 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.....
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