Acc306 Quiz
- Submitted by: jheald
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- Category: Other
- Date Submitted: 09/17/2012 10:27 PM
- Pages: 2
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1. Question : The shareholders' equity section of the balance sheet reflects changes in the fair value of securities for which type of securities?
Securities available for sale.
2. Question : If the fair value of equity securities is not determinable and the equity method is not appropriate, the securities should be reported at:
Cost.
3. Question : Current liabilities are normally recorded at the amount expected to be paid rather than at their present value. This practice can be supported by GAAP according to the concept of:
Materiality.
4. Question : Which of the following situations would not require that long-term liabilities be reported as current liabilities on a classified balance sheet?
All of the above require the current classification.
5. Question : Which of the following may create employer liabilities in connection with their payrolls?
all the above are correction
6. Question : When a product or service is delivered for which a customer advance has been previously received, the appropriate journal entry includes:
A debit to a liability and a credit to a revenue account.
7. Question : Which of the following investment securities held by Zoogle Inc. may be classified as held-to-maturity securities in its balance sheet?
Long-term debenture bonds
8. Question : When a gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be:
Disclosed, but not recognized in the income statement.
9. Question : A contingent loss should be reported in a footnote to the financial statements rather than being accrued if:
The incurrence of a loss is reasonably possible.
10. Question : Which of the following investment securities held by Zoogle Inc. are not reported at fair value in its balance sheet?
Debt securities held to maturity
Securities available for sale.
2. Question : If the fair value of equity securities is not determinable and the equity method is not appropriate, the securities should be reported at:
Cost.
3. Question : Current liabilities are normally recorded at the amount expected to be paid rather than at their present value. This practice can be supported by GAAP according to the concept of:
Materiality.
4. Question : Which of the following situations would not require that long-term liabilities be reported as current liabilities on a classified balance sheet?
All of the above require the current classification.
5. Question : Which of the following may create employer liabilities in connection with their payrolls?
all the above are correction
6. Question : When a product or service is delivered for which a customer advance has been previously received, the appropriate journal entry includes:
A debit to a liability and a credit to a revenue account.
7. Question : Which of the following investment securities held by Zoogle Inc. may be classified as held-to-maturity securities in its balance sheet?
Long-term debenture bonds
8. Question : When a gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be:
Disclosed, but not recognized in the income statement.
9. Question : A contingent loss should be reported in a footnote to the financial statements rather than being accrued if:
The incurrence of a loss is reasonably possible.
10. Question : Which of the following investment securities held by Zoogle Inc. are not reported at fair value in its balance sheet?
Debt securities held to maturity