Financial Accounting Valuation Of Assets MCQs Homework Help
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1. Under the Measurement Principle of accounting, the most commonly used measurements are based on
a. Expense recognition and historical cost principles.
b. Revenue recognition and fair value principles.
c. Historical cost and fair value principles.
d. Revenue recognition and historical cost principles.
2. Gains or losses from exchange of foreign currencies should not be presented as extraordinary items because
a. The underlying transactions are not expected to recur in the foreseeable future.
b. They are nonrecurring material items that differ significantly from company’s typical business activities.
c. Such gains or losses are considered components of income from continuing operation.
d. The gains or losses are unusual in nature and infrequent in occurrence.
3. Which of the following earnings per share (EPS) figures is NOT disclosed on the face of the income statement?
a. Income from continuing operations net of tax.
b. Gain on disposal of discontinued operations, net of tax.
c. Extraordinary gain net of tax.
d. All of the above are disclosed.
4. Which of the following is never classified as an extraordinary item?
a. Material losses from a major casualty.
b. Gains or losses on disposal of a component of an entity.
c. Material losses from expropriation of assets.
d. A significant gain on the sale of the only security investment a company has ever had.
5. A company makes a change in accounting for its construction contracts from a percentage of completion to the completed contract method. This type of change is recognized
a. As a change in accounting estimate that requires adjustments to prior years presented.
b. As a correction of an error.
c. As a change in accounting principle by making a retrospective adjustment to the financial statements.
d. As a change in accounting principle that does not require a retrospective adjustment.
6. Under the allowance method, an entry to write off an uncollectible account
a. Increases bad debt expense when the write off occurs.
b. Decreases bad debt expense when the write off occurs.
c. Increases allowance for bad debt account when the write off occurs.
d. Reduces both allowance for bad debt account and accounts receivable when the write off occurs.
7. In a period of falling prices, the inventory method, which gives the lowest value for ending inventory is
a. specific identification.
b. first-in, first-out.
c. last-in, first-out.
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8. A&E Company needs to determine if its indefinite-life intangibles other than goodwill have been impaired and should be reduced or written off on its balance sheet. The impairment test(s) to be used is (are)
a. Recoverability and Fair value tests.
b. Recoverability test.
c. Historic cost and fair value tests.
d. Fair value test.
9. A company decided to change its inventory valuation method from FIFO to LIFO in a period of rising prices. What would be the result of the change on ending inventory and cost of goods sold in the year of change?
|Ending inventory||Cost of goods sold|
10. Which of the following statements is incorrect with respect to accounting for impairment of long-lived assets?
a. A restoration of previously recognized impairment loss is not permitted if the asset will continue to be used in business.
b. If an impairment loss is recognized, the adjusted carrying amount of a long-lived asset becomes its new cost basis.
c. Impaired assets held for sale may continue to be depreciated until the sale is finalized.
d. Impairment loss equals excess of carrying amount over fair value for assets held for use.
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