Financial Accounting and Reporting Quiz Bowl

Financial Accounting and Reporting Quiz Bowl

University

26 Qs

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Financial Accounting and Reporting Quiz Bowl

Financial Accounting and Reporting Quiz Bowl

Assessment

Quiz

Other

University

Hard

Created by

JPIA Main

Used 109+ times

FREE Resource

26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

EASY

1. Net realizable value is

A. Fair value less cost to sell

B. Estimated selling price less normal margin and cost to sell

C. Estimated selling price less cost to complete and cost to sell

D. Fair vale less normal margin and cost to complete.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

2. When using periodic inventory method, which of the following generally would not be separately accounted for in the computation of cost of goods sold?

A. Trade discounts applicable to purchases during the period.

B. Cash discounts taken during the period.

C. Purchase returns and allowances of merchandise during the period.

D. Cost of transportation in for merchandise purchased during the period.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

3. On December 28, Year 2, Kerr Manufacturing Co. purchased goods costing P50,000. The terms were FOB destination. Some of the costs incurred in connection with the sale and delivery of the goods were as follows:

Packaging for shipment P1,000; shipping P1,500;and special handling charges P2,000. These goods were received on December 31, Year 2. In Kerr’s December 31, Year 2 balance sheet, what amount of cost for these goods should be included in inventory?

A. 54,500

B. 53,500

C. 52,000

D. 50,000

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

4. Loans and receivables may be classified under IFRS 9 at

A. Financial asset at amortized cost

B. Financial asset at fair value through profit or loss

C. Either A or B

D. Neither A nor B

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

5. Expected credit losses of loan receivables are required to be measured through a loss allowance at an amount equal to (choose the exception)

A. 12-month expected credit losses

B. Full lifetime expected credit losses

C. Monthly expected credit losses

D. None of the foregoing

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

6. Which cash fund is included from the cash and cash equivalent balance?

A. Fund set aside for acquisition of equipment and machinery.

B. Fund set up in a bank exclusively for payment of employees’ compensation.

C. Fund for the redemption of preference shares.

D. Fund established for settlement of long-term obligations.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

7. The use of the gross profit method assumes

A. The amount of gross profit is the same as in prior years.

B. Sales and cost of goods sold have not changed from previous years.

C. Inventory values have not increased from previous years.

D. The relationship between gross profit and sales remains stable over time.

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