Balance Sheet and Fair Value
Financial Accounting
Easy:
1. Which of the following is usually considered cash? a. Certificate of deposit b. Checking account c. Money market saving certificate d. Postulated Check
2. In preparing the August 31, 2011 bank reconciliation, Apex Company provided the ff. information Balance per bank statement 1,805,000 Deposit in transit 325,000 Return of customer’s check for 60,000 Insufficient fund Outstanding checks 275,000 Bank service change for August 10,000
On Aug 31, 2011, what is the adjusted cash in bank?
a. 1, 855, 000
b. 1, 795, 000
c. 1, 785, 000
d. 1, 755, 000
3. Credit balances in Accounts Receivable shall be classified as
a. Current Liabilities b. Part of Accounts Payable c. Long-term Liabilities d. Reduction from accounts
4. Which of the following is not an acceptable lasts for valuation of inventory?
a. Historical Cost b. Current replacement cost c. Prime cost d. Current selling price less cost of disposal
5. Capetown Company began operation on Jan. 1, 2011 Capetown has found that its estimated bad debt expense has been consistently higher than actual bad debts. Management proposes lowering the percentage from 3% of credit sales to 2% . Credit Sales for 2011 totaled P5,000,000, and accounts written off as uncollectible during 2011 totaled P550,000. What is the bad debt expense for 2011?
a. 150,000 b. 100,000 c. 550,000 d. 240,000
6. Where there is a production cycle of more than one for a biological asset, PAS 41 encourages separate disclosure of
a. Physical change only b. Price change only c. Total change in value d. Physical change and price change
7. Financial accounting is the area of accounting that emphasizes reporting to
a. Management
b. Regulatory bodies
c. Internal auditors
d. Creditors and investors
8. An investor purchased a bond as a long term investment on January 1. Annual interest was received in
Easy:
1. Which of the following is usually considered cash? a. Certificate of deposit b. Checking account c. Money market saving certificate d. Postulated Check
2. In preparing the August 31, 2011 bank reconciliation, Apex Company provided the ff. information Balance per bank statement 1,805,000 Deposit in transit 325,000 Return of customer’s check for 60,000 Insufficient fund Outstanding checks 275,000 Bank service change for August 10,000
On Aug 31, 2011, what is the adjusted cash in bank?
a. 1, 855, 000
b. 1, 795, 000
c. 1, 785, 000
d. 1, 755, 000
3. Credit balances in Accounts Receivable shall be classified as
a. Current Liabilities b. Part of Accounts Payable c. Long-term Liabilities d. Reduction from accounts
4. Which of the following is not an acceptable lasts for valuation of inventory?
a. Historical Cost b. Current replacement cost c. Prime cost d. Current selling price less cost of disposal
5. Capetown Company began operation on Jan. 1, 2011 Capetown has found that its estimated bad debt expense has been consistently higher than actual bad debts. Management proposes lowering the percentage from 3% of credit sales to 2% . Credit Sales for 2011 totaled P5,000,000, and accounts written off as uncollectible during 2011 totaled P550,000. What is the bad debt expense for 2011?
a. 150,000 b. 100,000 c. 550,000 d. 240,000
6. Where there is a production cycle of more than one for a biological asset, PAS 41 encourages separate disclosure of
a. Physical change only b. Price change only c. Total change in value d. Physical change and price change
7. Financial accounting is the area of accounting that emphasizes reporting to
a. Management
b. Regulatory bodies
c. Internal auditors
d. Creditors and investors
8. An investor purchased a bond as a long term investment on January 1. Annual interest was received in