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Financial Accounting Test 1:
https://www.proprofs.com/quiz-school/story.php?title=financial-accounti ng-test-1
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Major research and feasibility study performed in order to assess planned development of intangible asset – software.
Inventories that necessarily take a substantial period of time to get ready for its intended use or sale, for example, whiskey.
Development of software intended for future resale.
Self-constructed building.
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Assets and liabilities are both understated.
Assets are understated and liabilities are overstated.
Assets and shareholders' equity are both understated.
Assets, liabilities, and shareholders' equity are all correctly stated.
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True
False
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Petty cash, bank account balance, short-term investments readily convertible to cash which are subject to insignificant risk of changes in value.
Petty cash, bank account balance, term deposit due in 5 months.
Petty cash, bank account balance, term deposit, debentures convertible within 6 months.
Petty cash, bank account balance, term deposit due in 5 months, short-term investments readily convertible to cash which are subject to insignificant risk of changes in value.
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Gain on machine’s disposal of USD 2,300.
Gain on machine’s disposal of 2,500 and other operating expenses of USD 200.
Operating revenue of USD 4,000 and other operating expenses of USD 200. Machine’s carrying amount is included in the annual depreciation charge.
Net operating revenue of USD 3,800. Machine’s carrying amount is included in the annual depreciation charge.
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Futures, forward contracts, swaps, written warrants.
Futures, forward contracts, swaps, options.
Futures, forward contracts, options, treasury shares, swaps.
Futures, preference shares, options, swaps.
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Administrative costs.
Inventory Costs.
Accounting Costs.
Selling Costs.
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Immediately in profit or loss.
Immediately in profit or loss unless the asset is carried at revalued amount.
In profit or loss on the straight-line basis over the asset’s remaining useful life.
Immediately in other comprehensive income.
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True
False
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True
False
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Average cost.
Realization.
Shrinkage.
Costing.
No, because its not permit to offsetting of assets and liabilities unless is it allowed by another standard.
Yes, because this situation is not offsetting.
Yes, because in this case, offsetting leads to better understanding of the financial statements by their users.
No, because the assets and liabilities shall not be offset.
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