Dive into the Theory of Accounts with this engaging MCQ quiz! Test your knowledge on financial standards, equity securities, and investment accounting. Perfect for learners aiming to understand complex financial reporting and accounting practices.
The cost (or an amount substituted for cost) of the asset less its residual value
The amount at which the asset is recognized in the statement of financial position after deducting any accumulated depreciation and accumulated impairment losses
The higher of the asset's net selling price and its value in use
The fair value of the asset at the date of a revaluation less any subsequent accumulated
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no Purchases account is used.
a Cost of Goods Sold account is used.
two entries are required to record a sale.
. all of these.
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. Stockholders' equity is increased.
. Additional paid-in capital is decreased.
Retained earnings is increased.
. An extraordinary loss is recognized.
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Lower of cost or market, with holding gains and losses included in earnings.
Lower of cost or market, with holding gains included in earnings only to the extent of previously recognized holding losses.
Fair value, with holding gains included in earnings only to the extent of previously recognized holding losses.
Fair value, with holding gains and losses included in earnings.
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As dividend revenue at Guard's carrying value of the stock.
As dividend revenue at the market value of the stock.
As a reduction in the total cost of Guard stock owned.
As a memorandum entry reducing the unit cost of all Guard stock owned.
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The subsidiary is a finance company.
. The fiscal year-ends of the two companies are more than three months apart.
The subsidiary is in bankruptcy.
. The two companies are in unrelated industries, such as manufacturing and real estate.
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an overstatement of assets and net income.
an understatement of assets and net income.
an understatement of cost of goods sold and liabilities and an overstatement of assets.
an understatement of liabilities and an overstatement of owners' equity.
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The portion of the dividends received this year that were in excess of the investor's share of investee's undistributed earnings since the date of investment.
The portion of the dividends received this year that were not in excess of the investor's share of investee's undistributed earnings since the date of investment.
The total amount of dividends received this year.
Zero.
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consistently primary.
consistently secondary.
sometimes primary and sometimes secondary.
. non-existent.
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