Day 38 - 73% FAIL

Question 1

Partners Capital account equals:

Answer 1

Fair Value of Net Assets - Liabilities

MCQ-04552

Question 2

A 5 year 1,000,000 bond is issued at 95. Two years later it is redeemed at 103. How much cash was spent to redeem it?

Answer 2

1,000,000 × 1.03 = 1,030,000

MCQ-01507

Question 3

The company’s average markup is 25%, of sales were $600k, what was the COGS?

Answer 3

600,000 / 1.25 = $470,000 COGS

MCQ-16151

Question 4

The primary purpose of a NFP Stmt of activities is to provide relevant information to it’s:

Answer 4

Resource Providers

MCQ-11033

Question 5

Define a Liquidating Dividend:

Answer 5

Cash Dividend in excess of Retained Earnings

MCQ-01031

Question 6

Equation for COGS:

Answer 6

Beg. Inventory
+ Purchases
- Ending Inventory

= COGS

MCQ-05956

Question 7

ABC uses the installment sales method to recognize revenue. Customers pay the installment note in 24 equal monthly payments which includes 12% interest. What is the installment note receivable balance six months after the sale?

Answer 7

The PV of the remaining monthly payments discounted at 12%

MCQ-00343