Day 36 - 76%

Question 1

When is revenue recognized for Agricultural products and precision metals?

Answer 1

At time of production

Not the actual amount sold during the year

MCQ-00292

Question 2

Deposits received from customers are classified how on the BS?

Answer 2

As Current Liabilities

MCQ-08586

Question 3

What does an unrealized loss of $20k do to a trading debt security at the end of the year on the Stmt of financial position?

Answer 3

Decreases the fair value by $20k

MCQ-15846

Question 4

Foreign Currency Exchange - READ PROBLEM

MCQ-01594

Question 5

In year 3, a change in income tax rates for year 4 will affect what?

Answer 5

Deferred income tax expense for year 3

MCQ-00821

Question 6

ABC stock is trading at $10 per share, has 1,000 common stock par value $1 outstanding. They declare a 30% stock dividend. What AJE is made to record the dividend?

Answer 6

Dr - RE $300
CR - Common Stock $300

Classified as a LARGE stock dividend bc it is more than 25%

MCQ-08246