Day 60 - 83% - A

Question 1

ABC issued rights to it’s shareholders to purchase unissued CS above par. How is CS and APIC affected?

Answer 1

It isn’t - no entry is made when the rights are issued

MCQ-01003

Question 2

In a single step income Stmt, total Revenues includes:

Answer 2

Sales of all goods, services and rentals

Sales discount is not included and reduces COGS

MCQ-06565

Question 3

Ending inventory is overstated by $12k, how does this affect COGS?

Answer 3

Increases COGS

MCQ-15845

Question 4

What is the paramount objective of financial reporting by state and local governments?

Answer 4

Accountability

MCQ-08269