and Mat
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. Which of the following is considered as a Cash Equivalent?
-Postal money Order
-Check
-Treasury Bill Issued 1 year ago Acquired and Maturing 3 months from now
-Treasury Bill Issued 5 Months Ago , Acquired and Maturing 4 months from now
2.
Which of the following is Considered Cash?
-Pension Fund
-sinking Fund "Bond Attached is 2 year maturity"
-Fund to buy PPE for Next Year
-Petty Cash Fund
3.
Which of the following would result in a Dr to AR ?
-
-Sale of goods under " special order" "Special order is yet to be completed"
-Sale with a right of repurchase
-Sale of goods under "Consignment"
-Sale of goods classified as Trade
4.
When inventory is held on consignment it should be?
-
-Reported as cost of goods sold
-Recorded as inventory
-Derecognized
-Reported as purchase
5.
the Following are classified under PPE Except?
-
-Machinery
-All are PPE
-Building
-Land
6.
Which of the following is classified under PAS 16
-
-Investment Property
-Property Sold under a Finance Lease Agreement
-Machinery Held under a low value Lease Agreement
-Property Leased under a Finance Lease Agreement
7.
Property Plant Equipment will be classified at year end at what amount? "Apply PAS 36"
-
-Cost
-Lower of Cost or Net Realizable Value
-Carrying Value
-Historical Cost
8.
Which of the following case would allow the capitalization of Interest Expense
--
-No Case allows this transaction
-Borrowing Cost
-Provided the interest is immaterial
-Only if Management Allows
9.
Investment Property can be classified under the following methods except?
-
-Non of the Given
-Cost and Fairvalue
-Fair Value
-Cost
10.
Investment property under the cost model would require ?
-
-Tested for impairment only
-To be depreciated and tested for impairment annually
-To be depreciated only
-Measured at fairvalue at year end
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