Generally Accepted Accounting Principles (GAAP), Finance And Accounting

Question: At what stage in the manufacturing cycle is Raw Materials?
A
End of the manufacturing cycle, after processing is complete

B
When materials have been ordered from the vendors

C
When inventory has been received and is available to be issued to the manufacturing process

D
When the materials have been issued to the shop floor

Note: Not available
1. Report
Question: What did APB 14-1 issued in 2008 do to the accounting rules related to convertible debt?
A
Restricted companies' abilities to issue convertible debt

B
Made rules regarding the accounting of convertible debt less restrictive

C
Laid down the requirement that companies account for the debt and equity components of convertible debt separately

D
Forced companies to convert all debt

Note: Not available
1. Report
Question: What did APB14-1 stipulate for retroactive reporting of convertible debt?
A
No retroactive reporting is required.

B
All convertible debt, both retired and active, is required to be retroactively restated.

C
Companies can restate past financial reports if it is to their benefit.

D
Any current outstanding convertible debt must be restated retroactively, any retired convertible debt does not have to be restated.

Note: Not available
1. Report
Question: What is "Work in Progress"?
A
Goods ready for sale

B
Raw material which has just been received

C
Inventory which is in the process of being completed at the end of the reporting period

D
Raw material which has been unpacked and is ready to be utilized in the manufacturing process

Note: Not available
1. Report
Question: What is "earnings per share"?
A
The total earnings of the company

B
The ratio of a company's earnings to the number of shares outstanding

C
Earnings of the company less any dividends

D
Earnings of the company divided by the number of preferred shares outstanding

Note: Not available
1. Report
Question: What is "impairment"?
A
Expensing of the cost of goods sold

B
A revaluation of the assets on the books

C
An asset becoming unusable

D
Natural resources getting used up

Note: Not available
1. Report
Question: How often are consolidated financial statements prepared?
A
Whenever a company wishes

B
At least yearly, can be monthly

C
There is no requirement

D
Once in a decade

Note: Answer not sure
1. Report
Question: Which FASB statement addresses the capitalization of interest?
A
FASB 101

B
FASB 144

C
FASB 201

D
FASB 34

Note: Answer not sure
1. Report
Question: What value should a contingency be booked at?
A
Not be booked until it occurs, and then booked using the actual value

B
At the actual amount, and retroactively

C
Using the best estimate and then adding 10%

D
Using the most likely estimated amount, factoring in conservatism

Note: Answer not sure
1. Report
Question: What is the purpose of a derivative instrument?
A
Additional investment activity for companies to use their cash

B
Allowing the firm to offer its staff a way to participate in the growth of the company

C
Creating a guarantee of profit

D
Mitigating risk on the changing value of the asset on which it is based

Note: Answer not sure
1. Report

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Question: At what stage in the manufacturing cycle is Raw Materials?

Question: What did APB 14-1 issued in 2008 do to the accounting rules related to convertible debt?

Question: What did APB14-1 stipulate for retroactive reporting of convertible debt?

Question: What is "Work in Progress"?

Question: What is "earnings per share"?

Question: What is "impairment"?

Question: How often are consolidated financial statements prepared?

Question: Which FASB statement addresses the capitalization of interest?

Question: What value should a contingency be booked at?

Question: What is the purpose of a derivative instrument?