Generally Accepted Accounting Principles (GAAP), Finance And Accounting

Question: What is convertible debt?
A
Share issuance which can be converted into debt

B
A debt issuance which can be converted into the shares of the issuing company

C
The same as preferred stock

D
A debt which can earn a higher interest rate

Note: Answer not sure
1. Report
Question: Why are uncollectible accounts receivable considered a contingency?
A
Because they are an asset

B
Because they are material

C
Because they are not probable

D
Because they can be estimated and it is probable not all accounts receivable will be collected

Note: Answer not sure
1. Report
Question: Which section of FASB deals with Accounting for Inventory Costs?
A
FASB 401

B
FASB 151

C
FASB 10

D
It is not covered by FASB

Note: Answer not sure
1. Report
Question: Which of the following would be a derivative instrument?
A
Common stock

B
Preferred stock

C
Options contracts

D
Debt instrument

Note: Answer not sure
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Question: What is a "mark to market" adjustment?
A
Selling off assets

B
Adjusting the price of a derivative once it is sold

C
Buying offsetting derivatives to mitigate risk

D
Adjusting the book value of a derivative to the current market rate

Note: Answer not sure
1. Report
Question: Which of the FASB statements discusses the accounting standard for reporting comprehensive income?
A
FASB 201

B
FASB 133

C
FASB 144

D
FASB 130

Note: Answer not sure
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Question: Which of the following is a requirement for the capitalization of interest?
A
The amount must be material.

B
The rate must be at least 5%.

C
The loan must be made by a domestic company.

D
The asset must be located domestically.

Note: Answer not sure
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Question: When should a contingent liability be reported financially?
A
After legal documents obligating the firm are signed

B
When the contingent liability becomes probable

C
In the period that follows the documenting of the liability

D
Retroactively

Note: Answer not sure
1. Report
Question: Which FASB Statement addresses the accounting for derivatives?
A
FASB 12

B
FASB 144

C
FASB 133

D
FASB 201

Note: Answer not sure
1. Report
Question: What is the definition of a "discontinued operation"?
A
A part of a company that has been sold off or is being held out for sale

B
When a company decides to no longer manufacture a certain product

C
Operations which were not profitable last year

D
When a company goes bankrupt

Note: Answer not sure
1. Report

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Question: What is convertible debt?

Question: Why are uncollectible accounts receivable considered a contingency?

Question: Which section of FASB deals with Accounting for Inventory Costs?

Question: Which of the following would be a derivative instrument?

Question: What is a "mark to market" adjustment?

Question: Which of the FASB statements discusses the accounting standard for reporting comprehensive income?

Question: Which of the following is a requirement for the capitalization of interest?

Question: When should a contingent liability be reported financially?

Question: Which FASB Statement addresses the accounting for derivatives?

Question: What is the definition of a "discontinued operation"?