Finance And Accounting

Question: What is a contingency in general?
A
Typically an asset purchase which depends on the expenses for the period

B
A pending lawsuit already filed

C
Potential liabilities with a strong probability that it will happen

D
Changes in equity

Note: Answer not sure
1. Report
Question: Which of the following would impairment not apply to?
A
Land

B
Intangible Assets

C
Equipment

D
Office Supplies

Note: Answer not sure
1. Report
Question: What is the purpose of consolidating financial statements?
A
It hides the individual mistakes of different divisions.

B
It reduces the tax burden of the corporation.

C
It allows stockholders and investors to see the financial health of a company and all its divisions and subsidiary companies in one financial statement.

D
It shows investors how much was spent on total salaries.

Note: Answer not sure
1. Report
Question: Which of the FASB statements discusses how accounting changes are to be handled?
A
FASB 123

B
FASB 99

C
FASB 154

D
FASB 144

Note: Answer not sure
1. Report
Question: What is the primary goal of accounting for income taxes?
A
To demonstrate to the stockholders that the firm is tax savvy

B
To determine how much money to put in savings for year end taxes

C
To recognize the current year's tax obligation

D
To find out how much would be owed so the firm can engage in tax evasion

Note: Answer not sure
1. Report
Question: Who does an error correction financial report restatement benefit?
A
The company

B
The investors

C
The employees

D
All of these

Note: Answer not sure
1. Report
Question: Why would a shareholder want to know what diluted EPS as compared to basic EPS?
A
Because it represents what a stock can be sold for currently

B
Because it reduces the stockholder's tax liability

C
Because it will reflect the potential dilution of the value of the company which can be excessive for companies with large numbers of options outstanding

D
Because it represents how well the management is performing in comparison with the past management

Note: Answer not sure
1. Report
Question: What accounting principle(s) does the principle of impairment adhere to?
A
Matching & Timeliness

B
Matching & Conservatism

C
Conservatism & Timeliness

D
Materiality & Matching

Note: Answer not sure
1. Report
Question: What is another way of saying what comprehensive income is?
A
Income including all extraordinary income and losses

B
Normal income earned in the ongoing operations of the company

C
Income before income taxes

D
Income excluding salaries

Note: Answer not sure
1. Report
Question: What entries are made to correct an error?
A
Dr: Revenue, Cr: COGS

B
Depends on the correction, can impact any account

C
Dr: Cash, Cr: Expense

D
Dr: Equity, Cr: Liabilities

Note: Answer not sure
1. Report

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Question: What is a contingency in general?

Question: Which of the following would impairment not apply to?

Question: What is the purpose of consolidating financial statements?

Question: Which of the FASB statements discusses how accounting changes are to be handled?

Question: What is the primary goal of accounting for income taxes?

Question: Who does an error correction financial report restatement benefit?

Question: Why would a shareholder want to know what diluted EPS as compared to basic EPS?

Question: What accounting principle(s) does the principle of impairment adhere to?

Question: What is another way of saying what comprehensive income is?

Question: What entries are made to correct an error?