week 6 test

week 6 test - Question 1 [Question Bank ID: 96544] Question...

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Question 1 [Question Bank ID: 96544] Question Bank ID: 96544 Question 1 Question Bank ID: 96544 Type: Multiple Choice Inclusion Level: Normal Subject Group Common Correct Which of the following measures is not used to determine whether a subunit of a business is a reportable segment? SHOW ANSWERS >> << HIDE ANSWERS [Expand All] A Revenue Explanation: B Owners’ equity Explanation: C Earnings Explanation: D Assets Explanation: Question 2 [Question Bank ID: 45410] Question Bank ID: 45410 Question 2 Question Bank ID: 45410 Type: Multiple Choice Inclusion Level: Normal Subject Group Common Correct Which of the following liabilities is not contingent? SHOW ANSWERS >> << HIDE ANSWERS [Expand All] A A liability to replace a specific defective television set already returned to the manufacturer Explanation: B A liability to pay pension benefits if a specific employee lives to retirement Explanation: C A liability to pay any adverse judgment for a product liability case currently on appeal Explanation: D
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A liability to pay for books received by a college bookstore under terms that allow for the return for full refund of any books not sold Explanation: Question 3 [Question Bank ID: 122569] Question Bank ID: 122569 Question 3 Question Bank ID: 122569 Type: Multiple Choice Inclusion Level: Normal Subject Group Common Correct Reporting in the body of the financial statements is required for SHOW ANSWERS >> << HIDE ANSWERS [Expand All] A Loss contingencies that are probable and can be reasonably estimated Explanation: B Gain contingencies that are probable and can be reasonably estimated Explanation: C Loss contingencies that are possible and can be reasonably estimated Explanation: D All loss contingencies Explanation: Question 4 [Question Bank ID: 109277] Question Bank ID: 109277 Question 4 Question Bank ID: 109277 Type: Multiple Choice Inclusion Level: Normal Subject Group Common Correct A contract, traded on an exchange, that allows a company to buy a specified quantity of a commodity or a financial security at a specified price on a specified future date is referred to as a(n) SHOW ANSWERS >> << HIDE ANSWERS [Expand All] A Interest rate swap Explanation: B Forward contract Explanation:
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C Futures contract Explanation: D Option Explanation: Question 5 [Question Bank ID: 11122] Question Bank ID: 11122 Question 5 Question Bank ID: 11122 Type: Multiple Choice Inclusion Level: Normal Subject Group Common Incorrect On January 1, 2008, Carson Company paid property taxes on its plant for the calendar year 2008 amounting to $60,000. In March 2008, Carson made its annual major repairs to its machinery amounting to $180,000. These repairs will benefit the entire calendar year’s operations. How should these expenses be reflected in Carson’s quarterly income statements for 2008? SHOW ANSWERS >>
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week 6 test - Question 1 [Question Bank ID: 96544] Question...

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