Question 1

Which of the following is not included under the heading "Capital and reserves" for IFRS financial statements?

Accepted Answer

A)  Accumulated net profits or losses 
B)  Cumlulative currency translation adjustments 
C)  Upward revaluations of land and buildings 
D)  Allowance for uncollectible accounts 
A)  Accumulated net profits or losses 
B)  Cumlulative currency translation adjustments 
C)  Upward revaluations of land and buildings 
D)  Allowance for uncollectible accounts

Question 2

All of the following are examples of subsequent events that would be disclosed in the footnotes to the financial statements except

Accepted Answer

A)  fire or flood loss. 
B)  a litigation settlement. 
C)  a bond issuance after the balance sheet date. 
D)  the write off of a significant uncollectible account. 
A)  fire or flood loss. 
B)  a litigation settlement. 
C)  a bond issuance after the balance sheet date. 
D)  the write off of a significant uncollectible account.

Question 3

List four measurement methods that reflect current values of accounts or a combination of current values and historical values).

Accepted Answer

1. Fair value
2. Pre

Question 4

Which of the following assets is reported at net realizable value on the balance sheet?

Accepted Answer

A)  Short-term investments 
B)  Merchandise inventory 
C)  Accounts receivable 
D)  Prepaid insurance 
A)  Short-term investments 
B)  Merchandise inventory 
C)  Accounts receivable 
D)  Prepaid insurance

Question 5

Exhibit 4-1
Given the following information for Blue Bell Company for last year:  
-Refer to Exhibit 4-1. Blue Bell's debt to equity ratio December 31 was

Accepted Answer

A)  1.33  $\quad $2.2 times 
B)  0.50 $\quad $ 26.0 times 
C)  0.35  $\quad $27.4 times 
D)  0.20  $\quad $28.9 times 
A)  1.33  $\quad $2.2 times 
B)  0.50 $\quad $ 26.0 times 
C)  0.35  $\quad $27.4 times 
D)  0.20  $\quad $28.9 times

Question 6

Gain contingencies must be accrued if they are probable and can reasonably be estimated.

Accepted Answer

A) True 
 B)False

Question 7

The balance sheet reports the financial position of a company at a specific date in time whereas all other financial statements report changes in the financial position of the company over a period of time.

Accepted Answer

A) True 
 B)False

Which of the following is not included under the heading "Capital and reserves" for IFRS financial statements?

All of the following are examples of subsequent events that would be disclosed in the footnotes to the financial statements except

List four measurement methods that reflect current values of accounts or a combination of current values and historical values).

Which of the following assets is reported at net realizable value on the balance sheet?

Exhibit 4-1 Given the following information for Blue Bell Company for last year: -Refer to Exhibit 4-1. Blue Bell's debt to equity ratio December 31 was

Gain contingencies must be accrued if they are probable and can reasonably be estimated.

The balance sheet reports the financial position of a company at a specific date in time whereas all other financial statements report changes in the financial position of the company over a period of time.

The Demand for and Supply of Financial Accounting Information

Financial Reporting: Its Conceptual Framework

Review of a Company S Accounting System

The Income Statement and the Statement of Cash Flows Time Value of Money Module

Cash and Receivables

Inventories: Cost Measurement and Flow Assumptions

Inventories: Special Valuation Issues

Current Liabilities and Contingent Obligations

Property, Plant, and Equipment: Acquisition and Subsequent Investments

Depreciation, Depletion, Impairment, and Disposal

Intangibles

Investments and Long-Term Receivables

Financing Liabilities: Bonds and Long-Term Notes Payable

Contributed Capital

Retained Earnings and Earnings Per Share

Advanced Issues in Revenue Recognition

Accounting for Income Taxes

Accounting for Post-Retirement Benefits

Accounting for Leases

The Statement of Cash Flows

Accounting for Changes and Errors

Understanding Time Value of Money Formulas and Concepts

Filters

Exam 4: The Balance Sheet and the Statement of Shareholders Equity

Which of the following is not included under the heading "Capital and reserves" for IFRS financial statements?

All of the following are examples of subsequent events that would be disclosed in the footnotes to the financial statements except

List four measurement methods that reflect current values of accounts or a combination of current values and historical values).

Which of the following assets is reported at net realizable value on the balance sheet?

Exhibit 4-1 Given the following information for Blue Bell Company for last year: -Refer to Exhibit 4-1. Blue Bell's debt to equity ratio December 31 was

Gain contingencies must be accrued if they are probable and can reasonably be estimated.

The balance sheet reports the financial position of a company at a specific date in time whereas all other financial statements report changes in the financial position of the company over a period of time.

The Demand for and Supply of Financial Accounting Information

Financial Reporting: Its Conceptual Framework

Review of a Company S Accounting System

The Income Statement and the Statement of Cash Flows Time Value of Money Module

Cash and Receivables

Inventories: Cost Measurement and Flow Assumptions

Inventories: Special Valuation Issues

Current Liabilities and Contingent Obligations

Property, Plant, and Equipment: Acquisition and Subsequent Investments

Depreciation, Depletion, Impairment, and Disposal

Intangibles

Investments and Long-Term Receivables

Financing Liabilities: Bonds and Long-Term Notes Payable

Contributed Capital

Retained Earnings and Earnings Per Share

Advanced Issues in Revenue Recognition

Accounting for Income Taxes

Accounting for Post-Retirement Benefits

Accounting for Leases

The Statement of Cash Flows

Accounting for Changes and Errors

Understanding Time Value of Money Formulas and Concepts

Filters