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Generally Accepted Accounting Principles (GAAP) Basics Test (Upwork)
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Generally Accepted Accounting Principles (GAAP) Basics Test (Upwork)
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25 Questions

1. In a period of deflation
2. Which of the following is a Financing Activity as per US GAAP classification?
3. Unrealized gain and losses of ________ securities are reported in the Income Statement.
4. You have depreciation for the past year
5. In the United States
6. In which of the following securities are unrealized gains and losses reported in Other Comprehensive Income (as a part of stockholder's equity)?
7. Which of the following is TRUE about impairment loss of a non-revalued asset?
8. Which of the following is the correct formula for calculating impairment losses on a loan?
9. Which of the following is TRUE about Impairment of assets?
10. In which of the following inventory valuation methods is the oldest cost of goods sold (COGS) entry processed first?
11. Which of the following is NOT a valid cost flow assumption for determining the inventory cost?
12. All of the following are shown on the income statement net of tax EXCEPT:
13. Which of the following securities are reported on balance sheets at fair value?
14. ABC company purchases a plot of land for $10
15. An ordinary share dividend is:
16. In which of the following are profits recognized in full when real estate is sold?
17. The multiple-step income statement for a merchandiser shows each of the following features EXCEPT:
18. Which of the following securities are purchased with the intent to profit over near term?
19. Your accounts payable increases from the prior year
20. A company has cash of $30
21. Which of the following is NOT a current asset?
22. If Earnings before Interest and Taxes (EBIT) is $10
23. Which of the following securities are purchased with the intent of holding them until maturity?
24. When should costs be recognized?
25. Which of the following is a valid method to calculate impairment loss in case of a long lived asset?

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