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Financial Accounting Fundamentals Test (Upwork)
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Financial Accounting Fundamentals Test (Upwork)
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25 Questions

1. What are two criteria for identifying an economic event as an Extraordinary item?
2. Corporations whose stock is publicly traded must have their financial statements ________ by independent certified public accountants.
3. Which is not a method to account for the loss of receivables?
4. What is an example of an extraordinary item?
5. What will be the subsequent measurement of investments in equity instruments that do not have a quoted price in an active market and whose fair value cannot be reliably determined?
6. The multiple-step income statement for a merchandiser shows each of the following features except:
7. If the accountant forgets to record salary expense in the Statement of Income
8. Which of the following statements is false?
9. What will be the Price-Earnings Ratio if the Basic Earnings per Share is $1.80 and market price of each share is $27?
10. Which one of the following is NOT one of the four basic income statement components?
11. On the cash flow statement
12. Land is reported on the Balance Sheet at:
13. What is NOT a typical classification for a receivable?
14. Is a slogan or jingle sometimes reported as an asset on the balance sheet? If so
15. Which of the following can be found in the INVESTING section of the cash flow statement?
16. What determines if work performed on an owned building's roof is expensed?
17. Payments made to the shareholders of a corporation for profit are called:
18. Choose the correct statement about GAAP.
19. If Assets = $25
20. Under IFRS the following costs are expensed:
21. Which of the following accounts will be found on the balance sheet?
22. According to GAAP
23. Which of these is a Debit account?
24. What is the net book value of a noncurrent asset?
25. 'EBIT' stands for____

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