Week 3 Quiz

QuizÂ by Chi Truong

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5 questions
• Q1
In the 2020 financial year, company ABC started with no inventory. It purchased 10 tons of wheat at \$300/ton in the first six months and 5 tons at \$200/ton in the last six months. The company was able to sell 12 tons in the year. Which of the following statements is CORRECT?
Using FIFO method, the cost of sales in the balance sheet is \$3400 and the inventory in the income statement is \$600
Using FIFO method, the cost of sales in the income statement is \$3400 and the inventory in the balance sheet is \$600
Using LIFO method, the cost of sales in the income statement is \$3400 and the inventory in the balance sheet is \$600
Using LIFO method, the cost of sales in the balance sheet is \$3400 and the inventory in the income statement is \$600
90s
• Q2
In the 2020 financial year, company ABC started with no inventory. It purchased 10 tons of wheat at \$300/ton in the first six months and 5 tons at \$200/ton in the last six months. The company was able to sell 12 tons in the year. Which of the following statements is CORRECT?
If the company uses FIFO method, purchasing 5 more tons in the last six months will increase its tax payment
If the company uses LIFO method, purchasing 5 more tons in the last six months will reduce its tax payment
If the company uses FIFO method, purchasing 5 more tons in the last six months will reduce its tax payment
If the company uses LIFO method, purchasing 5 more tons in the last six months will increase its tax payment
90s
• Q3
Which of the following statements is INCORRECT?
Impairment test is conducted for tangible assets such as buildings only when they are revaluated, but conducted for goodwill and intangible assets such as patents on an annual basis
Impairment test means that when the book value of an asset exceeds its recoverable value, the book value must be reduced to the recoverable value.
When the book value of an asset is higher than its recoverable value, an impairment loss is recognized in the income statement
When the book value of an asset is lower than its recoverable value, a revaluation gain is recognized in the income statement
90s
• Q4
Which of the following statements is INCORRECT?
Book values of property, plant and equipment are usually close to their market values thanks to the depreciation adjustment that drives asset values to reflect value loss due to aging
Book values of property, plant and equipment can be quite different from their market values even though depreciation adjusts asset values to reflect value loss due to aging
The value of the brand name of a company is only recognised in a balance sheet when the company is acquired by another company.
Book values of assets in a company may not capture the value of in-progress R&D projects conducted by the company
90s
• Q5
Which of the following statements is CORRECT?
Warranties on the goods sold and potential costs from lawsuits are contingent liabilities. These items are shown in at the end of the liability section in the balance sheet.
Warranties on the goods sold and potential costs from lawsuits are contingent liabilities. These items are not shown in the balance sheet, but in the notes to financial statements.
Warranties on the goods sold and potential costs from lawsuits are contingent liabilities. Because they are highly uncertain, these items are not reported in the financial statements.
Warranties on the goods sold and potential costs from lawsuits are contingent liabilities. These items are shown as expenses in the income statement.
90s

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