assets — Financial Accounting Practice Questions

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1. What amount of Goodwill should be recorded under ASC 805?
2. Under the Lower of Cost or Net Realizable Value (LCNRV) rule, what is the per-unit carrying value?
3. How should the $80 million difference be recorded?
4. What is the total capitalized cost of the machine?
5. Using the allowance method, which journal entry is recorded?
6. Which of the following accounts is the proper contra-account to 'Property, Plant, and Equipment'?
7. Using the straight-line method, what is the Depreciation Expense for the first year?
8. What journal entry is required to record the periodic provision for credit losses?
9. If sales for the period are $300,000, what is the estimated ending inventory at cost using the Retail Inventor
10. If the firm sold 100 units during the period, what is the valuation of the ending inventory?
11. If the unadjusted Allowance for Doubtful Accounts has a debit balance of $5,000, what is the Bad Debt Expense
12. A firm reports Net Income of $100,000 but its Cash Flow from… — Which situation most likely explains this low
13. What is the impairment loss to be recognized?
14. What is the depreciation expense under the units-of-production method?
15. In a period of consistently rising prices, which inventory cost flow assumption will result in the lowest Cost
16. At what value should the inventory be reported under LCNRV?
17. Using the straight-line method, what is the Accumulated Depreciation balance at the end of Year 2?
18. A firm sells $30,000 of merchandise on credit with a Cost of… — Which pair of entries correctly reflects this
19. What is the required inventory write-down?
20. A company sells a delivery truck for $15,000 cash. The truck… — How is this transaction adjusted in the Operat
21. What is the depreciation expense for Year 3?
22. Under ASC 360, what is the impairment loss?
23. A company pays $50,000 to install a new HVAC system that wil… — How should this transaction be classified?
24. What is the adjusted Book Balance?
25. Under ASC 805, what is the amount of Goodwill recognized?
26. A company changes its inventory method from LIFO to FIFO.… — How must this Change in Accounting Principle be r
27. What is the amount of Goodwill recorded under ASC 805?
28. What is the resulting Goodwill under ASC 805?
29. If the fair value (discounted at 9%) is $1,660,440, what is the impairment loss recognized under ASC 360?
30. How much should be capitalized as an intangible asset?