assets — Financial Accounting Practice Questions

128 free Financial Accounting questions on assets: 40 easy, 65 medium, and 23 hard, every one exam-realistic and fully explained once you sign in. This is the fastest way to turn assets from a weakness into a scoring area — drill it in 10-question reps with immediate feedback.

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