AIR Spotlight – India Central Asia Connect & External Affairs Minister’s Visit to the Region
AIR Spotlight is an insightful program featured daily on the All India Radio Newsonair. In this program, many eminent panellists... View Article
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16 Oct 2021: UPSC Exam Comprehensive News Analysis
Oct 16th, 2021, CNA:- Download PDF Here TABLE OF CONTENTS A. GS 1 Related SOCIETY 1. Hunger Index: poor ranking... View Article
15 Oct 2021: PIB Summary & Analysis
TABLE OF CONTENTS 1. International Monetary and Financial Committee (IMFC) of the IMF 2. India-U.S.A. Economic & Financial Partnership Dialogue... View Article
Factors that affect the market price of bonds include all of the following except:
(A) Length of time until maturity (B) Purchasers’ credit rating (C) Market rate of interest (D) issuing companies’ credit rating... View Article
Which of the following may be a contingent liability?
(A) Sales tax owed (B) Accrued interest (C) Future lawsuits claims (D) Customer deposits Answer (C): Future lawsuits claims Explanation:... View Article
Who determines the price at which bonds will sell?
(A) The issuing company (B) The market (purchasers of the bonds) (C) The bonds underwriters (D) The SEC Answer (B):... View Article
Which of the following is not true of contingent liabilities?
(A) The result from a past transaction or promise (B) lawsuits and loan guarantees are an example (C) They occur... View Article
GAAP requires that intangible assets be amortized over a period not to exceed how many years?
(A) 40 (B) 20 (C) 17 (D) no such requirements exist Answer (A): 40 Explanation: There is a rebuttable assumption... View Article
What is the consistency principle?
(A) All the companies in an industry should use the same accounting procedure (B) A company can change an accounting... View Article
Which inventory system lets a company know exactly how much of a product is in inventory at any point in time?
(A) Periodic (B) Perpetual (C) GAAP (D) All of these Answer (B): Perpetual Explanation: A perpetual inventory framework is a... View Article
Why does a company reconcile its bank statement?
(A) To turn up discrepancies between its records and the bank’s records (B) FASB requires it (C) Accountants have nothing... View Article
The costing method that deals with inventory items that may be identified individually are:
(A) LIFO (B) FIFO (C) Specific unit cost or specific identification (D) weighted average cost Answer (C): Specific unit cost... View Article
Internal controls included all of the following except:
(A) Use of competent employees (B) Separation of duties (C) Maintenance of customers (D) Proper documentation Answer (C): Maintenance of... View Article
Under the direct write-off method of accounting for uncollectible accounts (bad debts), when a specific account is written off:
(A) The accountant debits bad debt expense (B) The accountant credits bad debt expense (C) The accountant debits allowance for... View Article
The small amount of cash held on hand to pay minor expenses is known as:
(A) Petty cash (B) Small cash fund (C) Money on hand (D) Cash Answer (A): Petty cash Explanation: The petty... View Article
Factoring is:
(A) A mathematical procedure frequently used in accounting (B) Done by people called fractioners (C) Simplified method developed for counting... View Article
Which of the following would not cause an adjustment to gross inventory after a purchase occurs?
(A) Returns (B) Quantity discounts (C) Allowances (D) Purchase discounts Answer (B): Quantity discounts Explanation: A quantity discount is an... View Article
Why would a company want to estimate its inventory?
(A) The company might physically count inventory only once a year, yet they might need to produce financial statements on... View Article
Which of the following would NOT be considered an intangible asset?
(A) Interest payable (B) A patent (C) A trademark (D) All of these are intangible assets Answer (A): Interest payable... View Article
What is the IRS rule of LIFO conformity?
(A) A company that uses FIFO on their financial statements must use FIFO for tax purposes (B) A company that... View Article
