Practice Quiz

CFP Certified Financial Planner Test Prep - Question List

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41. The upper limit, otherwise known as the “ceiling” for the replacement cost in the lower of cost or market rule is:
  1. The net realizable value
  2. The net realizable value less the normal profit
  3. The expected selling price
  4. The cost
  5. The ratio of the cost to market
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42. The purchase of treasury stock would be shown under which section on the statement of cash flows?
  1. Operating
  2. Investing
  3. Financing
  4. Supplemental
  5. It is not reported on the statement of cash flows.
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43. If Aaron the Architect operates as a sole proprietor and he withdraws cash from his business to pay himself, how does this affect the balance sheet?
  1. Assets decrease; owner’s equity decreases
  2. Assets Increase; liabilities decrease
  3. Assets decrease; owner’s equity increases
  4. There is no effect on the assets, liabilities, or on the owner’s equity.
  5. Assets decrease; liabilities decrease
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