Practice Quiz

CPA Accountant Review Questions - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
36. If Big Bertha’s Birds purchases a family owned canary breeding farm for $150,000 and the family retained 12.21%, what is the minority interest that is put on the balance sheet?
  1. $21,581
  2. $18,315
  3. $150,000
  4. $131,685
  5. $12,210
See answer
37. Bertha has the following accounts:

Accounts Receivable: $10,000
Land: $20,000
Cash: $22,000
Intangible Assets: $12,500
Inventory: $33,000
Equipment: $99,000
Prepaid Expenses: $10,000

Based on this information, what is the amount of Bertha’s quick assets?
  1. $206,500
  2. $65,000
  3. $60,000
  4. $32,000
  5. $42,000
See answer
38. If Bertha’s Birds see an increase in sales and no increase in expenses, which of its financial statements will be affected:

I balance sheet
II income statement
III statement of retained earnings
  1. I
  2. II
  3. III
  4. I and II
  5. I, II, and III
See answer
39. Dilbert’s Doughnuts purchases land and finances that purchase by issuing a long-term bond at par. Dilbert does not have to pay interest for at least 12 months according to the terms. This purchase will lead to which of the following for Dilbert’s accounting?
  1. Decrease in liabilities
  2. Decrease in net income
  3. Increase in assets
  4. Decrease in assets
  5. Increase in net income
See answer
40. Which of the following term(s) refer to the principal amount of the bond that the issuing corporation will pay the bondholders on the bond’s maturity date?
  1. Stated value
  2. Par value
  3. Maturity value
  4. Face value
  5. All of these terms could be used.
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode