Trivia Day!

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Iheonu Nkechi Gloria 2 years ago

What is the basic principle for measuring inventories?

Inventories shall be measured at the lower of cost and value in use.

Inventories shall be measured at the lower of fair value and value in use.

Inventories shall be measured at the lower of fair value and net realizable value.

Inventories shall be measured at the lower of cost and net realizable value.

What are the two key criteria for an item of property, plant & equipment to be “recognized” as an asset?

When it can be reliably measured

When it is controlled by the entity

When it is probable that economic benefits will flow to the entity from the asset

When it has a residual value

What does DEBIT mean?

Decrease

Increase

Right side

Left side

When preparing a bank reconciliation, which of the following items should be subtracted from the bank balance?

Deposits in transit

Bank service charges

EFT cash receipts

Outstanding checks

Users of financial reports include all of the following except

Creditors

Government agencies

Unions

All of the above
H

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