Business

University

grade

Image

CFAS and FAR Quiz Bee

82
plays

20 questions

Show Answers
See Preview
  • Multiple Choice
    Please save your changes before editing any questions.
    30 seconds
    1 pt

    An onerous contract is a contract in which ________________ of meeting the obligation under the contract __________________ the economic benefits expected to be received under

    A. Avoidable costs; are less than

    B. sunk costs; exceed

    C. Opportunity costs; are less than

    D. unavoidable cost; exceed

  • Multiple Choice
    Please save your changes before editing any questions.
    30 seconds
    1 pt

    The deferred income tax liability:

    a. Can result in a deferred income tax asset

    b. Is never recorded.

    c. Is a contingent liability

    d. Represents income tax payments that are deferred until future years because of temporary differences between GAAP rules and tax accounting rules.

  • Multiple Choice
    Please save your changes before editing any questions.
    45 seconds
    1 pt

    How is an equity instrument defined?

    a. The instrument includes no contractual obligation to deliver cash or another financial asset.

    b. The instrument includes no contractual obligation, and the instrument will/may be settled in the issuer's own equity instrument 

    c. The instrument includes a contractual obligation, and the instrument will/may be settled in the issuer's own equity instrument 

    d. The instrument includes contractual obligation and will/may be settled in the issuer's own debt instrument  

  • Explore all questions with a free account

    Already have an account?