31. The accounting equation is represented by Assets= Liabilities + Stockholdersâ?? Equity which of.

31. The accounting equation is represented by Assets= Liabilities + Stockholdersâ?? Equity which of.

31. The accounting equation is represented by Assets= Liabilities +
Stockholders’ Equity which of the following would cause a change in the
stockholders’ equity accounts:

a.

Sale of Land for
cash and a note receivable for the balance

b.

Collection of an account receivable

c.

Purchased an asset for cash and 10,000
shares of preferred stock

d.

Purchase of common stock back from
shareholders

32. Reporting financial assets and liabilities at fair values also is
referred to as:

a.

historical cost.

b.

acquisition cost.

c.

mark-to-market.

d.

mortgage-backed
cost

33. U.S. GAAP and IFRS allows the use of present value to calculate
the cost of an asset except:

a.

When assets are
held for more than one year.

b.

When assets are
held for less than one year.

c.

When assets are
depreciated using the straight line method

d.

When asset are sold
in the middle of the accounting cycle.

34. If a portfolio manager had to estimate the fair value of private
equity funds invested in a young, privately-held start-up company, which of the
following would he/she most likely identify as the level of inputs to determine
this?

a.

Level 1.

b.

Level 2.

c.

Level 3.

d.

None of these.

35. If a portfolio manager had to estimate the fair value of illiquid
mortgage-backed securities, which of the following would he/she most likely
identify as the level of inputs to determine this?

a.

Level 1.

b.

Level 2.

c.

Level 3.

d.

None of these.

36. If a portfolio manager had to estimate the fair value of
investments in timber, which of the following would he/she most likely identify
as the level of inputs to determine this?

a.

Level 1.

b.

Levels 1 and 2.

c.

Levels 2 or 3.

d.

All levels would be
applicable.

37. If a portfolio manager had to estimate the fair value of real estate,
which of the following would he/she most likely identify as the level of inputs
to determine this?

a.

Level 1.

b.

Level 2.

c.

Level 3.

d.

None of these.

38. If a portfolio manager had to estimate the fair value of privately
placed bond issues, which of the following would he/she most likely identify as
the level of inputs to determine this?

a.

Level 1.

b.

Level 2.

c.

Level 3.

d.

None of these.

39. All of the following can be used to describe reliability of
accounting information except:

a.

biased.

b.

credible.

c.

verifiable.

d.

supported by source
documents.

40. Relevant asset valuations refer to all of the following except:

a.

they are timely.

b.

they have the
capacity to affect a user’s decisions, based on the information.

c.

they incorporate
all available information.

d.

they are always
subjective.

Looking for a similar assignment? Get help from our qualified experts!

Order Now

Related Posts