Finance Questions

The balance sheet would not balance if this special entry was not done at the end of the period to reflect net income or loss in equity

This is the first report I create after transactions post for the month to check the balances

At the counting house in the 1800s, Bob Cratchit might not have been taught accrual accounting yet, and likely used this basis of accounting instead

When the ghost of christmas present showed brandon how difficult it was for bob's family, brandon might have decided to accrue a bonus for him by debiting wages expense and crediting this account

what deferral account is used when it's too early for expense recognition

I will defer to this asset account when I pay rent this month that is related to next month

The calculation of fixed assets less their accumulated depreciation is called this, which diminishes over time

In a classified balance sheet, brandon would have placed accounts with payments due from them within one year in the subtotal section

Ill recognize this in the accounting records when I provide goods or services

When I perform services for which I had collected money in advance, I credit revenue and debit this account

There is no revenue recognition when a payment is received on account and this account is credited

If I entered a transaction twice, a trial balance will balance, but it will still be this.

governments are funded by ___________________

What is the minimum capital ratio (CET1 / RWAs)

What is the cut-off point between investment grade vs. non-investment grade debt (High Yield)?

As EBITDA Net interest can be misleading as a covenant trigger for industrial companies (as it leaves out Capex and Working Capital Needs) what is a more realistic coverage ratio?

On February 1, 2021, BAGITA Corporation issued bonds with a fair value of P1,000,000. BAGITA prepares its financial statements in accordance with IFRS. What methods may BAGITA use to report the bonds on its December 31, 2021 statement of financial position? I. Amortized cost. II. Fair value method. III. Fair value through profit or loss. a. I onlyb. II only. c. I and III only. d. III only.

For the issuer of a ten-year term bond, the amount of amortization using the interest method would increase each year if the bond was sold at a I. Discount II. Premium a. No, No b. Yes, Yes c. No, Yes d. Yes, No

Which one of the following is a true statement for a firm electing the fair value option for valuing its bonds payable? a. The effective interest method of amortization must be used to calculate interest expense. b. Discount or premium is disclosed in the notes to the financial statements. c. The fair value of the bond and the principal obligation value must be disclosed. d. If the fair value option is elected, it must be applied to all bonds

The unavoidable costs under an onerous contract represent the "least net cost of exiting from the contract" which is equal to a. Cost of fulfilling the contract b. Penalty arising from failure to fulfill the contract c. Lower of the cost of fulfilling the contract of the penalty arising from failure to fulfill the contract d. Higher of the cost of fulfilling the contract of the penalty arising from failure to fulfill the contract