Business & Finance

Complex Accounting Scenarios Quiz

A rigorous test of advanced accounting concepts for professionals.

#financial reporting#GAAP#consolidation#cost accounting#IFRS#audit standards#tax accounting#revenue recognition#deferred tax

Quiz Intelligence

Total Questions

Difficulty Level

hard

Progress

0/0

Quiz Questions

Answer all questions below and test your knowledge.

1
When consolidating subsidiaries, how should a parent treat an unrealized profit on inventory sold to its subsidiary?
Question 1
2
A software vendor sells a license and a year of maintenance for a single price. Under ASC 606, which component is allocated the greatest portion of the transaction price?
Question 2
3
A company expects future taxable income to be insufficient to realize a $5 million deferred tax asset. What accounting treatment is required?
Question 3
4
Under IFRS 16, how is a lessee’s operating lease accounted for on the balance sheet?
Question 4
5
If a firm using LIFO sells more units than it purchased in a period, what effect does this have on COGS?
Question 5
6
Which of the following criteria does not trigger separate reporting of an operating segment under ASC 280?
Question 6
7
In a two-step goodwill impairment test, what is the first step?
Question 7
8
A company uses straight-line depreciation for book purposes but MACRS for tax. Which statement is true about the temporary difference?
Question 8
9
Which level of the fair-value hierarchy includes quoted prices for identical assets in active markets?
Question 9

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Complex Accounting Scenarios Quiz

Quiz Intelligence

Quiz Questions

When consolidating subsidiaries, how should a parent treat an unrealized profit on inventory sold to its subsidiary?

A software vendor sells a license and a year of maintenance for a single price. Under ASC 606, which component is allocated the greatest portion of the transaction price?

A company expects future taxable income to be insufficient to realize a $5 million deferred tax asset. What accounting treatment is required?

Under IFRS 16, how is a lessee’s operating lease accounted for on the balance sheet?

If a firm using LIFO sells more units than it purchased in a period, what effect does this have on COGS?

Which of the following criteria does not trigger separate reporting of an operating segment under ASC 280?

In a two-step goodwill impairment test, what is the first step?

A company uses straight-line depreciation for book purposes but MACRS for tax. Which statement is true about the temporary difference?

Which level of the fair-value hierarchy includes quoted prices for identical assets in active markets?

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