Complex Accounting Scenarios Quiz
A rigorous test of advanced accounting concepts for professionals.
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?
- 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?
- 3
A company expects future taxable income to be insufficient to realize a $5 million deferred tax asset. What accounting treatment is required?
- 4
Under IFRS 16, how is a lessee’s operating lease accounted for on the balance sheet?
- 5
If a firm using LIFO sells more units than it purchased in a period, what effect does this have on COGS?
- 6
Which of the following criteria does not trigger separate reporting of an operating segment under ASC 280?
- 7
In a two-step goodwill impairment test, what is the first step?
- 8
A company uses straight-line depreciation for book purposes but MACRS for tax. Which statement is true about the temporary difference?
- 9
Which level of the fair-value hierarchy includes quoted prices for identical assets in active markets?
Never miss a quiz!
Daily challenges on Telegram
Check These Out Too
Iconic Movie Quotes Quiz
How well do you know your movie lines? See if you can match these famous quotes to their films!
80s Movie Mania: The Ultimate Trivia Gauntlet
Think you know your 'Back to the Future' from your 'Blade Runner'? Prove your 80s movie mastery with these challenging questions!
Can You Name These Capital Cities?
Put your global knowledge to the test! Match the country to its capital city.
Easy Music Trivia Challenge!
Think you know music? Let's find out with this super easy trivia quiz!
History's Hidden Chapters: A Scandalous Quiz
Dive deep into the annals of time and test your knowledge of history's most surprising secrets and scandalous events. Are you ready for the truth?
Idioms & Phrases Challenge
How well do you know common English idioms and phrases? Let's find out!