Accountant

A The excess of consideration transferred and other applicable amounts over the fair value of identifiable net assets acquired B Cash generated by daily operations C A reserve for unpaid wages D Accumulated depreciation on equipment

A Patent B Office furniture C Delivery van D Raw materials

A An increase in share capital B A transfer from cash to bank C A reduction when its carrying amount exceeds its recoverable amount D Routine cash payment to a supplier

A Original cost plus profit margin B Cash paid to suppliers C Estimated selling price less estimated completion costs and costs necessary to make the sale D Replacement cost plus depreciation

A LIFO only B Specific identification in every case C FIFO or weighted average D Market value only

A Only at year-end B Only after an audit C Only when a bank statement arrives D Continuously as purchases and sales occur

A Calculate share capital B Verify quantities of inventory on hand C Record all credit sales D Approve tax rates

A Whenever future profits are expected B Whenever management wants to reduce profit C When there is a present obligation, a probable outflow, and a reliable estimate D Only after cash is paid

A An expense paid in advance B A possible obligation or a present obligation not recognized because recognition criteria are not met C A guaranteed revenue item D A current asset

A All errors are immaterial B Every item must be shown to the nearest cent C Only cash transactions are important D Information could reasonably influence users' decisions