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Accounting for marketable securities Multiple choice questions quiz
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ABOUT THIS QUIZ:
- Chapter: Accounting for marketable securities
- Quiz Type: Multiple choice questions (MCQs) quiz
- Number of MCQs: 16
- Total points: 16
- Approximate Time Required: 10 – 12 minutes
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Question 1 of 16
1. Question
Marketable securities are:
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Question 2 of 16
2. Question
Marketable securities are reported in the balance sheet at their:
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Question 3 of 16
3. Question
Which of the following cannot be an example of marketable security?
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Question 4 of 16
4. Question
Which of the following is a correct journal entry to record the purchase of marketable securities?
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Question 5 of 16
5. Question
The ABC Company purchases 1,000 shares of XYZ Company at a cost of $25 per share. It also pays a $500 as brokerage commission. The marketable securities account will be debited by:
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Question 6 of 16
6. Question
The cash flows resulting from sale or purchase of marketable securities is classified as:
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Question 7 of 16
7. Question
The marketable securities usually generate dividend or interest revenue which is an inflow of cash. Under US-GAAP, this revenue (inflow of cash) is classified as:
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Question 8 of 16
8. Question
Which of the following may be a correct journal entry for the sale of marketable securities?
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Question 9 of 16
9. Question
Which of the following would be reported in income statement?
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Question 10 of 16
10. Question
Mark to market principle is generally applicable to:
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Question 11 of 16
11. Question
The Fast Company provides you the following information about marketable securities held by it:
- Cost of marketable securities: $25,000
- Market value of marketable securities on balance sheet date: $26,500
On the basis of above information, which of the following is a correct journal entry to make mark-to-market adjustment to marketable securities?
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Question 12 of 16
12. Question
The Meta Company sold marketable securities costing $60,000 for $75,000 cash. In income statement and statement of cash flows, respectively, this will appear as:
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Question 13 of 16
13. Question
The Lazy Company provides you the following information about marketable securities held by it:
- Cost of marketable securities: $25,000
- Market value of marketable securities on balance sheet date: $20,000
On the basis of above information, which of the following is a correct journal entry to make mark-to-market adjustment to marketable securities?
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Question 14 of 16
14. Question
When the assets are presented in balance sheet in the order of their liquidity, the marketable securities are presented immediately after:
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Question 15 of 16
15. Question
The unrealized holding gain on marketable securities will:
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Question 16 of 16
16. Question
The marketable securities are classified as available for sale securities. Therefore, the unrealized holding loss on marketable securities will:
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