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PARTI Objective Section (2 points each) TRUE/FALSE-A- True: B- False (on scantron or answer sheet) T F 1. Currently there is total agreement between US GAAP Accounting Standards and IFRS Accounting TF 2. Only cash, available for sale securities and receivables are the assets included in computing the Standard as of 2017. Current Ratio. 3. The general purpose tinancial reports are the income statement, the balance sheet and the statement of T F cash tlows A bond issued at 95% (a discount) of face value will result in the bond interest market or effective rate T F 4, being less than the contract or coupon rate. T F 5. A piece of land acquired in exchanged for a 3-year, non-interest bearing note would be TF 6. If a firm applies the Completed Contract Method for a 3-year long-term contract, then the firm T F 7. Computing the net realizable value requires that NPV be determined by Sales T F 8. Intra-tax Allocation is demonstrated by off-setting Discontinued Operations by Taxes as well as recorded at the faced value of the note. will not show any gross profit until the end of the 3'd year. minus cost or expense of selling. off-setting taxes for Income from Continuing Operations. Multiple Choices Complete as directed, Complete on Scantron 9. The US GAAP conceptual framework description for revenue recognition originally did not include a new feature which is: a. the customer or the buyer must have control of the goods or have access to the service b. income is realized at the exchange of goods (transfer of title) c. revenue is recognized when selling is activated or when service is performed d. neither is correct _-10. The US GAAP Measurement process does not include: a. historical cost b, current cost c. current market value d. net realizable value e. appraisal value