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Accounting Quiz: Impact of Incorrectly Recorded Expense
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Accounting Quiz: Impact of Incorrectly Recorded Expense

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Questions and Answers

What is the net book value of the building owned by HiltonHotels Incorporation at the end of 2019?

  • 124,000,000 euros
  • 70,000,000 euros
  • 24,000,000 euros (correct)
  • 125,000,000 euros

    • Where should the shares purchased by a firm to gain control over another firm be recorded?

  • Inventories
  • Long-term Financial Investments in Non-current Assets (correct)
  • Short-term investments
  • Shareholders' equity - Share Capital

    • What is the depreciable rate of the building owned by HiltonHotels Incorporation?

  • 5 %
  • 1.67 % (correct)
  • None of them
  • 17 %

    • Which item below is classified as an asset?

    <p>None of them</p> Signup and view all the answers

    What will be the operating activities net cash flow reported by the company in the cash flows statement of the period?

    <p>156,000 €</p> Signup and view all the answers

    Which statement is not true concerning PPE disposal transactions done by a manufacturing firm?

    <p>The disposal amount affects only the balance sheet.</p> Signup and view all the answers

    What is the impact on the accounts of the firm if an accrual expense of £1,500 incorrectly recorded as a prepayment expense?

    <p>Current assets understated and profit overstated</p> Signup and view all the answers

    What was the beginning retained earnings balance given the provided data?

    <p>$12,100</p> Signup and view all the answers

    Which statement is correct regarding the impact of receiving a downpayment on an order from a customer?

    <p>The collection of accounts receivable may impact the net income of the period</p> Signup and view all the answers

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