PFA ICA1 D
Presentation
•
Business, Other
•
Professional Development
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Easy
Kez 7
Used 2+ times
FREE Resource
4 Slides • 4 Questions
1
BM4112: Challenger
Part D
2
Multiple Choice
What is the prudence concept?
Not overstate revenue & not understate liabilities
Not understate revenue & not overstate liabilities
Not overstate revenue & not overstate liabilities
Not understate revenue & not understand liabilities
3
Multiple Choice
Challenger's cost of inventory is valued at $1,000,000, but its NRV is valued at $900,000. Which value should Challenger use to record inventory?
$1,000,000
$900,000
4
Prudence Concept
Not to overstate Asset/Revenue
Not to understate Liabilities/Expenses
Record the lower amount for inventory
5
Multiple Choice
Challenger is a Limited Liability Company. You are a shareholder in Challenger. Challenger just went into debt and you need to pay. How much do you need to pay?
The amount you invested
Equal amount spilt with the other shareholders
6
Types of Business Organisation Concept
Challenger is a Public Limited Company
Shareholders are only liable to the amount they invested
7
Multiple Choice
Challenger is in debt! Where can they get the funds to pay it off??
Funds from shares that the public can buy
Sell off its current assets
8
Types of Business Organisation concept
Challenger is a Public Limited Company,
Shares may be sold and traded to the public freely
When Challenger needs more funds to pay its debt or sell new goods and services,
it can generate the funding it requires by letting the public buy its shares.
BM4112: Challenger
Part D
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