1. Learner: Ashan Silva
Test Name FFAC Chapter 6 Completion Date 2015-03-05T10:43:53
Score 20.0 of 20.0 (100.00%) Timespent 00:27:28
Result Passed
Question Result / Notes
Order Name Score Notes
1 Which is a primary reason for having
consignment sales?
1.0
2 If a company sold $3,000 worth of
merchandise costing $2,000 to a customer
and collected $1,500, the company would
recognize an additional cost of profit of
1.0
3 This method of revenue recognition allows
for the recognition of income after the sale is
made.
1.0
4 Which one of the following treatments is
proper for a change in reporting entity?
1.0
5 Which one of the following losses is not
considered an extraordinary item?
1.0
6 Royalties are generally considered 1.0
7 If a company that is using the accrual
method of accounting sold $3,000 worth of
merchandise costing $2,000 to a customer
and collected $1,500, the company would
recognize cost of goods sold of
1.0
8 Average number of shares outstanding is
the
1.0
9 An underlying event or transaction that
possesses a high degree of abnormality and
is unrelated to the ordinary activity of the
entity is defined as
1.0
10 A publishing company has collected cash
for next month's magazine distribution. In
the last week, it collected $5,000 of the
$7,000 total subscriptions. Under a cash
basis accounting system, the publishing
company recognizes revenue
1.0
11 Continuing operations are parts of a
business that
1.0
12 The number of shares in the diluted
earnings per share computation is
1.0
13 A contractor completes one-third of the
building under construction and recognizes
1.0
14 The criteria to classify an event or
transaction as extraordinary are
1.0
15 The production completion method primarily
deals with
1.0
16 Cost of goods sold can be found on the
income statement for which of the following
industries?
1.0
Question Notes
Printed on: 3/5/2015

2. Order Name Score Notes
17 Which one of the following requires
restatement of the financial statements?
1.0
18 Which one of the following is considered a
discontinued segment?
1.0
19 FOB Shipping Point indicates that the buyer
receives title of the product when the
1.0
20 Which of the following would be considered
royalty income?
1.0
Question Notes
Printed on: 3/5/2015