Adaface Sample Accounting Questions

Here are some sample Accounting questions from our premium questions library (10273 non-googleable questions).

Accounting Assessment Test

Skills

🧐 Question
Medium Comprehensive income	Solve
ProCoder Inc. reported the following information on Dec 31st. If we ignore income tax, what should ProCoder report as comprehensive income as of Dec 31?
Medium Inventory exchange transaction	Solve
Penny Inc. and Vamos Inc. exchanged inventory in a transaction without any commercial substance. Each company had fair values that exceeded costs by 25% Vamos' inventory being more valuable, Penny gave cash to Vamos for the difference. Will anyone recognize a gain, and if yes, who?

	🧐 Question	🔧 Skill
	Medium Comprehensive income	2 mins Accounting	Solve
ProCoder Inc. reported the following information on Dec 31st. If we ignore income tax, what should ProCoder report as comprehensive income as of Dec 31?
	Medium Inventory exchange transaction	2 mins Accounting	Solve
Penny Inc. and Vamos Inc. exchanged inventory in a transaction without any commercial substance. Each company had fair values that exceeded costs by 25% Vamos' inventory being more valuable, Penny gave cash to Vamos for the difference. Will anyone recognize a gain, and if yes, who?

	🧐 Question	🔧 Skill	💪 Difficulty	⌛ Time
	Comprehensive income	Accounting	Medium	2 mins	Solve
ProCoder Inc. reported the following information on Dec 31st. If we ignore income tax, what should ProCoder report as comprehensive income as of Dec 31?
	Inventory exchange transaction	Accounting	Medium	2 mins	Solve
Penny Inc. and Vamos Inc. exchanged inventory in a transaction without any commercial substance. Each company had fair values that exceeded costs by 25% Vamos' inventory being more valuable, Penny gave cash to Vamos for the difference. Will anyone recognize a gain, and if yes, who?

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Adaface Sample Accounting Questions

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