Test Your Knowledge!
Next Quiz on March 3rd!


Accounting Assortment Quiz

Accountants are lifelong students. The weekly quizzes are open
to everyone in the wonderful field of accounting, business
and the study of accounting. Good luck!

This week's quiz brought to you by:
Barbara W. Scofield, PhD, CPA - Associate Professor of Accounting
and Director of the Financial Accounting Concentration
University of Dallas
Irving, Texas



Visit Quiz Archives/See Past Winners 		This week we're playing for:

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Five random winners each week (must complete quiz)


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1 - In Lower of Cost or Market inventory valuation, market value is set to net realizable value.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

2 - Inventory may be estimated using LIFO.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

3 - Inventory may be estimated using FIFO.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

4 - Property, plant, and equipment may be accounted for using a revaluation model that allows increases in value above acquisition cost.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

5 - Property, plant, and equipment may be accounted for using a cost model based on cost less depreciation and impairment.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

6 - A change in depreciation methods requires retroactive restatement using the new depreciation method, if practical.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

7 - A change in inventory method requires retroactive restatement using the new inventory method, if practical.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

8 - There are circumstances under which impaired assets in use may be subsequently written up to their previous carrying value.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

9 - There are circumstances under which impaired assets held for sale may be subsequently written up to their previous carrying value.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

10 - Extraordinary items are separately reported on the income statement.
US GAAP
IFRS
Both US GAAP and IFRS
Neither US GAAP nor IFRS

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