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PART I Objective Section (2 points each) TRUE/FALSE-A-True; B- False (on scantron or answer shet) TF 1. Currently there is total GAAP A Standard as of 2017 agreement between US GAAP Accounting Standards and IFRS Accountin Only cash, available for sale secunities and receivables are the assets insluded in computing the Current Ratio. TF 3. The general purpose financial reports are the income statement, the balance sheet and the statem cash flows TF 4. A bond issued at 95% (a discount) of face value will result inteband inn resten rktorefie being less than the contrsct or coupon rate T F 5. A piece of land scquired in exchanged for a 3-year, non-interest bearing mote wousld be recorded at the faced value of the note. If a firm applies the Completed Contract Method for a 3-year long-term contract, then the will not show any gross profit until the end of the 3d year. T F 6. T F 7 Computing the net realizable value requires that NPV be determined by Sales F 8. Intra-tax Allocation is demonstrated by off-setting Discontinued Operations by Taxes ltiple Choices Complete as directed, Complete on Scantron minus cost or expense of selling. off-setting taxes for Income from Continuing Operations. a. the customer or the buyer must have control of the goods or have access to the b. income is realized at the exchange of goods (transfer of title c. revenue is recognized when selling is activated or when service is performed d. neither is correct -0. The US GAAP conceptual framework description for revenue recognition origin a new feature which is The US GAAP Measurement process does not include: . a. historical cost b. current cost c. current market value d. net realizable value e. appraisal value