Leases
Which of the following is not a type of lease:
A) Operating
B) Convertible
C) Capital/Finance
B) Convertible
Which Accounting Standards Codification is followed for Stock-based compensation?
A) 720
B) 718
C) 805
B) 718
Which Accounting Standards Codification is followed for Business Combinations?
A) 805
B) 810
C) 703
A) 805
Who is Twitter's CEO?
A) Jack Dorsey
B) Ned Segal
C) Fai Cheung
A) Jack Dorsey
The effective date for the new lease accounting guidance ASC 842 is:
A) 1/1/2019
B) 12/31/2018
C) 12/31/2019
A) 1/1/2019
What is not a required input when using the Black Scholes Formula to determine the FV of stock option awards:
A) Number of awards
B) Expected term
C) Volatility
A) Number of awards
When reviewing contracts, which of the following does NOT require Technical Accounting's review:
A) A contract that contains a lease
B) A contract that includes a service over 2 years
C) A contract that contains a vendor relationship
B) A contract includes a service over 2 years
What date did Twitter IPO?
A) 11/30/2013
B) 11/17/2013
C) 11/7/2013
C) 11/7/2013
Under the new lease accounting guidance ASC 842, what amounts are recognized on the balance sheet:
A) Future minimum lease payments
B) Future minimum lease payments, including payments for renewal periods
C) PV of future minimum lease payments
C) PV of future minimum lease payments
Over what period is the cost of share-based payments recognized:
A) Period from first vest date to last vest date
B) Period of time over which an employee must provide service to earn the award
C) None of the above
B) Period of time over which an employee must provide service to earn the award
At what point does a company need to re-assess the functional currency of an entity:
A) When total revenue of the entity exceeds 10% of consolidated revenue
B) When there are significant changes in economic facts and circumstances
C) When the entity has positive cash flows
B) When there are significant changes in economic facts and circumstances
According to Wikipedia, as of July 2018, who's tweet has the most re-tweets?
A) Ellen Degeneres
B) Barack Obama
C) Carter Wilkerson
C) Carter Wilkerson
Which of the following is not a sufficient criterion for a lessee to classify a lease as a capital lease?
A) The lessee has the option of acquiring the asset during or at the end of the lease term at a bargain price.
B) The lease term is greater than two-thirds of the economic life of the asset.
C) The present value of the minimum lease payments is at least 90% of the fair value of the leased asset.
B) The lease term is greater than two-thirds of the economic life of the asset.
A Type II modification involves a change in vesting condition from:
A) Probable to probable
B) Improbable to probable
C) Probable to improbable
C) Probable to improbable
In determining the appropriate accounting for the acquisition of a business, any excess of the purchase price over the FV of assets acquired and liabilities assumed gets allocated to:
A) Intangibles
B) Deferred tax asset
C) Goodwill
C) Goodwill
Which one of the following was an alternative name for Twitter, suggested by one of its co-founders?
A) Spotlight
B) Friendstalker
C) Soapbox
B) Friendstalker (source: NY Times)