CRYPTO JEOPARDY

Crypto Basics

100

Crypto is reported at what value under the new rule?
A) Cost
B) Fair value
C) Book value
D) Historical value

B) Fair value

200

$200
What changed how crypto is accounted for?
A) New tax law
B) New accounting standard
C) SEC rule
D) Audit requirement

B) New accounting standard

300

$300
Before the new rule, crypto was treated as:
A) Cash
B) Inventory
C) Intangible asset
D) Investment security

C) Intangible asset

400

$400
Changes in crypto value show up where?
A) Balance sheet
B) OCI
C) Income statement
D) Notes only

C) Income statement

Financial Statements

100

Crypto appears on which statement?
A) Income statement
B) Balance sheet
C) Cash flow statement
D) Statement of equity

B) Balance sheet

200

Crypto gains and losses affect which statement?
A) Balance sheet
B) Income statement
C) OCI
D) Footnotes

B) Income statement

300

When an asset permanently loses value, what is recorded?
A) Gain
B) Depreciation
C) Impairment loss
D) Nothing

C) Impairment loss

400

If a trademark increases in value, what happens?
A) Gain is recorded
B) OCI increases
C) Nothing is recorded
D) Revenue increases

C) Nothing is recorded

Accounting Rules

100

Fair value means:
A) Original purchase price
B) Estimated resale value
C) Current market value
D) Average cost

C) Current market value

200

An intangible asset is:
A) Physical asset
B) Asset with no physical form
C) Short-term investment
D) Liability

B) Asset with no physical form

300

Old crypto accounting recorded:
A) Gains only
B) Losses only unless sold
C) Gains and losses
D) Nothing at all

B) Losses only unless sold

400

New crypto accounting records:
A) Nothing
B) Gains only
C) Losses only
D) Gains and losses each period

D) Gains and losses each period

Tricky GAAP

100

Crypto gains go to OCI.
A) True
B) False

B) False

200

Before the new rule, crypto gains were:
A) Recorded immediately
B) Recorded in OCI
C) Not recorded until sold
D) Always taxed

C) Not recorded until sold

300

What determines short-term vs long-term classification?
A) Asset size
B) Market value
C) Holding intention
D) Industry

C) Holding intention

400

Which asset can go down but not back up in value?
A) Equipment
B) Inventory
C) Intangible asset
D) Cash

C) Intangible asset

Random

100

Where did Professor Kennedy earn her undergrad degree

A) Salve
B) Bryant
C) Rutgers
D) URI

D) URI

200

What is the Salve Mens Lacrosse Teams Record

A) 13-0
B) 9-4
C) 7-6
D) 0-13

B) 9-4

300

What year was the CPA license created?

A) 2002        B) 1914    C) 1896        D) 1884

C) 1896    

400

Newport hosted the prestigious sailing competition know as what for many years:
A) Colonial Cup
B) America's Cup
C) International Sailing Open                                     D) Accounting Cup

B) America's Cup