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英文会計検定 1級

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What is a “Contract Liability” under ASC 606?

A contract liability (deferred revenue) is recognized when a customer pays before the entity perfor…

2026年5月18日

An operating segment is reportable if its assets are what percentage or more of combined assets?

The asset test for reportable segments uses a 10% threshold of the combined assets of all operating…

2026年5月18日

What is the recoverability test for a “held-and-used” long-lived asset?

Under US GAAP, the first step for impairment of held-and-used assets is comparing undiscounted futu…

2026年5月18日

How is the “Discount on Bonds Payable” presented on the balance sheet?

A discount is a contra-liability account that is subtracted from the face value to show the carryin…

2026年5月18日

When a parent owns 80% of a sub, how is the sub’s “Net Income” allocated?

Consolidated net income is attributed to the parent and the noncontrolling interest based on owners…

2026年5月18日

Which rate is used to translate “Sales Revenue” under the current rate method?

Income statement items are generally translated using the weighted average exchange rate for the pe…

2026年5月18日

A fire destroys a factory on Jan 5, before Dec 31 financial statements are issued. This is:

Non-recognized (Type 2) events provide evidence of conditions that did not exist at the balance she…

2026年5月18日

How is a “Fair Value Hedge” gain or loss on the derivative reported?

Both the gain/loss on the derivative and the hedged item's fair value change are recognized in curr…

2026年5月18日

Which of the following requires a “retrospective” adjustment to prior period financial statements?

Changes in accounting principles (like LIFO to FIFO) require retrospective application to all prior…

2026年5月18日

Which of the following is a non-cash investing and financing activity?

Conversions are non-cash transactions that must be disclosed but do not appear in the body of the c…

2026年5月18日