https://uagm.blackboard.com/bbcswe...https://uagm.blackboard.com/bbcsw...Answered: 23. The accoC. Loss from continuing operationsd. Loss from discontinued operationsс.5. All of the following components are shown in the income statement net of applicable taxesexcepta. Discontinued operationsb. Cumulative effect of a change in accounting principleC. Gain or loss on sales of plant assetsd. Extraordinary gain of loss6. Which of the following would not be classified as a current asset on a classified balancesheet?a. Investment securities (trading)b. Short-term investmentsC. Intangible assetsd. Prepaid expenses7. Which of the following is not a long-term investment?a. Stock held to exert influence on another companyb. Land held for speculationC. Trademarksd. Cash surrender value of life insuranceOn a multiple-sten income statement gains or losses on sale of equinment would

5) The extraordinary items are shown net of tax in the income statement. 6) Current Assets are the…

Answered: 5. All of the following components are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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please answer the following 2 questions: 3. Any Loss in the Income statement should be: a) added to the net income because they are non-cash activities b) added to the net income because they are cash activities c) deducted from the net income because they are non-cash activities d) deducted from the net income because they are cash activities 4. Any increase in Current Assets should be a) Dedected from Net Income b) It depends on the circumstances c) Added to Net Income d) None of the above.
Which of the following accounts would not be reported in the “Other Expenses and Losses” section of a multi-step income statement? Select one: Interest expense Loss on the sale of equipment Unrealized holding loss on equity investments Amortization expense
Which are segments are reportable segments? Is there a sufficient number of reportable segments disclosed? If the company is a non public entity, which segments are required to be disclosed?
Technically, offsetting in financial statements is accomplished when a. Gains or losses from disposal of non-current assets are reported by deducting from the proceeds the carrying amount of the assets and the related selling expenses. b. The accumulated depreciation is deducted from property, plant and equipment. c. The allowance for bad debts is deducted from accounts receivable. d. The total liabilities are deducted from total assets to arrive at net assets
On the Statement of Financial Position, which of the following is true? Group of answer choices A. Assets and Liabilities are reported as totals, and Net Assets are reported by unrestricted and restricted classifications. B. Liabilities are reported as a total, and Assets and Net Assets are reported by unrestricted and restricted classifications. C. Assets, Liabilities, and Net Assets are reported by unrestricted and restricted classifications. D. Assets are reported as a total, and Liabilities and Net Assets are reported by unrestricted and restricted classifications.
Why is depreciation on the income statement different from the depreciation on the balance sheet?
What is the accounting treatment for discontinued operations? A : It is reported at its gross amount as an "other revenue or gain" or "other expense or loss". B : It is reported as an "other revenue or gain" or "other expense and loss", net of tax. C : It only needs to be disclosed in the footnotes of the financial statements. D : It may be treated as sales revenue (if it is a gain) and as an operating expense (if it is a loss).
Which item is not included in an S corporation's nonseparately computed income? a. Net sales. b. Cost of goods sold. c. Dividends received. d. Depreciation recapture. e. All of these are included in non-separately computed income.
Which of the following is FALSE regarding the financial statements?
Choose the best accounting treatment for each of the following items. Change from straight-line to sum of the year's digits depreciation A. Change in reporting entity reported prospectively B. Change in estimate reported prospectively Change from adjusting the valuation allowance for deferred tax assets Change from individual to consolidated financial C. Correction of an error reported prospectively statement Change as a result of a failure to record depreciation in a prior period Change from cash basis to accrual basis of D. Change in accounting principle reported retrospectively E. Change in accounting principle reported prospectively accounting Change from completed contract to percent of F. Correction of an error reported retrospectively completion Change from FIFO to LIFO method for inventory G. Change in estimate reported retrospectively valuation Change in the realizability of accounts receivable H. Change in reporting entity reported retrospectively
Which of the following is correct? Select one: а. If a company fails to record depreciation expense, net income and assets are overstated. b. If a company fails to record depreciation expense, stockholders' equity, net income, and assets are understated C. If a company overstates depreciation expense, net income is overstated and assets are understated. d. If a company fails to record depreciation expense, net income and expenses are overstated.

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