Companies are required to highlight certain items in the financial statements so that users can better determine the long-run earningpower of the company. Which of the following is not one of those items?O Noncontrolling interestO Discontinued operationsO Changes in accounting principleO Unusual gains and losses

Discontinued operations represent the operations of the company that the company has stopped…

Answered: Companies are required to highlight…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 1RE

See similar textbooks

Similar questions

Help me answer this ty
The present value of expected future earnings of a business in excess of the earnings normally realized in the industry. Recorded when a business entity is purchased at a price in excess of the fair value of its net identifiable assets (excluding goodwill) less liabilities: Which accounting principle requires that interest expense, or any expense for operations during a specific period, be recorded in that period? A. o Materiality principle B. o Going-concern principle C. o matching principle D. o none of the above. How are unearned revenues classified on the balance sheet? A. Current Asset B. Current liability C. Long term liability D. None of the abov What will be the result from failing to record the year-end adjustment for depreciation? A. An overstatement of income, understatement of owners' equity B. An overstatement of income, understatement of assets C. An overstatement of income, overstatement of assets D. An understatement of income,…
A company has been using the fair-value method to account for its investment. The company now has the ability to significantly influence the investee and the equity method has been deemed appropriate. Which of the following statements is true? Multiple Choice A cumulative effect change in accounting principle must occur. A prospective change in accounting principle must occur. A retrospective change in accounting principle must occur. The investor will not receive future dividends from the investee. Future dividends will continue to be recorded as revenue.
Current Attempt in Progress Which one of these statements about the accrual-basis of accounting is false? O This basis is in accord with generally accepted accounting principles. Companies record events that change a company's financial statements in the periods in which the events occur. Companies record revenue only when they receive cash, and record expense only when they pay out cash. O Companies recognize revenue in the period in which the performance obligation is satisfied. Save for Later Attempts: 0 of 1 used Subm
Hi please assist
1. Of the following, choose the one that describes a situation where liabilities and expenses are manipulated to make a company appear less profitable? A. Liabilities are capitalized to increase revenues. B. Failure to record insurance expense for the period. C. Failure to record employee payroll earned but not paid as of period end. D. Failure to record warranty costs when the facts suggest that disclosure is more appropriate accounting treatment. E. None of the above.
1. According to the accrual accounting model, recognition of loss leads to decrease in a company’s net assets that did not arise due to a transaction with an owner of the business. Select one: True False 2. If the transferor of receivables surrenders control over them, the transaction involving receivables is treated as a sale, and any gain or loss is recognized in earnings. Select one: True False 3. Which of the following statements about the accrual accounting is NOT true? Accrual earnings help measure a company’s performance better. Accrual accounting income for a given period always provides a precise picture of a company’s economic performance in this period. Accrual accounting better matches revenue with economic effort to receive it. It is normal that accrual accounting revenue for a period does not correspond to cash receipts for the same period. 4. Which of the following statements about Loss Contingencies is TRUE? According…
How are unusual or infrequent gains or losses reported on a company's income statement?
A company has a history of losses and has a negative balance (a debit) in retained earnings. On the balance sheet, what should this account be called? Group of answer choices Retained earnings, with amount shown as a negative Accumulated deficit, with amount shown as a negative Negative retained earnings, with amount shown as a negative
What is Market Value? A. Any cost that has not yet been charged to the expense B. The amount of money a business must currently spend to replace an essential asset C. Maintaining an account tied to a certain asset D. The value of a company according to the stock market
A Moving to the next question prevents changes to this answer. Question 2 Which of the following is not a purpose of the income statement? used to evaluate management's performance O predicts the company's füture assets and liabilities used to compare performance against other companies assesses the company's risk A Moving to the next question prevents changes to this answer. EN SRSCO PREMIUM SOUND esc EGO www %24 %23
Which of the following is FALSE regarding the financial statements?

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Financial Reporting, Financial Statement Analysis…

Finance

ISBN:

9781285190907

Author:

James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:

Cengage Learning

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Financial Reporting, Financial Statement Analysis…

Finance

ISBN:

9781285190907

Author:

James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:

Cengage Learning

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Companies are required to highlight certain items in the financial statements so that users can better determine the long-run earning power of the company. Which of the following is not one of those items?