Statement of profit or loss and other comprehensive income 9. Which of the following is not an acceptable method of presenting income and expenses? a. Presenting income and expenses that affect profit or loss and those that are components of other comprehensive income in a single statement. b. Presenting an income statement in addition to a statement that presents comprehensive income. c. Presenting an income statement alone without a statement that presents comprehensive income. d. All of these are acceptable methods of presentation.

Statement of profit or loss and other comprehensive income 9. Which of the following is not an acceptable method of presenting income and expenses? a. Presenting income and expenses that affect profit or loss and those that are components of other comprehensive income in a single statement. b. Presenting an income statement in addition to a statement that presents comprehensive income. c. Presenting an income statement alone without a statement that presents comprehensive income. d. All of these are acceptable methods of presentation.

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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Using common-size balance sheet percentages to project individual assets, liabilities, or shareholders' equity has all of the following shortcomings except: a. Individual assets, liabilities, and shareholders' equity are independent of each other. b. The common-size percentages do not permit the analyst to easily change the assumptions about the future behavior of an individual asset or liability. c. Individual assets, liabilities, and shareholders' equity are not independent of each other. d. If a company experiences changing proportions for investments in securities among its assets, other asset categories may show decreasing percentages in some years even though their dollar amounts are increasing.
Choose the letter of the correct answer.
An income statement should not list unexpected but customary expenses. Select one: a. Non recurring expenses b. Recurring expenses c. Non-recurring income d. Recurring income
What is the major distinction (a) between revenues and gains and (b) between expenses and losses?
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5. Name an “economic cost” that is omitted from the accounting income statements that should be of interest to management.
Which of the following costs would not be included in accounting financial statements? O A. opportunity costs O B. sunk costs O C. historical costs O D. All of the above would be included in accounting financial statements
Revenue Expenditures are Select one: a. None of the these b. No direct effect on profit c.Expenses are shown in Balance Sheet d. Short-life and must always be replaced to generate revenue for an accounting period
Which of the following is not a from AGI deduction? A. The exclusion of an item of gross income B. Itemized deductions, if taken C. Standard deduction, if taken D. The qualified business income deduction
Limitations of the balance sheet include the following, except Group of answer choices It is the basis for calculating many financial ratios Assets and liabilities are generally reported at historical cost Judgment and estimates are used in some cases The omission of items that have financial value
Of the following reporting assumptions or reporting principles, the one most widely criticized is the a. consistency principle b. full-disclousure principle c. entity assumption d. historical cost principle
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