Kieso Intermediate Accounting ch04 Solutions

Kieso Intermediate Accounting ch04 Solutions - CHAPTER 4...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 4 INCOME STATEMENT AND RELATED INFORMATION TRUE-FALSE —Conceptual Answer No. Description T 1. Usefulness of the income statement. F 2. Limitations of the income statement. F 3. Earnings management. T 4. Transaction approach of income measurement. T 5. Single-step income statement. T 6. Revenues and gains. F 7. Multiple-step vs. single-step income statement. F 8. Multiple-step income statement. T 9. Multiple-step vs. single-step income statement. F 10. Current operating performance approach. T 11. Reporting discontinued operations. F 12. Reporting extraordinary items. F 13. Irregular items. T 14. Intraperiod tax allocation. F 15. Reporting earnings per share. F 16. Computation of earnings per share. T 17. Prior period adjustments. F 18. Retained earnings restrictions. F 19. Comprehensive income definition. T 20. Reporting other comprehensive income. MULTIPLE CHOICE —Conceptual Answer No. Description c 21. Elements of the income statement. d 22. Usefulness of the income statement. b 23. Limitations of the income statement. d S 24. Use of an income statement. d S 25. Income statement reporting. b 26. Single-step income statement. d 27. Methods of preparing income statements. a 28. Income statement presentation. b 29. Event with no income statement effect. c S 30. Net income effect. b P 31. Selling expenses. b P 32. Reporting merchandise inventory. a 33. Definition of an extraordinary item. d 34. Classification of an extraordinary item. d 35. Identification of an extraordinary item. a 36. Identification of an extraordinary item.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Test Bank for Intermediate Accounting, Twelfth Edition 4 - 2 MULTIPLE CHOICE —Conceptual (cont.) Answer No. Description d 37. Identification of an extraordinary item. a 38. Presentation of unusual or infrequent items. d 39. Identification of a change in accounting principle. d 40. Classification of extraordinary items. c 41. EPS disclosures on income statement. c 42. Reporting discontinued operations. d 43. Intraperiod tax allocation. d 44. Purpose of intraperiod tax allocation. c S 45. Reporting unusual or infrequent items. c S 46. Earnings per share disclosure. d P 47. Reporting correction of an error. c 48. Retained earnings statement. d 49. Prior period adjustment. d 50. Identification of a prior period adjustment. c 51. Comprehensive income items. c 52. Providing information about components of comprehensive income. MULTIPLE CHOICE —Computational Answer No. Description a 53. Single-step income statement. c 54. Multiple-step income statement. c 55. Multiple-step income statement. c 56. Calculation of net sales. a 57. Presentation of gain on sale of plant assets. a 58. Extraordinary items. a 59. Extraordinary items. a
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 34

Kieso Intermediate Accounting ch04 Solutions - CHAPTER 4...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online