01-Quiz_3B(Spr10) KEY

01-Quiz_3B(Spr10) KEY - ACCTG32101 SPRING2010 QUIZ#3B NAME:...

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ACCTG 321-01 SPRING 2010 QUIZ #3B NAME: ________________ KEY _____________________________ 1) (3 PTS) Alderson Inc. incurred a material loss which was both unusual in  character and an infrequent occurrence. This loss should be reported as a. An extraordinary loss (net of tax) b. A separate line item (before tax) between income from continuing  operations and income from discontinued operations. c. A separate line item (before tax) within income from continuing  operations. d. A separate line item (net of tax) within income from continuing  operations. e. None of the above 2) (3 PTS) Which of the following is an asset that is not expected to be  converted to cash or consumed within one year or the operating cycle? a. Prepaid Rent Expense b. Accounts Receivable c. Inventory d. Supplies e. None of the above (ALL OF THESE ARE CURRENT ASSETS) 3) (3 PTS) Nike Inc. has the following before-tax income statement items:
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01-Quiz_3B(Spr10) KEY - ACCTG32101 SPRING2010 QUIZ#3B NAME:...

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