Chapter 04 - Quiz

Chapter 04 - Quiz - Chapter #4 Name Take-Home Quiz...

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Chapter #4 Take-Home Quiz Name Section/Time Chapter 04 - Take-Home Quiz.doc Instructions: The questions in this quiz are very similar to the types of questions you will see on the midterm and final exams. Circle the choice that best answers the question. Turn in your quiz at the beginning of class on the scheduled due date. I suggest you work on this take-home quiz individually to maximize the learning potential. However, you are permitted to work on the quizzes in groups. 1. The single-step income statement emphasizes a. the gross profit figure. b. total revenues and total expenses. c. extraordinary items and accounting changes more than these are emphasized in the multiple-step income statement. d. the various components of income from continuing operations. 2. If plant assets of a manufacturing company are sold at a gain of $300,000 less related taxes of $90,000, and the gain is not considered unusual or infrequent, the income statement for the period would disclose these effects as a. a gain of $300,000 and an increase in income tax expense of $90,000. b. operating income net of applicable taxes, $210,000. c. a prior period adjustment net of applicable taxes, $210,000. d.
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This note was uploaded on 01/20/2011 for the course ACC 301 taught by Professor Staff during the Fall '08 term at Kentucky.

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Chapter 04 - Quiz - Chapter #4 Name Take-Home Quiz...

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