ch24 - CHAPTER 24 FULL DISCLOSURE IN FINANCIAL REPORTING...

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CHAPTER 24 FULL DISCLOSURE IN FINANCIAL REPORTING MULTIPLE CHOICE —Conceptual Answer No. Description d 1. Disclosure of significant accounting policies. c 2. Disclosure of inventory accounting policy. c 3. Definition of errors and irregularities. b 4. Revenue of a segment. d 5. Segment revenue test. b 6. Segment revenue test. c 7. Disclosure of operating segment information. d 8. Bases of reporting disaggregated information. d 9. Interim financial reporting. d 10. Application of accounting principles on interim reporting. b 11. Methods of inventory valuation—year end vs. interim. a 12. Partial LIFO liquidation reported in interim statements. c 13. Reporting cumulative effect type change in interim statements. c 14. Extraordinary items in interim reports. a 15. Disclosures in financial forecasts. d 16. Subsequent events disclosure. d 17. Recognition of subsequent events. a *18. Acid-test ratio and current ratio. b *19. Receivables turnover ratio. b *20. Rate of return on common stock equity. d *21. Payout ratio. c *22. Measure of long-term solvency. c *23. Number of times interest earned. c *24. Using average amounts. d *25. Limitations of ratio analysis. MULTIPLE CHOICE —Computational Answer No. Description b 26. Determine reportable operating segments. c 27. Bonus expense in first quarter interim income statement. a 28. Property taxes and plant repairs recognized in interim period. c 29. Inventory loss reflected in interim statements. d *30. Calculate the current ratio. c *31. Calculate the number of times interest was earned. d *32. Calculate book value per share of common stock. c *33. Calculate rate of return on common stock equity. c *34. Calculate receivables turnover. * This topic is dealt with in an Appendix to the chapter.
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Test Bank for Intermediate Accounting, Eleventh Edition MULTIPLE CHOICE—Computational (cont.) Answer No. Description d *35. Calculate inventory turnover. b *36. Calculate the profit margin on sales. c *37. Calculate the rate of return on common stock equity. a *38. Determine book value per share. a *39. Calculate the acid-test ratio. c *40. Calculate the acid-test ratio. c *41. Receivables turnover. c *42. Calculate inventory turnover. MULTIPLE CHOICE —CPA Adapted Answer No. Description c 43. Significant accounting policies disclosed for plant assets. c 44. Criteria for reporting disaggregated information. b 45. Identification of reportable segments. b 46. Identification of a reportable segment. b 47. Advertising costs—year end vs. interim reporting. c 48. Total expense to be reported in interim statements. b 49. Extraordinary loss reported in interim statements. c 50. Extraordinary gain reported in interim statements. c
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ch24 - CHAPTER 24 FULL DISCLOSURE IN FINANCIAL REPORTING...

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