p19 - Test Bank for Intermediate Accounting, Twelfth...

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Test Bank for Intermediate Accounting, Twelfth Edition 4 - 10 S 45. A material item which is unusual in nature or infrequent in occurrence, but not both should be shown in the income statement Net of Tax Disclosed Separately a. No No b. Yes Yes c. No Yes d. Yes No S 46. Earnings per share should always be shown separately for a. net income and gross margin. b. net income and pretax income. c. income before extraordinary items. d. extraordinary items and prior period adjustments. P 47. A correction of an error in prior periods' income will be reported In the income statement Net of tax a. Yes Yes b. No No c. Yes No d. No Yes 48. Which of the following items will not appear in the retained earnings statement? a. Net loss b. Prior period adjustment c. Discontinued operations d. Dividends 49. Which one of the following types of losses is excluded from the determination of net income in income statements? a. Material losses resulting from transactions in the company's investments account.
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This note was uploaded on 11/03/2011 for the course ACCT 3223 taught by Professor Peck during the Spring '11 term at Texas State.

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p19 - Test Bank for Intermediate Accounting, Twelfth...

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