Chapter 6 Practice test with out answers

Chapter 6 Practice test with out answers - 1. As a general...

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1. As a general rule, revenue is normally recognized when it is: A. measurable and earned. B. measurable and received. C. realizable and earned. D. realizable. 2. Which of the following measures of accounting income is typically reported in an income statement? A. Net income B. Comprehensive income C. Continuing income D. All of the above 3. Differences in taxable income and pretax accounting income that will not be offset by corresponding differences or "turn around" in future periods are called: A. timing differences. B. circular differences. C. permanent differences. D. reverse differences 4. Compared with companies that expense costs, firms that capitalize costs can be expected to report: A. higher asset levels and lower equity levels. B. higher asset levels and higher equity levels. C. lower asset levels and higher equity levels. D. lower asset levels and lower equity levels. 5. Which of the following items is not included in the calculation of net income but is included in the calculation of comprehensive income? A. Unrealized holding gain on available-for-sale marketable securities.
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Chapter 6 Practice test with out answers - 1. As a general...

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