The criteria for extraordinary items are a unusual in

Info icon This preview shows pages 12–15. Sign up to view the full content.

View Full Document Right Arrow Icon
12. The criteria for extraordinary items are A) unusual in nature, occur frequently, not within management's control. B) unusual in nature, occur infrequently, not within management's control. C) unusual in nature or occur infrequently. D) infrequent in occurrence only. E) unusual in nature only. 12
Image of page 12

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
13. Assume the 20D income statement reported total sales revenue of $160,000. The 20C- 20D, comparative balance sheets showed that accounts receivable increased by $10,000. The "cash inflow from customers" for 20D would be 14. The assumption that a business can continue to remain in operation into the future is the 15. Discontinued operations are 16. The debt-to-equity ratio A) assesses solvency or the relative proportion of the company financed by debt as opposed to equity financing B) assesses the liquidity or ability to pay current obligations as they come due C) assesses the profitable operations of the company D) All of these are correct 17. Abe Cox is the sole owner and manager of Cox Auto Repair Shop. In 20A, Cox purchased a new automobile for personal use and continued to use an old truck in the business. Which of the following fundamentals prevents Cox from recording the cost of the new automobile as an asset to the business? 18. Asset turnover measures 13
Image of page 13
19. The article "Canada's Accounting Standards Board ratifies its strategic plan" discusses the future direction for accounting standards in Canada. Which of the following statements is correct?
Image of page 14

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 15
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern