CHAPTER 4 Income Statement & Related Information
Classifications and Positioning on Income Statement
Multiple-step income statement
Single-step income statement
Condensed income statement
Gains and losses, errors, discontinued operations, extra
Chapter 8 & Chapter 9 Valuation of Inventories
Valuation of Inventory under different inventory costing methods
1. Average cost method
2. First-In, First-Out (FIFO)
3. Last-In, First-Out (LIFO)
4. Specific identification
5. Dollar Value LIFO
6. Gross Prof
A correct valuation is
a. available-for-sale at amortized cost.
b. held-to-maturity at amortized cost.
c. held-to-maturity at fair value.
d. none of these.
Equity securities acquired by a corporation which are accounted for by recogniz
What are the communication challenges of the 10K? In other words, with all the different users
of the 10K what issues can arise in trying to use the 10K as an effective communication device.
The main communication challenge (I believe) is that the 10K
1a. Both departments should incorporate service quantity, amount of labor, time and material that is
used. If the department records material used, they should record the cost of materials and supplies.
Each department has to make sure
1. How should Berry and Associates achieve new revenue streams? What new business
development/services do you suggest and why? Give at least two examples.
They can do some consulting and do a risk assessment for new clients that Berry and